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Treasury Outlines Plans Fulfilled and Still to Be Met

Government Affairs
The Treasury Department in a fourth quarter update to its 2019–2020 Priority Guidance Plan reports on the progress it and the IRS have made in meeting the plans they set regarding projects during the period July 1, 2019-June 30, 2020.
 
The 2019-2020 Priority Guidance Plan contained 203 guidance projects, 31 of which had been completed on or before Sept. 30, 2019. Regarding retirement plans, the plan contained 26 projects, 15 of which have been completed.
 
Projects Completed
 
  • Regulations under Internal Revenue Code Section 401(a)(9) updating life expectancy and distribution period tables for purposes of the required minimum distribution rules and addressing certain other issues. Published Nov. 8, 2019 as notice of proposed rulemaking REG-132210-18.   
  • Final regulations on hardship distributions under Internal Revenue Code Section 401(k) to reflect modifications made by Sections 41113 and 41114 of the Bipartisan Budget Act of 2018. Published Sept. 23, 2019 as TD 9875.
  • Guidance on missing participants, including guidance on uncashed checks. Guidance issued Sept. 3, 2019 as Revenue Ruling 2019-19 on Aug. 14, 2019. 
  • Guidance on the timing of amendments to 403(b) plans. Guidance issued Sept. 30, 2019 as Revenue Procedure (Rev. Proc.) 2019-39
  • Regulations and related guidance on the unified plan rule for Internal Revenue Code Section 413(c) multiple employer plans (MEPs). Published July 3, 2019 as notice of proposed rulemaking REG-121508-18
  • Revenue procedure on the extension of the interim amendment deadline for 401(k) hardship amendments. Guidance issued in Rev. Proc. 2020-9 on Dec. 12, 2019. 
  • Revenue procedure on the third six-year remedial amendment cycle for preapproved defined benefit plans. Guidance issued in Rev. Proc. 2020-10 on Dec. 16, 2019. 
  • IRA Required Minimum Distribution Reporting Relief for 2020. Guidance issued in Notice 2020-6 on Jan. 24, 2020. 
  • 2020 Cumulative List of changes in plan qualification requirements for preapproved defined benefit plans. Guidance issued in Notice 2020-14 on March 6, 2020. 
  • Guidance on additional deadline relief applicable to employment taxes, employee benefits, and exempt organizations in response to the COVID-19 pandemic. Guidance issued in Notice 2020-35 on May 28, 2020.   
  • Announcement regarding issuance of opinion letters, and employer adoption and determination letter submission period for third six-year remedial amendment cycle pre-approved defined contribution qualified retirement plans. Guidance issued in Announcement 2020-7 on June 1, 2020.  
  • Guidance on remote notarization for spousal consents under qualified retirement plans in response to the COVID-19 pandemic. Guidance issued in Notice 2020-42 on June 3, 2020. 
  • Guidance on Section 2202 of the CARES Act relating to certain distributions and plan loans from qualified retirement plans. Guidance issued in Notice 2020-50 on June 19, 2020.  
  • Guidance on Section 2203 of the CARES Act regarding waiver of 2020 required minimum distributions. Guidance issued in Notice 2020-51 on June 23, 2020. 
  • COVID-19 relief and other guidance on mid-year reductions or suspensions of contributions to safe harbor 401(k) and 401(m) plans. Guidance issued in Notice 2020-52 on June 29, 2020.  
Projects Pending
 
  • Guidance relating to certain IRS, Tax Exempt and Government Entities, Employee Plans programs, including the Pre-approved Plan Program, the Determination Letter Program, and the Employee Plans Compliance Resolution System (EPCRS).
  • Regulations under Internal Revenue Code Sections 219, 408, 408A, and 4973 regarding IRAs.
  • Guidance on student loan payments and qualified retirement plans and 403(b) plans.
  • Regulations updating rules for service credit and vesting under Internal Revenue Code Section 411. 
  • Regulations on the treatment of future interest credits and annuity conversion factors under a hybrid defined benefit plan and adjustments under a variable annuity plan for purposes of satisfying certain qualification requirements.
  • Regulations on the definition of governmental plan under Internal Revenue Code Section 414(d). 
  • Regulations relating to church plans.
  • Guidance regarding the aggregation rules under Internal Revenue Code Section 414(m). 
  • Final regulations under Internal Revenue Code Section 415 regarding Internal Revenue Code Section 7873 treaty fishing rights income.
  • Final regulations under Internal Revenue Code Section 417(e) that update the minimum present value requirements for defined benefit plans.
  • Regulations relating to the reporting requirements under Internal Revenue Code Section 6057.
2020-2021 Priority Guidance Plan
 
The IRS and Treasury in June invited public recommendations regarding items to include in the 2020-2021 Priority Guidance Plan.