IRS T.D.: QMAC and QNEC Definitions Modified for Certain Retirement Plans (IRC §401)

Qualified matching contribution (QMAC) and qualified nonelective contribution (QNEC) definitions modified under final regulations regarding certain qualified retirement plans, the IRS stated. The definitions are modified as applied to certain plans that contain cash or deferred arrangements under tax code Section 401(k) or that provide for matching contributions or employee contributions under Section 401(m). The regulations are effective as of July 20, 2018, and apply to plan years beginning on or after July 20, 2018. However, taxpayers can apply the regulations to earlier periods, the IRS noted. [T.D. 9835, RIN 1545-BN05, 83 Fed. Reg. __ (July 20, ...