On November 2, 2020, the American Retirement Association wrote to the Internal Revenue Service to comment on Notice 2020-68 to reduce potential administrative burdens when implementing the new long-term part-time (LTPT) employee rules included in Section 112 of the SECURE Act. (more…)
On October 1, 2020, the American Retirement Association and 16 other organizations wrote to the Department of Treasury and Internal Revenue Service to request the temporary relief from the physical presence requirement for spousal consent in Notice 2020-42 be made permanent or at minimum be extended for an additional year. (more…)
On July 22, 2020, the American Retirement Association wrote to the Internal Revenue Service to provide input on the Retirement Benefit items to be included on the 2020-2021 Priority Guidance Plan. (more…)
On June 24, 2020, the American Retirement Association wrote to the Internal Revenue Service to ask for an additional extension of the 403(b) plan remedial amendment period and highlight the need for correction methods for future 403(b) plan document failures. (more…)
COVID-19 Defined Contribution Plan Funding Relief Legislative Proposal The American Retirement Association strongly supports federal legislation to provide immediate defined contribution or 401(k) plan funding relief. Small businesses face significant cash flow problems due to the COVID-19 pandemic and are considering 401(k) plan termination to decrease payroll costs. A recent American Retirement Association analysis determined...
The American Retirement Association wrote to the Internal Revenue Service to recommend improvements in the interim amendment process for pre-approved plan documents. Specifically, the ARA requested that interim amendments for all pre-approved plans will not be required until the end of the second calendar year that begins after the issuance of the Required Amendments List...
The American Retirement Association wrote to the Internal Revenue Service to ask for a one-year extension of the section 403(b) plan remedial amendment period and a reduced Voluntary Compliance Program (VCP) user fee for a 403(b) plan document failure. (more…)
The American Retirement Association wrote to the Internal Revenue Service to follow up on a request for an explanation of our testimony at the public hearing on the Notice of Proposed Rulemaking regarding updated life expectancy and distribution period tables used for purposes of determining required minimum distributions. The letter further details the interaction between...
The American Retirement Association wrote to the Department of Treasury and the Internal Revenue Service to request guidance on certain issues related to the enactment of the Setting Every Community Up for Retirement Enhancement (SECURE) Act. (more…)
The American Retirement Association wrote to the Internal Revenue Service to comment on the Department of Treasury’s and Internal Revenue Service’s Notice of Proposed Rulemaking regarding updated life expectancy and distribution period tables used for purposes of determining required minimum distributions. In the letter the American Retirement Association recommends that IRS and Treasury first issue...