Free webcasts, correcting plan errors, recent guidance

Internal Revenue Service (IRS) sent this bulletin at 05/18/2016 02:00 PM EDT

Employee Plans News

May 18, 2016

Issue Number: 2016-6

Inside This Issue

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In this edition of the Employee Plans News:

Register for upcoming free webcasts:

Understanding the Universal Availability Rules in a 403(b) Retirement Plan - May 19, 2016, 2 p.m. (Eastern)
Accumulated Sick and Vacation Pay Deferred to 403(b) or 457(b) Plans - June 2, 2016, 2 p.m. (Eastern)

Learn about retirement plans:

2016 IRS Nationwide Tax Forums - Employee Plans and Exempt Organizations will participate in forums being held in five cities starting in July
Read EP Issue Snapshots - research summaries about various retirement plan topics, including the 403(b) written plan requirement, automatic contributions in church plans and expanded rollover options for SIMPLE IRA plans

Correct plan failures:

Correct nondiscrimination gateway test failures
Consider an anonymous Voluntary Compliance Program submission
Use VCP Submission Kit - if you didn’t adopt a restated pre-approved defined contribution plan by April 30, 2016

Learn recent guidance:

Proposed nondiscrimination rules withdrawn for certain qualified retirement plan benefit formulas (Announcement 2016-16)
Certain cash balance plans may be eligible for the safe harbor rule for plans with indexed benefits (Chief Counsel Advice 201617006)
Identify otherwise excludable employees for plan testing using latest permissible entry date (Chief Counsel memo 201605013)

Disaster relief for retirement plans and IRAs – determine when certain retirement plan and IRA deadlines may be extended for affected taxpayers

You can find answers to many retirement plan questions on IRS.gov at Retirement Plans and Retirement Plan Forms and Publications.

If you need help with an account-specific question, basic information about retirement plan forms or the status of pending applications, call our Customer Account Services line at 877-829-5500.

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Free webcasts, correcting plan errors, recent guidance

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Issue Number: 2016-6

Inside This Issue