SIMPLE, SEP, and SARSEP Answer Book provides up-to-date coverage of recent legislative and regulatory developments in simplified employee pension (SEP) plans and savings incentive match plans for employees (SIMPLEs). It provides clear and concise guidance on the complex design, administration, and compliance issues that arise in connection with SIMPLEs, SEPs, and salary reduction SEPs (SARSEPs).
Highlights of the Seventeenth Edition include discussion of the following new issues and recent guidance:
The statutory changes under GOZA, TIPRA, HERO, PPA, HEART, and WRERA relating to qualification of IRAs that became effective after the mandatory amendments were announced in 2002
How the deduction for one-half of the self-employed health insurance (SEHI) is treated when calculating one-half of the self-employment tax under Code Section 164(f) for 2011 and 2010
How the proposed fiduciary advice regulations issued in 2010 may turn many consultants, advisers, and appraisers into ERISA fiduciaries. What are the exceptions? How a fiduciary is determined under the new proposed five-part test and the two-part test
When a person providing investment advice becomes a fiduciary under the proposed fiduciary advice regulations issued in 2010
What an Employer Plans Compliance Unit (EPCU) examination program request involving a SIMPLE or SEP is looking for and how to respond
How a prototype traditional IRA, SEP-IRA, or SIMPLE IRA may be amended to incorporate statutory changes without affecting reliance on a favorable opinion letter
How the designated Roth account (DRA) rules apply to a 401(k) SIMPLE IRA plan
How the law about retirement plans-- death benefits is sometimes similar to, but often quite different from, the law that applies to the disposition of other wealth
How the DOL's seven-day safe harbor rules for elective contribution are applied after a delinquent contribution is made
Why the pro rata allocation rule applies to direct rollovers and the taxable first rule applies to 60-day rollovers from an employer's plan to an IRA, and why Roth IRAs are treated differently
Whether inherited IRAs are protected from creditors or included in the debtor's bankruptcy estate under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
When an ACA (automatic contribution arrangement) may be used in connection with a SEP or SARSEP arrangement
The extent to which IRAs are protected from creditors and the amount under state and federal law
The Form 1099-R reporting codes and changes to Form 5498 and Form 8606
Restorative payments (of a good-faith claim of liability) and the annual IRA and SEP contribution limits
Limitations on deductions to combined plans and their effect on deductions for SEP contributions
Integration and participant exclusion rules that permit larger contributions to be made for employees earning above a specified amount, but that also require that the $49,000 (for 2011) allocation limit be reduced
Procedures for correcting excess contributions and the reporting of contributions, revocations, rollovers, and conversions
Review of the tax credits available to individuals for IRA contributions and elective deferrals, as well as the tax credits available to businesses establishing new SIMPLE or SEP arrangements
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