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Recent Posts by Diane Caron

Only a Few Months to Go Until the 403(b) Restatement Deadline
Posted by Diane Caron on Fri, Jan 31, 2020 @ 05:26 PM

With only a few months left, the countdown to the mandatory 403(b) plan document restatement deadline is officially underway. All organizations that sponsor 403(b) retirement plans must restate their plan documents by March 31, 2020, using either the IRS’s pre-approved document or an individually designed plan document.

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Topics: not-for-profit, IRS, 403(b), NFP, 403(b) Plan Document Restatement

IRS Relaxes Hardship Withdrawal Rules for Not-For-Profits
Posted by Diane Caron on Wed, Dec 19, 2018 @ 12:42 PM

Recently, the IRS made several changes to the rules related to hardship withdrawals for not-for-profit organizations. The changes may be adopted by plan sponsors as early as Jan. 1, 2019 or, if later, the first day of the plan year beginning after Dec. 31, 2018.

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Topics: not-for-profit, IRS, 403(b), NFP, nonprofit, hardship withdrawals

Last Day Set for Restatement of 403(b) Plans
Posted by Diane Caron on Wed, Feb 22, 2017 @ 08:00 AM

The IRS recently provided guidance related to the restatement of 403(b) plans. It is anticipated that the IRS will be issuing approval letters to document providers for all 403(b) plans in early spring 2017. Once issued, all employers will be required to restate their 403(b) plans using pre-approved language.

In Rev. Proc. 2017-18, the IRS set Mar. 31, 2020, as the deadline for restating all 403(b) plans. The end of the restatement period (referred to as the remedial amendment period) is the date by which all 403(b) plans must be restated to remain in compliance with the 403(b) regulations. The restatement is retroactive to Jan. 1, 2010.

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Topics: not-for-profit, IRS, 403(b), NFP, nonprofit, 403(b) Plan Document Restatement

Preparing for the Upcoming 403(b) Plan Document Restatement
Posted by Diane Caron on Fri, Mar 11, 2016 @ 11:34 AM

Compliance with retirement plan requirements is a moving target. As changes in the law occur, retirement plans are required to comply in operation with the new provisions as of the effective date of the law. Along with these changes, the IRS announces periods during which the plan must adopt interim amendments so that the plan’s language conforms to the plan operation. Retirement plan documents must then be restated in their entirety at set intervals (every five to six years), incorporating the required interim amendments.

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Topics: 403(b), Diane Caron, 403(b) Plan Document Restatement

IRS Issues Additional Guidance on Impact of DOMA on Qualified Retirement Plans
Posted by Diane Caron on Mon, Jun 16, 2014 @ 04:53 PM

The Internal Revenue Service (IRS) recently issued additional guidance regarding the impact of the Windsor decision on qualified retirement plans. On June 26, 2013, the United States Supreme Court, in United States v. Windsor, ruled that Section 3 of the 1996 Defense of Marriage Act (DOMA) is unconstitutional. Section 3 of DOMA defines marriage as the “legal union of one man and one woman.

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Topics: Diane Caron, DOMA, Qualified Retirement Plans

Adjunct Faculty: Crediting Hours of Service and Other Affordable Care Act Updates
Posted by Diane Caron on Fri, Mar 21, 2014 @ 04:36 PM

The Affordable Care Act (the “Act”) requires employers to determine full-time status for employees in order to determine if the employer is considered a large employer (50 or more full time employees) subject to the shared responsibility provisions, and also to identify those employees that must be offered minimum affordable coverage in order to avoid penalties under the Act (the shared responsibility provision).

A large employer under the Act is defined as an employer who employed an average of at least 50 full-time or full-time equivalent employees in the preceding year. Full-time equivalent employees are based on the aggregate hours of employees who are not full-time. A full-time employee is an employee who is scheduled to work at least an average of 30 hours per week.  Full-time employees are the only employees considered when determining if an employer is subject to potential liabilities for failure to offer minimum affordable health insurance coverage.

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Topics: The Affordable Care Act, Diane Caron, full-time emplyee, adjunct faculty, student employees

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