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Delaware Valley Retirement Inc.
in PA

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Warren Averett Benefits Consulting
in AL, FL, GA

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Nixon Peabody
in CA

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Shipman & Goodwin LLP
in CT

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Johnson & Dugan
in CA

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Ascensus
in CA, Telecommute

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Text of IRS Notice 2018-65: Weighted Average Interest Rates, Yield Curves, and Segment Rates Applicable for August 2018 (PDF)

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under Section 417(e)(3) , and the 24-month average segment rates under Section 430(h)(2) ... In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under Section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under Section 431(c)(6)(E)(ii)(I)."
Internal Revenue Service [IRS]

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IRS Releases Proposed Regs on the 20% Qualified Business Income Deduction for Flow-through Businesses

"[1] The proposed regulations include several anti-abuse measures including rules aimed at preventing non-eligible businesses from splitting potentially eligible businesses from ineligible businesses and employees from being labeled as independent contractors. [2] The proposed regulations contain favorable rules for businesses with minor amounts of potentially unfavorable service revenue. [3] Favorable aggregation rules are proposed, permitting taxpayers to combine business entities to help them satisfy wage limitations in the tax law." Schneider Downs

IRS Finalizes Regs Allowing Use of Forfeitures to Fund Safe Harbor Contributions, QNECs and QMACs

"The final regulations ... confirm the approach outlined in the proposed regulations.... [E]mployers were actually permitted to rely on those proposed immediately. As a result, the final regulations simply confirm that plan sponsors can continue to use forfeitures to fund QNECs, QMACs and safe harbor contributions." McDermott Will & Emery

Puerto Rico Treasury Extends to November 30 Period for Eligible Distributions from PR Qualified Retirement Plans and PR IRAs to Hurricane Maria Victims

" AD 18-13 further provides that ... distributions received between July 1, 2018 and July 31, 2018 can be treated as Hurricane Maria eligible distributions subject to favorable income tax treatment to the extent certain requirements are satisfied."
McConnell Valdes

Individual Agreements Cannot Compel Arbitration Without Retirement Plan Consent

"This ruling may come as a surprise to many employers who understand their employment agreements and mandatory arbitration provisions cover all disputes between the employer and employee. However, individual arbitration agreements may not apply to ERISA disputes where the benefit plan does not provide for arbitration." [ Munro v. Univ. of Southern Calif. , No. 17-55550 (9th Cir. July 24, 2018)]
Butterfield Schechter LLP

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SEC Best Interest Proposals: What Do They Mean for Investment Advisors? (PDF)

16 pages. "While the RIA Interpretation is consistent with recent statements and enforcement activities by the SEC, it may require changes by RIAs -- particularly concerning disclosures of conflicts of interest.... This paper focuses on the RIA Interpretation and its impact on investment advisors. In addition, this paper briefly discusses the proposed Form CRS relationship summaries and highlights some of the provisions that impact RIAs. It also addresses the question: What should investment advisors do now?" Fred Reish, for TD Ameritrade Institutional

SEC Best Interest Rule Hampered by Fiduciary Fatigue

"The SEC's proposal to change standards of client care comes after years of back-and-forth fighting over the [DOL's] fiduciary rule in the public sphere, halls of Congress and courts.... Now, the SEC's proposed Regulation Best Interest has sparked fresh wrangling between investor advocates and Wall Street trade groups." Financial Planning

Selecting Benefits Technology: Keys to Making the Right Choice

"Start with a benefits program audit ... [A]sking the right questions can help you uncover the insight you need to determine if the vendor is/will be a true partner in your success.... Be sure to request resources from the benefits technology provider to streamline your investigation." Shortlister

Understanding and Planning for the Excise Tax on Executive Compensation Paid by Tax-Exempt Employers

"[1] Certain state universities, colleges, and hospitals may wish to explore whether to give up their 501(c)(3) exemptions and, instead, rely on their status as a 'political subdivision' or as 'an integral part of a state or local government' in order to remain exempt from both federal income tax and this new excise tax. [2] Tax-exempt organizations may seek to utilize 'split dollar loan arrangements' ... because the loans utilized to provide the employee with a deferred benefit do not constitute 'remuneration' for purposes of the $1 million threshold. [3] If portions of an employee's compensation could appropriately be paid by an affiliate which is not a related organization for this purpose, such as an unrelated management company, tax-exempt organizations may consider bifurcating that compensation between those entities in order to reduce or avoid the excise tax." Seyfarth Shaw LLP

Eliminate Tax Consequences of Deemed Distribution by Repaying the Loan Within 5 Years?

A deemed distribution of unpaid loan balance in 2015 after leaving employment was recorded on tax return as income. If loan is then paid back three years later including all interest etc. can an amended tax return be filed to remove the 1099R distribution? BenefitsLink Message Boards

Rollover for Business Startup: Can Plan Participants Personally Guarantee a Bank Loan to the Company Owned by the Plan?

Putting aside all of the other complications and concerns with ROBS, let's assume the structure has already been finalized and implemented. Now, the C corporation that is owned by the Plan goes to a lender to borrow money to finance its inventory, general operations, what have you. The lender is happy to lend the money to the corporation as long as the principals -- i.e., the individuals whose Plan accounts own the stock -- will guarantee the loan. Would providing that guarantee be a prohibited transaction? BenefitsLink Message Boards

Who's in a Rate Group?

Plan has 401(k), Safe Harbor Match, and Class Based Allocation for Profit Sharing. 1,000 hours and last day required to receive the Profit Sharing. When I run rate group testing, two employees who terminated before the end of the year show up. They both worked 1,000 hours, but they are not benefiting because they terminated their employment. If these employees are not benefiting and are receiving no employer contribution, why would they be included in the rate group testing? Is it because they do not meet a statutory exclusion? BenefitsLink Message Boards

Applying the 25%-of-Compensation Limit: W-2 and K-1 Comp Received in Same Year

Client receives income on a W-2 and on a K-1. For 2017, his W-2 was $140,000 and his K-1 income was -$26,000. Do I need to subtract the K-1 income from the W-2 before calculating the 25% of compensation limit for profit sharing, or can I ignore the K-1 negative income? BenefitsLink Message Boards

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