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Spectrum Resource Center

Advice, Articles, Events, Insights, News, Newsletters, Opinions, Press Releases, Updates, and More from Spectrum.

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Legislative Highlight - IRS Publishes 2023 Cumulative List of Changes in Plan Qualification Requirements for Defined Contribution Qualified Pre-Approved Plans

The Internal Revenue Service (IRS) published Notice 2024-03 on December 20, 2023, which includes the 2023 list of changes in plan qualification requirements for defined contribution qualified pre-approved plans. The 2023 Cumulative List will assist providers applying to the IRS for opinion letters for the fourth remedial amendment cycle for defined contribution qualified pre-approved plans (Cycle 4) under the IRS’s pre-approved plan program.
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Long Awaited IRS Proposed Regulations for Long-Term Part-Time Employees

On November 24, 2023, the Internal Revenue Service (IRS) released proposed regulations concerning the long-term part-time (LTPT) employee rules beginning in the 2024 plan year. The LTPT employee rules were originally established under the SECURE Act of 2019 and then modified under the recent SECURE 2.0 Act of 2022. SECURE 2.0 made changes to shorten the initial LTPT eligibility requirements and expanded them to include 403(b) plans. The new guidelines help define LTPT employees and certain eligibility conditions.
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New Department of Labor Fiduciary Rule: Protecting Retirement Security

In a continued effort to enhance investor protection and promote transparency when it comes to financial advice, the Department of Labor (DOL) has introduced a new fiduciary rule. The proposed DOL rule, called the Retirement Security Rule: Definition of an Investment Advice Fiduciary, updates the definition of an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA). This regulation places a heightened emphasis on the best interests of plan participants who rely on financial service providers for advice.
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Navigating Change: Important Updates to the Family Attribution Rule

As a plan sponsor, it is important to understand your organization’s ownership structure and controlled group status. This will help your qualified plan remain compliant with the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (IRC). Neglecting a controlled group member or attribution of ownership can lead to a failed coverage test resulting in steep penalties or even plan disqualification.
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Tax Talk - Winter 2024

In this issue of Tax Talk, Spectrum updates you on important compliance deadlines coming up for defined contribution plans and provides a quick reminder to remind your retirement plan participants to review their beneficiary designations and make any necessary adjustments.
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Tax Talk - Fall 2023

In this issue of Tax Talk, Spectrum updates you on important compliance deadlines coming up for defined contribution plans and provides a quick reminder about amending your plan document for any discretionary changes implemented during the year. The calendar below assumes that a plan is being administered on a calendar year basis.
ERISA Wrap SPD Solution

Wrap Document to Comply With ERISA Summary Plan Description (SPD) Requirement

Virtually every private sector employer offering employee benefit plans is subject to certain ERISA requirements. Any such employers must provide an SPD to paraticipants. Failing to comply can be very costly for employers. Insurance carrier documents are generally inadequate. One solution for employers is to use an ERISA Wrap Document or Wrap SPD.

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ERISA Workplace Retirement Plan Limits

The federal government annually publishes updated qualified retirement plan limits, which impact the contributions, benefit accruals, and compliance of ERISA covered qualified retirement plans. The below tables summarize the most significant changes in recent history.