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As we ring in the new year, we also enter that time of year when we focus on providing actuarial services to clients with calendar plan/fiscal years. In preparing for these calendar year clients, the actuary needs to be aware of the revised principles that are now imposed by the Actuarial Standard...
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The Internal Revenue Service (IRS) has announced the end of the determination letter program as we know it. Beginning Jan. 1, 2017, the IRS will no longer accept determination letter applications based on the 5-year remedial amendment cycle (see IRS Announcement 2015-19). Plan sponsors with EINs...
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Another year in the rear view mirror. My mother always told me that time goes by more quickly as you get older, and she was definitely right about that. Before looking ahead, I’d like to thank the dozens of ACOPA members who made last year a very productive one for us. We are all very busy people,...
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In December 2015, Judy Miller, Kurt Piper, Lynn Young and I went to Scottsdale, Ariz. to attend several actuarial inter-societal meetings.First, there was a meeting of the Council of U.S. Presidents (CUSP) meeting. CUSP used to be a committee of the American Academy of Actuaries and is currently an...
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The Employee Plans subgroup of the IRS Advisory Committee on Tax Exempt and Government Entities (ACT) is conducting a project on the IRS’ decision to eliminate most determination letters for individually designed plans, and is looking for practitioner input.As part of the project, the ACT has...
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The Governmental Accounting Standards Board (GASB) recently issued exposure drafts proposing accounting and financial reporting guidance related to fiduciary activities and pension issues.The Exposure Draft “Fiduciary Activities,” issued Dec. 8, would establish guidance regarding what constitutes...
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The IRS has updated, for 2016, “Instructions for Forms 1099-R and 5498: Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, Etc., and IRA Contribution Information.”The instructions outline the following as changes that affect 2016 reporting....
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Retirement plan accounts benefited from higher deferrals and fewer plan loans in 2014, according to the Plan Sponsor Council of America (PSCA). The PSCA, in its 58th Annual Survey, found that plan participants increased their deferrals and took less from their accounts through plan loans that year....
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The Internal Revenue Service wants to encourage plan sponsors to correct certain plan failures — and they’re offering some financial incentives to do so.To encourage employers that sponsor 401(a) qualified retirement plans and 403(b) plans to correct plan failures through its Voluntary Correction...
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The Internal Revenue Service wants to encourage plan sponsors to correct certain plan failures — and they’re offering some financial incentives to do so.To encourage employers that sponsor 401(a) qualified retirement plans and 403(b) plans to correct plan failures through its Voluntary Correction...
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