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IRS Publishes Updated Operational Compliance Checklist

The IRS recently published an updated Operational Compliance Checklist (the “Checklist”), which lists changes in qualification requirements that became effective during the 2016 through 2020 calendar years. Examples of items added to the Checklist for 2020 include, among other things:

  • Final regulations relating to hardship distributions;
  • Temporary nondiscrimination relief for closed defined benefit pension plans;
  • Penalty-free withdrawals from retirement plans for individuals in cases of birth or adoption; and
  • Increase in age for required beginning date for mandatory distributions.

The Checklist is only available online and is updated periodically to reflect new legislation and IRS guidance.  The Checklist does not, however, include routine, periodic changes, such as cost-of-living increases, spot segment rates, and applicable mortality tables, which can instead be found on the IRS’s Recently Published Guidance webpage here.

The Checklist is available here.

The lawyers of our Employee Benefits and Executive Compensation Practice Group are readily able to assist companies on a nationwide basis with implementing sophisticated benefit plans and providing answers to their most challenging compensation issues. Additionally, our lawyers are well aware of the daily employee benefits challenges facing companies of all sizes and are capable of helping in-house lawyers and human resources personnel with the day-to-day advice and guidance necessary to properly administer employee benefits plans.

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