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James E. Holland

  The IRS released Notice 2018-74 to modify and update the safe harbor explanations that may be used to satisfy the notice requirements of Code Section 402(f). This article describes the key provisions of the notice. Background  Section 402(f) requires the plan administrator of a qualified of a... READ MORE
We all know (or should know) that defined benefit plans that are qualified (or were ever qualified) are subject to the minimum funding standards of the Internal Revenue Code (IRC).[1] Also, title I of the Employee Retirement Income Security Act of 1974 (ERISA), as amended, contains minimum funding... READ MORE
It was a quiet Tuesday afternoon. The first State of the Union address from President Trump was to take place that evening. No one expected any interesting government releases before the speech. At 3:30 p.m., I made my routine check of the Tax Court website for opinions that were issued.[1] There... READ MORE
The IRS has finally issued an updated revenue procedure providing automatic approval for certain changes in funding method for single-employer plans that reflects the provisions of the Pension Protection Act of 2006 (PPA) and IRC § 430. Rev. Proc. 2017-56 replaces Rev. Proc. 2000-40, and formally... READ MORE
In the pension world, the word “disaster” is often applied to new laws, regulations or proposed tax or benefit reforms. We also refer to the usual weather-related events of hurricanes, floods and tornados as disasters. This article is concerned with impact of the weather-related disasters and the... READ MORE
“To earn or not to earn, that is the question.”(adaptation of Shakespeare)Earned income is a key concept for setting up a retirement plan for a self-employed individual. While a comprehensive discussion of earned income is beyond the scope of this article, there has been recent information provided... READ MORE
Since the issuance of the final regulations under § 417(e)(3) of the Internal Revenue Code in 1988, practitioners have been critical of the interpretation taken by the IRS in situations where a benefit was being paid partly in single-sum and partly in an annuity form. The IRS has regarded that... READ MORE
In September 2015, more than seven years after issuing proposed rules, the IRS issued final rules under IRC §430. This article will describe the changes and additions made by the final rules. Note: This is Part 2 of a two-part article. Part 1 appeared in the November ACOPA Monthly.  Timing and... READ MORE
Note: This is Part 1 of a two-part article. Part 2 appears in the December ACOPA Monthly. In September, more than seven years after issuing proposed rules, the IRS issued final rules under IRC §430 that address how to: determine the minimum required contribution (MRC); determine quarterly... READ MORE
This article originally appeared in the Spring 2015 issue of Plan Consultant. To view a PDF version, please click here.’Twas the weeks before Christmas, and all through the land,Trustees were worried about multiemployer plans.They wrung their hands, and shook heads to and fro,PPA would expire; zone... READ MORE
This article originally appeared in the Winter 2013 issue of Plan Consultant. To view a PDF version, including an accompanying chart, please click here.In Part 1, we reviewed the relevant provisions of law and plan qualification requirements. This article assumes familiarity with those provisions... READ MORE
This article originally appeared in the Fall 2012 version of Plan Consultant. To view a PDF version, please click here.There is a line from “The Happening” as sung by Diana Ross and the Supremes that has broad application to those of us working in the pension field. Heeding the warning words “it... READ MORE
For the Summer 2013 IRS CPE training (which we’ll refer to below as the “IRS CPE chapter”), one of the topics was floor-offset arrangements. For the training, a floor-offset arrangement was characterized as two separate, related plans. The “floor plan” is a defined benefit plan, and the “base plan... READ MORE