IRS proposes increased availability of nondiscrimination safe harbors

Article Abstract:

The IRS proposes to increase the availability of nondiscrimination safe harbors in an attempt to simplify nondiscrimination regulations for qualified retirement plans. The proposed changes to IRC 401(a)(4) and 414(s) would add to the number of plans that can use regulatory safe harbors to show nondiscrimination. The threshold requirement that a safe harbor plan make available the same vesting and service crediting for all employees would be eliminated, making the nondiscriminatory vesting and service-crediting rules for other plans applicable to the safe harbor ones as well.

Laws, regulations and rules, Employee benefits

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DOL provides reporting requirement relief for "top hat" plans

Article Abstract:

The Department of Labor (DOL) has decided that its amnesty program for pension plan administrators' overdue annual reports will also apply to top-hat plans. The DOL will not enforce Title I annual reporting requirements for top-hat plans if they are unfunded or insured plans qualifying for the one-time, short-form filing under DOL Regs 2520.104-23; if the statement satisfying this regulation is on file with DOL by Sep 30, 1992; and if the statement is accompanied by $50 per day civil penalty payment for each day following the due date of the annual report.

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Nondiscrimination regs. redux: IRS streamlines section 401(a)(4) rules in new proposal

Article Abstract:

The IRS has issued a proposed streamlining of the Section 401(a)(4) regulations in response to public complaint about the complex nature of the nondiscrimination regulations. The general test remains differences in the accrual rates of highly-paid and less well-paid employees. Most of the streamlining occurs in that area and with regard to safe harbors.

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