On January 29, 2016, the Internal Revenue Service (IRS) issued proposed rules that would modify the nondiscrimination requirements for retirement plans that provide additional benefits to a grandfathered group of employees following certain changes in the coverage of a defined benefit plan or a defined benefit plan formula. The Internal Revenue Code provides generally that a retirement plan is a qualified plan only if the contributions or benefits provided under the plan do not discriminate in favor of highly compensated employees. The proposed regulations would affect participants in, beneficiaries of, employers maintaining, and administrators of tax-qualified retirement plans.
Comments are due April 28, 2016.' ' ) ); ?>