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IRS makes push to encourage retirement-saving efforts

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in Office Management,Payroll Management

Uncle Sam wants you to save for retirement. And this time he really means it.

Alert: The IRS has issued new guidance on retirement savings in a series of rulings. These offerings clarify the existing rules, enhance others and generally provide incentives for socking away more money for retirement.

Here’s a roundup of the latest developments in this area.

Automatic enrollment plans

The automatic enrollment feature encourages greater participation among the rank-and-file because it requires employees to proactively opt out of the plan instead of the other way around. As a side benefit, increasing participation makes the plan more likely to meet the strict nondiscrimination tests in the law. This feature has been adopted by numerous 401(k) plans in recent years.

Now the IRS has released a Notice encouraging automatic enrollment as long as the plan provides adequate notice and otherwise complies with the regulations. T...(register to read more)

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