IRS Priority Guidance Plan Update Includes Retirement Items
The IRS issued its semi-annual update to the agency’s 2019-2020 Priority Guidance Plan, in which it describes guidance projects in the current fiscal year. Many have been on the Priority Guidance Plan for some time. A number of the guidance items deal with retirement savings arrangements, including the following.
Final regulations on withholding when payments are made to a non-U.S. address (proposed regulations issued in May 2019)
Comprehensive IRA regulations
Final regulations updating life expectancy and distribution period tables for required minimum distributions (notice of proposed rule-making issued in November 2019)
Final hardship distribution regulations (final regulations issued in September 2019)
Guidance on student loan payments and their interplay with qualified retirement plans and 403(b) plans
Guidance related to several IRS Tax-Exempt and Government Entities programs, including the EPCRS plan correction program, pre-approved plan program, and determination letter program
Regulations on the definition of “governmental plan”
Final regulations on normal retirement age under governmental plans (proposed regulations issued in January 2016)
Regulations on church plans
Regulations on aggregation of affiliated service groups (Internal Revenue Code Section (IRC Sec.) 414(m))
Final regulations updating minimum-present-value requirements for defined benefit pension plans (proposed regulations issued in November 2016)
Regulations updating rules for service credits and vesting (IRC Sec. 411)
Hybrid defined benefit plan regulations addressing annuity conversion factors and interest credits
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