|02/02/2012||IRS Issues Lifetime Income Regulations|
| ||February 2, 2012 – The IRS has issued proposed regulations and a fact sheet on so-called “lifetime income” streams. This guidance is, in part, in response to congressional efforts to promote means of structuring retirement savings accumulations in a manner that lasts for a retiree’s lifetime.
|02/02/2012||HSA Coordination With Services at Indian Health Facilities|
| ||February 2, 2012 – The IRS has issued Notice 2012-14, addressing the issue of whether a person eligible to receive medical services at an Indian health service (IHS) facility is an “eligible individual” for health savings account (HSA) contributions. In general, a person covered under a health insurance plan that is not a high-deductible health plan (HDHP) is not an eligible individual for HSA purposes.
|02/02/2012||DOL Issues Final Service Provider Fee Disclosure Regulations|
| ||February 2, 2012 – The Department of Labor’s Employee Benefits Security Administration (EBSA) has issued final regulations governing disclosure to plan fiduciaries of certain service provider fee arrangements. The regulations’ effective date for both existing and new arrangements between plans and service providers was extended from April 1, 2012, to July 1, 2012.
|01/30/2012||IRS Issues 2012 Form 1099-R and Instructions|
| ||January 30, 2012 – The IRS has released the 2012 Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., and the 2012 Instructions to Forms 1099-R and 5498. Form 1099-R is used in reporting IRAs and employer-sponsored retirement plan distributions. The form and instructions may be accessed as follows.
|01/26/2012||Updated HSA Model Documents|
| ||On January 24, 2012, the IRS released updated health saving account (HSA) model Form 5305-B, Health Savings Trust Account, and Form 5305-C Health Savings Custodial Account. These new plan agreements replace the November 2007 versions of these forms with a revision date of December 2011 (12-2011).
|01/24/2012||State Withholding Update|
| ||The District of Columbia and two other states that require state withholding have made updates to their 2012 withholding rules. Following is a summary of the most recent changes.
|01/24/2012||IRS Releases Updated HSA Model Documents|
| ||January 24, 2012 – The IRS has released December 2011-dated Forms 5305-B, Health Savings Trust Account, and 5305-C, Health Savings Custodial Account. These forms are the IRS’ version of HSA plan agreements, which are used to establish HSAs. These updated documents replace the November 2007 versions.
|01/23/2012||Hearings Scheduled on Governmental, Tribal Plan Rules|
| ||January 23, 2012 – The IRS has released notices in today’s Federal Register of public hearings on its recently released “advance notice of proposed rulemaking” on governmental and Indian tribal government retirement plans. Both hearings are scheduled for June 5, 2012. Outlines of presentations intended to be delivered by attendees must be received by the IRS by February 6, 2012.
|01/20/2012||February 2012 Interest Rates|
| ||January 20, 2012 – The IRS has released the applicable federal interest rates for February 2012 as included in Revenue Ruling 2012-7. These rates are used for such purposes as calculating retirement arrangement distributions that meet the substantially equal periodic payment requirements of IRC Sec. 72(t)(2)(A)(iv).