Deadline for submission of certain regional prototype, M & P and volume submitter plans extended

Article Abstract:

IRS Announcement 94-136 details the procedures for qualified plan administrators that have had to request that plan amendments be accepted to comply with provisions of the Tax Reform Act of 1986. The guidelines require that requests already have been submitted in 1991 for regional prototype and master and prototype plans. The procedures for these types of submissions focus on remedial amendments made after recently release rulings. Extensions for volume submitters are extended in 1995 for certain remedial amendments.

Tax administration and procedure, Tax administration, Qualified benefit plans

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Labor Department clarifies application of plan loan requirements to loans made to owner and shareholder employees

Article Abstract:

The Labor Department has stated that regulations under the Employee Retirement Income Security Act of 1974 (ERISA) are not violated if plan loan programs exclude shareholder-employees and owner-employees. ERISA regulations refer to loans made to shareholders and officers, but not to loans made to owner-employees, their family members or their corporations. The Department also requires plan loans to be provided on a 'reasonably equivalent basis' to plan participants and beneficiaries.

Loans

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IRS establishes streamlined procedures for approved M & P, regional prototype, and volume submitter plans

Article Abstract:

IRS Revenue Procedure 92-41 made available to the sponsors of various kinds of defined contribution plans simplified ways of amending their plans so as to profit from IRC 401(k) and 401(m)'s more liberal rules and IRC 414(s)'s new interpretation of compensation. Acceptable plan amendments are listed.

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