Advisory Committee on Tax Exempt and Government Entities (ACT ...

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PROTECTING PLAN BENEFITS:IMPROVING GOVERNMENTAL DEFINED CONTRIBUTION PLAN COMPLIANCETABLE OF CONTENTSI. Executive Summary.............................................................................................. 1Justification ......................................................................................................................................1Methodology.....................................................................................................................................2Observations ....................................................................................................................................2Key Findings ....................................................................................................................................3Challenges and Gaps....................................................................................................................... 4IRS Governmental Plan Initiatives ...................................................................................................4Recommendations ........................................................................................................................... 4Establish a Pre-Approved Plan Program Oriented to Governmental Plans ....................................4Enhance the Employee Plans Compliance Resolution System (EPCRS).......................................5Develop Additional Educational Tools Tailored to Governmental Plans .........................................5Build on Initiatives to Partner with Governmental Plan Sponsors and Practitioners .......................5II. Background .......................................................................................................... 5Objective .......................................................................................................................................... 6Scope ............................................................................................................................................... 6Governmental Retirement Plan Overview........................................................................................7Governmental Defined Benefit Plans...............................................................................................7Governmental Defined Contribution Plans.......................................................................................7Categories of Governmental Defined Contribution Plans................................................................8III. Trends ................................................................................................................ 10Industry Organizations ...................................................................................................................10Legislation ......................................................................................................................................10Trends Specific to 457(b) Plans.....................................................................................................11Trends Specific to 403(b) Plans.....................................................................................................11Trends Specific to 401(a) Plans.....................................................................................................11Impact of Size ................................................................................................................................12Multiple Plans Offered by One Employer.......................................................................................12IV.Results of Data Gathering .................................................................................. 12Surveys and Articles ......................................................................................................................13Other Surveys and Articles ............................................................................................................13Outreach to Plan Sponsors, Consultants, Service Providers ........................................................14Aggregated Data from Industry Publications, Reports and Statistical analyses............................14Meetings with IRS Senior Management.........................................................................................15V. IRS Programs, Products and Services ............................................................... 15Pre-Approved Plan Document Program (Prototype System) ........................................................17Benefits of the Pre-Approved Plan Program..................................................................................18History of Pre-Approved Plans.......................................................................................................19Employee Plans Compliance Resolution System (EPCRS)..........................................................19VI.VII.VIII.Governmental Plan Challenges and Gaps ......................................................... 20Challenges and Gaps Common Across Categories of Plans ........................................................20Preparedness for Audits & Examinations ......................................................................................21Misinterpretation or Misuse of 401(k) Guidance ............................................................................21Absence of a Pre-Approved Plan Document Program ..................................................................21Administration of Multiple Plans.....................................................................................................21Governmental Plans’ Lack of Awareness of IRS Programs & Services ........................................22Low Utilization of Voluntary Corrections Procedures.....................................................................22403(b) Plans...................................................................................................................................22401(a) Defined Contribution Plans.................................................................................................22457(b) Plans...................................................................................................................................23IRS Government Plan Initiatives......................................................................... 23Recommendations.............................................................................................. 24Establish a Pre-Approved Plan Program Oriented to Governmental Plans ..................................24ADVISORY COMMITTEE ON TAX EXEMPT AND GOVERNMENT ENTITIES (ACT) June 11, 2008 iii
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ADVISORY COMMITTEE ON TAX EXEMPT AN
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MEMBER BIOGRAPHIESGOVERNMENT ENTITI
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GENERAL REPORTOF THEADVISORY COMMIT
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General Report of the Advis
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Improving the Employee Plans Compli
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EXHIBIT DSubmission Type:(insert fr
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EXHIBIT D (CONTINUED)18. Descriptio
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EXHIBIT D (CONTINUED)VCP CHECKLISTT
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EXHIBIT D (CONTINUED)23. Have you i
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EXHIBIT D (CONTINUED)Instructions f
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EXHIBIT D (CONTINUED)23. Under Exam
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ADVISORY COMMITTEE ONTAX EXEMPT AND
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The Appropriate Role Of The Interna
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Tax Treatment Of Cellular Telephone
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IRC, 2007-CODE-VOL, SEC. 280F. LIMI
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PENIRC S 274 Page 2 of 12the taxpay
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Page 11 of 18168(h)(8) REGULATIONS.
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* You advance or pay an amount to y
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Taxable Fringe Benefit Guide FEDERA
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NO- ADDITIONAL COST FRINGE BENEFITS
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