Sal Tripodi

[Sal Tripodi @PensionPal]

IRS confirms that expanded self-correction EPCRS options enacted in Section 305 of the SECURE Act 2.0 are available before IRS formally amends Rev. Proc. 2021-30. But there are conditions! https://t.co/F2LQLh2hmi

[Sal Tripodi @PensionPal]

IRS proposes to tighten rules for allocating DC forfeitures; no later than 12 months after close of PY that forfeitures occurs, with transition period ending last day of 2025 PY: https://t.co/0bmmCALZLB

[Sal Tripodi @PensionPal]

DOL is proposing to add (finally!) a self-correction procedure, which will include self-fix of delinquent 401k contributions if lost earnings doesn't exceed $1,000. https://t.co/ZI2UxfJvVn (to be published 11/21/22 in Fed. Reg.)

[Sal Tripodi @PensionPal]

IRS is opening up a determination letter program for individually-designed 403b plans starting June 1, 2023. https://t.co/85NjjY1G0x

[Sal Tripodi @PensionPal]

Distribution and loan relief amendments under CARES Act still required by end of 2022 plan year, but required minimum distribution relief amendment is subject to the Notice 2022-33 extension to 2025.

[Sal Tripodi @PensionPal]

IRS extends remedial amendment deadline for SECURE Act and CARES Act amendments to December 31, 2025. Notice 2022-33, https://t.co/YlcwqNlOdW

[Sal Tripodi @PensionPal]

Reminder: The 2-year third-cycle restatement window for Pre-Approved Defined Contribution Plans ends in 30 days - July 31, 2022. See Announcement 2020-07 @ https://t.co/njJDWqjGJZ. Avoid the need for an EPCRS correction.

[Sal Tripodi @PensionPal]

Interim amendment deadline for Pre-Approved Plans modified to end of the 2nd CY following CY in which qualification requirement change is effective under plan. ER's tax return deadline no longer relevant. Effective for changes that take affect after 2020. https://t.co/KzX6H71lSC

[Sal Tripodi @PensionPal]

IRS says no 2020 Form 5500 required for plan established after close of ER's 2021 tax year but treated as adopted as of last day of 2020 tax year (e.g., plan adopted 4/3/21 but treated as adopted 12/31/20 and effective for 2020: 2021 5500 is 1st filing)

[Sal Tripodi @PensionPal]

Plan amendments to increase benefits, rights or features no longer has to apply to all eligible employees as long as 401(a)(4) is satisfied. See section 4.05(2)(a) of Rev. Proc. 2021-30. https://t.co/7UDu4WqmAX

[Sal Tripodi @PensionPal]

SCP correction period for significant failures increased to 3 plan years following year of failure. Applies to 25% QNEC correction method for Elective Deferral Failures, too! See section 9.02 and section .05(9)(b) of Appendix A of Rev. Proc. 2021-30. https://t.co/7UDu4WqmAX

[Sal Tripodi @PensionPal]

De minimis amount threshold for errors not requiring EPCRS correction raised from $100 to $250 by sections 6.02(5)(c), 6.02(5)(e) and 6.11(5)(c) of Rev. Proc. 2021-30. https://t.co/7UDu4WqmAX

[Sal Tripodi @PensionPal]

Special correction method for Elective Deferral Failures under plans with auto-enrollment extended to December 31, 2023 (originally expired December 31, 2020). https://t.co/7UDu4WqmAX

[Sal Tripodi @PensionPal]

Rev. Proc. 2021-30 ends Anonymous VCP Submissions effective 1-1-2022. But, no-fee Anonymous Pre-Submission Conference Procedure will replace it. https://t.co/7UDu4WqmAX

[Sal Tripodi @PensionPal]

In just 4 months from its proposal, DOL finalizes regulation on financial factors for selecting investments, aimed at diminishing use of ESG-focused investments: https://t.co/LBKlNYt8HR

[Sal Tripodi @PensionPal]

Notice 2020-79: 2021 Dollar Limitations, https://t.co/PsIZw6tyYE
Highlights: Deferral limit $19,500(unchanged); Catch-up limit: $6,500(unchanged); Comp limit: $290,000(up from $285,000); DC IRC §415(c) limit - $58,000(up from $57,000); DB IRC §415(b) limit - $230,000(unchanged)

[Sal Tripodi @PensionPal]

Lifetime income disclosures will become a thing in August 2021. Interim final rule details at https://t.co/e4vVcuiTzi. DOL Fact Sheet at https://t.co/LnFZtR9S2W

[Sal Tripodi @PensionPal]

https://t.co/1nTnOIfpSt
DOL proposal on investment duties intended to consolidated and update guidlines on ESG investments, general prudence standards & selection of designated investment alternatives.

[Sal Tripodi @PensionPal]

Did you receive payment from a plan that was made to satisfy required minimum distributions for 2020 that were waived by the CARES Act? If so, you have at least until August 31, 2020, to roll over the payment. See Notice 2020-51, https://t.co/4jJpWMyC45

[Sal Tripodi @PensionPal]

Notice 2020-50, https://t.co/iqrb6E5qiV, confirms that CARES-suspended loans must restart payments as of January 1, 2021, but reamortization may occur as of 1/1/21 (safe harbor) or postponed until anniversary of first delayed payment.