The latest issue of IRS Employee Plans News includes reminders regarding the compliance questions that had been added to the Form 5500, mid-year amendments to safe harbor 401(k) plans and notices and the 2015 reference lists.
Issue no. 2016-3 of Employee Plans News, which the IRS issued on Feb. 29, covers the following matters relevant to plans and plan administration.
Form 5500 Compliance Questions. The IRS has decided not to require plan sponsors to complete new compliance questions that had been were added to Form 5500/5500-SF and Schedules H, I and R for the 2015 plan year and plan sponsors should skip these questions when completing the form.
Mid-Year Amendments to Safe Harbor 401(k) Plans and Notices. New guidance contained in Notice 2016-16 concerns compliance with the safe harbor plan and notice rules when making mid-year plan changes. It provides that a mid-year change to a safe harbor plan or to a plan’s safe harbor notice doesn’t violate the safe harbor rules merely because it’s a mid-year change if (1) the plan satisfies the notice and election opportunity conditions, if applicable, and (2) the change is not a prohibited mid-year change listed in Notice 2016-16.
2015 Reference Lists. The IRS updated the 2015 Cumulative List of Changes in Plan Qualification Requirements. It includes a reminder that it is not mandatory to include a completed reference list with a determination letter application, but it still encourages applicants to include one nonetheless.
Issue no. 2016-3 of Employee Plans News, which the IRS issued on Feb. 29, covers the following matters relevant to plans and plan administration.
Form 5500 Compliance Questions. The IRS has decided not to require plan sponsors to complete new compliance questions that had been were added to Form 5500/5500-SF and Schedules H, I and R for the 2015 plan year and plan sponsors should skip these questions when completing the form.
Mid-Year Amendments to Safe Harbor 401(k) Plans and Notices. New guidance contained in Notice 2016-16 concerns compliance with the safe harbor plan and notice rules when making mid-year plan changes. It provides that a mid-year change to a safe harbor plan or to a plan’s safe harbor notice doesn’t violate the safe harbor rules merely because it’s a mid-year change if (1) the plan satisfies the notice and election opportunity conditions, if applicable, and (2) the change is not a prohibited mid-year change listed in Notice 2016-16.
2015 Reference Lists. The IRS updated the 2015 Cumulative List of Changes in Plan Qualification Requirements. It includes a reminder that it is not mandatory to include a completed reference list with a determination letter application, but it still encourages applicants to include one nonetheless.
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