Retirement News for Employers
Spring 2012 Edition - June 1, 2012
Print Version of Newsletter (PDF)
Plan Errors:
- SEP plans
- SIMPLE IRA plans
- SARSEP plans
- 5500-EZ LESE Project - EP Exam Director Monika Templeman discusses common contribution limit errors in Form 5500EZ filers
- Pre-approved defined benefit plans - Missed the April 30 deadline to adopt for EGTRRA? Use our submission kit to fix it
Plan Operations:
- SIMPLE IRA plans - participants may transfer their funds from a designated financial institution to one that they choose
- 403(b) Plans Phone Forum on June 12 - operating under the written plan requirements and common issues
- Required Minimum Distributions - the plan must follow its terms when making RMDs from rollover contributions
Retirement Savings Tips:
- Matching Contributions - don’t walk away from free money in your 401(k) or SIMPLE IRA plan
- Age Matters - in your retirement plan - your age affects what actions you may take in your retirement plan
Upcoming Conferences:
IRS’s Advisory Committee on Tax Exempt and Government Entities (ACT) - ACT to submit recommendations at June meeting and will introduce seven new panel members
Updated:
- Designated Roth Accounts, Publication 4530
- Enrolled Retirement Plan Agent Web pages
Recurring Columns:
Winter 2012 Edition - February 13, 2012
Print Version of Newsletter (PDF)
Plan Issues
- 401(k) Questionnaire Interim Report – comments and highlights
- Use an employee’s entire calendar-year compensation for determining employer contributions to SIMPLE IRA plans
- April 30 deadline for employers to adopt and submit determination letter applications for pre-approved defined benefit plans
Plan Loans
- What’s a reasonable interest rate for participant loans?
- Before you take a loan from your retirement plan, there are a few rules you need to know
Forms
- Tips for Form 5558 requests for extension to file Form 5500-series returns
- Using old forms may cause errors and could result in processing delays
Required Minimum Distributions
- Use the IRA required minimum distribution rules for SEP, SIMPLE IRA and SARSEP plans
- RMD rules for non-IRA plans for retiring participants over age 70½
Individual Income Taxes
- Save on your taxes - there’s still time to contribute to your IRA and claim the Saver’s Credit for 2011
- How to report 2010 Roth rollovers and conversions on your 2011 return
Phone Forums and Webinars
- Register for free phone forums:
- Benefit Restrictions (February 23) - a review of the funding based benefit restrictions in IRC section 436
- 401(k) Questionnaire Interim Report (March 6) - a discussion of the report and next steps
- Register for free webcast - Helping Small Business Owners Save for Retirement (February 23)
New on the Web
- Tips for Completing Your Voluntary Compliance Program Submission on Appendix F (Video - 2:54 min.)
- Updated:
- 401(k) Fix-It Guide
- Publication 4284, SIMPLE IRA Plan Checklist
- Publication 4222, 401(k) Plans for Small Businesses
Tax Practitioners
- Enrolled Agent Special Enrollment Examination fee increased to $105 per part effective January 5, 2012
- Renew your Preparer Tax Identification Number for 2012
Stay Connected to IRS Employee Plans
- Install the Retirement Plans News widget to get the latest news items delivered to you
- Watch Employee Plans videos on a range or retirement plan topics
- Use IRS social media tools to get the latest tax information
Recurring Columns
Fall 2011 Edition - November 23, 2011
Print Version of Newsletter (PDF)
Paying Retirement Plan Benefits – Distribution methods depend on the plan and on the participant and beneficiary elections
Maximize your Retirement Savings in 2012 - making salary deferral contributions to a retirement plan
SEPs and SIMPLEs
- SIMPLE IRA plans can’t be amended or terminated during the plan year
- SEP and SIMPLE IRA plans don’t have the same contributions limits as IRAs
Disaster Relief for Retirement Plans and IRAs - IRS may extend certain deadlines
Exam Director discusses priorities for the current fiscal year
Get Involved
- EPCRS Phone Forum – November 30, 2:00 EST – Plan errors we’re finding in the Employee Plans Compliance Resolution System: our Self-Correction and Closing Agreement Program
- Join the ACT! Apply by December 1, 2011, to be on the Tax Exempt and Government Entities Advisory Committee and provide input on retirement plan issues
Forms
- Revised Form 5300 (April 2011) is available, but Cycle A filers may use the September 2001 version
- Form 5558 Reminders
- Form 8955-SSA FAQ
Recurring Columns
The Retirement News for Employers is a periodic newsletter with retirement plan information for employers and business owners – and their tax advisors from Employee Plans (Tax Exempt and Government Entities (TE/GE) at the IRS).
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