Kelsey Mayo

ARA Submits Letter to DOL on Auto-Portability Proposed Regs and PTE

By Kelsey Mayo 4/2/2024

The American Retirement Association (ARA) submitted a comment letter to the Department of Labor (DOL) on March 31, 2024, related to the proposed regulation to implement a prohibited transaction exemption for certain auto-portability transactions. More specifically, the DOL had requested comments... READ MORE

12 Key Elements in the IRS SECURE 2.0 'Grab Bag' Notice

By Kelsey Mayo 12/27/2023

On December 20, the IRS released the long-awaited SECURE 2.0 guidance (a/k/a the “Grab Bag”) in the form of Notice 2024-02. The notice is 81 pages of Frequently Asked Questions (FAQs) on various SECURE 2.0 provisions. As expected, there was no guidance related to student loan matching, pension-... READ MORE

Another Erroneous 8955-SSA Notice Issue (and What to Do About It)

By Kelsey Mayo 11/7/2023

We wrote in August about a system error that resulted in a significant number of plan sponsors receiving erroneous penalty notifications related to Form 8955-SSA. After raising the issue with the service, they sent a newsletter informing sponsors that no action was needed for anyone who received... READ MORE

Where Credit Is 'Due': Tax Credits for Small Employer Plans Under SECURE 2.0

By Kelsey Mayo 2/9/2023

While the original SECURE Act increased tax credits for small employer plans, SECURE 2.0 significantly increases the available tax credits—including some that could cover the costs of operating/administering a small plan for up to three years. Here is an overview of the small employer tax credits... READ MORE

ARA Weighs in on Form 5500 Revisions

By Kelsey Mayo 11/3/2021

In response to a request for comments on revisions to the Form 5500 Series, the American Retirement Association has provided suggestions to remedy some concerns expressed by our members. The Department of Labor (DOL), IRS, and Pension Benefit Guaranty Corporation (PBGC) issued proposed revisions... READ MORE

Has the IRS Changed its Position on VCP-Triggered Audits?

By Kelsey Mayo 7/19/2021

We’ve heard concerns from a number of members lately that the IRS is planning to refer more VCP applicants for audit—and we have an update. More specifically, we’ve heard about situations that suggest that plan sponsors who submit Voluntary Correction Program applications might be referred for... READ MORE

IRS: Disregard Those Recent 2019 Form 5500 Extension Letters

By Kelsey Mayo 2/11/2021

If your plan sponsor clients have recently received approval of a filing extension requested last summer for their 2019 Form 5500—they don’t need to do anything. We’ve heard from a number of ASPPA members that their plan sponsor clients are just now getting letters from the IRS approving the... READ MORE

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Kelsey Mayo

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