IRS Answers Questions at Recent Benefits Conference
Recently the IRS had a question and answer session at the 2013 Los Angeles Benefits Conference. These were questions that were submitted by attendees and the IRS officials gave their personal opinions on the matters (their responses do not represent an official opinion from the IRS). Some of the topics discussed are as follows:
Posted and updated March 28, 2013
DOL Updates Delinquent Filer Voluntary Compliance Program
The DOL’s Employee Benefits Security Administration (EBSA) announced significant changes to the Delinquent Filer Voluntary Compliance (DFVC) program. The changes are immediately effective and support the Administration’s move toward a completely electronic system.
Posted and updated March 28, 2013
IRS Provides Relief to 403(b) Plan Sponsors
One of the changes in the recently updated version of the Employee Plan Compliance Resolution System (“EPCRS”) is the inclusion of a correction method for plan document failures in 403(b) plans.
Posted and updated March 20, 2013
IRS Finds Errors on W-2 Reporting
The Employee Plans Compliance Unit (“EPCU”) of the IRS recently sampled W-2 filings that had been provided by employers. As a result of this sampling, the IRS has determined that approximately 75% of employers are not correctly reporting elective deferrals on the Form W-2.
Posted and updated March 18, 2013
Commission Agreements Must be in Writing by January 1, 2013
December 10, 2012 - For California employers, effective January 1, 2013, all commission agreements for sales employees must be in writing. The requirement was added by California Assembly Bill 1396 which amended labor Code Section 2751. Violators face potentially costly penalties.
Posted and updated December 10, 2012
Campaign to Save 401(k) Plans
December 4, 2012 - Now that the elections are over, Congress is beginning to work on tax reform. In an effort to reduce the federal deficit, Congress is considering a cut to the contribution limits for 401(k) plans again. The last time Congress passed tax reform, the result was a 70% reduction in the contribution limits.
Posted and updated December 4, 2012
IRS Provides Hurricane Sandy Relief
November 20, 2012 - On November 16th, the IRS issued Announcement 2012-44, which provides some relief from the normal requirements to receive a loan or hardship distribution from a qualified plan. The period of the relief is for distributions made between October 26, 2012 and February 1, 2013.
Posted and updated November 20, 2012
Defined Benefit Plans Required to be Amended in 2012
October 30, 2012 - The Pension Protection Act of 2006 (“PPA”) added a new section to the Internal Revenue Code. Code Section 436 (“Section 436”) sets forth limitations on benefit payments and accruals for defined benefit plans that are “underfunded.”
Posted and updated October 30, 2012
Nyhart Actuary to Speak at Conference of Consulting Actuaries
September 24, 2012 - Nyhart actuary and Principal, John Dowell, will be speaking at the 2012 Conference of Consulting Actuaries in October. John will be a member of a panel of actuaries that will be discussing the evolution of pension funding stabilization in MAP-21.
Posted and updated September 24, 2012
Presentation on Retirement for Healthcare Professionals
September 24, 2012 - Nyhart actuary and CEO Tom Totten will be speaking at an engagement to discuss a wide range of strategies that can be used for healthcare professionals in preparing for retirement. This event will be held in the Indianapolis area on October 3rd and is open to the public.
Posted and updated September 24, 2012
Nyhart Actuary Speaks to Brazilian Community
September 24, 2012 - Nyhart's partnership with GAMA Consultores Associados, one of Brazil's largest pension and retirement consulting firms, provided an opportunity for Nyhart actuary Randy Gomez to speak at a GAMA conference regarding opportunities to improve the Brazilian private employer retirement system.
Posted and updated September 21, 2012
2012 Indiana Healthcare Benefit Survey Results Released
August 3, 2012 - Nyhart has released the results of its 2012 Indiana Healthcare Benefit Survey. The survey reached 221 companies across the state reflecting the benefit plans of 187,000 Hoosiers.
Posted and updated August 2, 2012
Annual Participant Fee Disclosure on the Horizon
August 3, 2012 - The August 30, 2012 deadline for the annual disclosures under the final regulations for participant fee disclosure is rapidly approaching. The Regulations will only apply if a plan is a defined contribution plan in which participants direct their own investments.
Posted and updated August 2, 2012
IRS Provides Additional Guidance on $2,500 Limit on Health FSAs
June 12, 2012 - The Internal Revenue Code $2,500 limit on salary deferrals under a health Flexible Spending Account (FSA) is effective for taxable years beginning after December 31, 2012. IRS Notice 2012-40, provides guidance on the application of the limit.
Posted and updated June 15, 2012
Step-by-Step Guide to Fee Disclosures
May 17, 2012 – The deadline for plan sponsors and service providers to comply with the final service provider fee disclosure regulations is July 1, 2012. Nyhart, in cooperation with [...]
Posted and updated May 17, 2012
Nyhart Expands by Entering St. Louis Market
April 4, 2012 (Indianapolis) – Nyhart, one of the nation’s largest independent actuarial and employee benefits consulting firms, today announced it has opened its first office in St. Louis. Nyhart [...]
Posted and updated April 4, 2012
Nyhart Actuary Co-Authors Actuarial Reference Book
February 8, 2012 - Actuary Pat Scahill contributes to the Society of Actuaries new guide for Insurance, Investment, Retirement & Health Industries and the practice of actuarial science.
Posted and updated February 8, 2012
Nyhart Announces Latin American Pension Partnership
August 18, 2011- Nyhart announced today the launch of a new strategic partnership with GAMA Consultores Associados, one of Brazil’s largest pension and retirement consulting firms. The alliance gives both firms an expanded expertise and technology that meets a growing demand from their international client-base.
Posted and updated August 18, 2011
Nyhart Commences 2011 Indiana Health Care Benefit Survey
April 13, 2011 - Nyhart commences the second annual review of their Indiana Health Care Benefit Survey to evaluate and provide benchmarks to Indiana companies for their health care benefits.
Posted and updated April 13, 2011