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Welcome to the Snell & Wilmer Benefits Blog. We will be posting about current employee benefits and executive compensation topics and issues. We invite you to contact the authors with your thoughts or questions.Blog Contributors
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A Running Start: IRS Pilots New Pre-Examination Program
The Employee Plans Office of the Internal Revenue Service (the “IRS”) announced a new pre-examination program for retirement plans to begin as of June 2022. The pilot program is designed to reduce the amount of time and resources the IRS … Continue reading
Posted in audit, Employee Benefits, Qualified Retirement Plans
| Tagged audit, closing letter, EPCRS, IRS, IRS letter, new program, pilot program, pre-examination, qualified plan, retirement plans
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IRS Announces 2015 Cost-of-Living Adjustments for Retirement Plans
The IRS recently announced cost of living adjustments for 2015. The key dollar amounts for retirement plans (compared to the 2014 dollar limits) are noted below. Maximum Qualified Retirement Plan Dollar Limits 2015 2014 Limit on Section 401(k) … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged 401(k), IRS, qualified retirement plan limits, qualified retirement plans, retirement plans
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Pre-Approved Plan Sponsors are Starting to Contact Adopting Employers
Many employers adopt defined contribution retirement plans that have been pre-approved by the IRS. Plan sponsors of pre-approved plans submit the plans to the IRS to obtain approval of whether the form of the plan meets the requirements of Internal … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged IRS, master and prototype plans, pre-approved plans, qualified retirement plans, retirement plans, volume submitter plans
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Harkin Unveils USA Retirement Funds Act
Senator Tom Harkin (D-IA) recently unveiled his plan to improve the private retirement system. Senator Harkin’s proposal was the third recent proposal targeting retirement plan savings. President Obama introduced his myRA program during the State of the Union address and … Continue reading