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IRS schedules hearing on multiemployer vote
trueThe IRS will hold a hearing Dec. 18 on proposed rules for the voting process for multiemployer pension plan participants in distressed plans seeking benefit reductions, the agency said in a notice Monday.
ERISA Industry Committee asks IRS, Treasury for lump-sum clarifications
trueThe ERISA Industry Committee on Thursday asked officials at the Department of Treasury and the IRS to clarify their July 9 decision to no longer permit lump-sum payments to people already receiving benefits.
IRS keeps same limits on retirement plan contributions for 2016
trueEmployees will be allowed to contribute up to $18,000 to their defined contribution plans in tax year 2016, the same as 2015, the IRS announced Wednesday.
IRS urged to keep determination letters
trueGroups representing large sponsors of retirement plans called on the IRS on Thursday to reverse its decision to stop issuing determination letters, which plans rely on to affirm qualified tax status.
New global tax crackdown could impact asset owners
trueA new wave of global tax compliance regulation is a game changer in the way asset owners and investment management companies report activities.
Obama calls for end to carried interest
truePresident Barack Obama will push to end the carried interest tax rate paid by private equity and other private fund managers as Washington lawmakers negotiate a new federal budget.
IRS finalizes pension contribution credit balance rules
trueDefined benefit plan sponsors may make standing elections instead of quarterly calculations and filings to apply credit balances toward quarterly contribution installments, under final rules published Wednesday by the IRS.
Moody's: Older IRS mortality tables could save sponsors $18 billion next year
trueThe IRS' decision to stick with 15-year-old mortality assumptions will save corporate defined benefit plan sponsors at least $18 billion in contributions in 2016 and be a credit positive for them, said a report from Moody's Investors Service.
IRS releases multiemployer benefit cut voting rules
trueProcedures for allowing multiemployer plan participants to vote on benefit reductions in distressed plans were issued by the IRS on Wednesday.
Tax's excessive expectations
trueAs part of their presidential nomination campaigns, Bernie Sanders and Martin O'Malley both have proposed a financial transaction tax, designed to tap a lucrative source of revenue and target trading abuses on Wall Street.
IRS issues 2016 mortality tables
trueNew mortality tables for calculating defined benefit plan funding targets in 2016 were released by the IRS on July 31.
IRS deepens focus on lifetime income with lump-sum ban
trueThe Internal Revenue Service's unexpected decision July 9 to ban lump-sum payments to retirees has plan sponsors keeping one eye open for further regulation but still considering those payouts for other plan participants.
IRS moves to raise tax rate on private equity management fees
truePrivate equity firms will no longer be able to convert income from management fees into capital gains, which are taxed at a lower rate, under a proposed rule by the IRS published in the Federal Register Thursday.
Dodd-Frank five years later
trueIt's been five years since President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, a far-reaching law enacted in the wake of the 2008 financial crisis that aimed to stave off future economic meltdowns.
IRS closes lump-sum window for retirees already receiving benefits
trueDefined benefit plan sponsors can no longer replace annuity payments with lump-sum distributions to retirees and their beneficiaries, the IRS said Thursday.