The IRS has updated materials it provides to assist employers, plan administrators and TPAs in remaining in compliance with federal law and regulation concerning simplified employee pension (SEP) plans.
The IRS updated the SEP Fix-It Guide to reflect cost-of-living adjustments made to compensation levels for 2015. This information is especially useful in determining who is eligible to participate as well as contribution requirements.
The IRS also has updated Publication 4286, the SARSEP Checklist, which it provides for business owners’ use to keep their salary reduction simplified employee pension (SARSEP) plans in compliance. Like the SEP Fix-It Guide, it has been updated to reflect 2015 compensation levels; in this case, with regard to compensation eligible employees have received, employee elective deferrals under Section 402(g) of the Internal Revenue Code (IRC) and whether total contributions have complied with IRC limits.
The IRS updated the SEP Fix-It Guide to reflect cost-of-living adjustments made to compensation levels for 2015. This information is especially useful in determining who is eligible to participate as well as contribution requirements.
The IRS also has updated Publication 4286, the SARSEP Checklist, which it provides for business owners’ use to keep their salary reduction simplified employee pension (SARSEP) plans in compliance. Like the SEP Fix-It Guide, it has been updated to reflect 2015 compensation levels; in this case, with regard to compensation eligible employees have received, employee elective deferrals under Section 402(g) of the Internal Revenue Code (IRC) and whether total contributions have complied with IRC limits.
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