Updates – retirement

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

ERIC Advocates for Student Loan & Hardship Withdrawal Policies to Promote Employee Savings

The ERISA Industry Committee started 2019 off with a flurry of comments on retirement policies affecting large plan sponsors… More

ERIC Comments on Proposed Regulations Relating to Hardship Distribution Provisions

ERIC submitted comments to the Internal Revenue Service on proposed regulations relating to hardship distribution provisions for 401(k) plans… More

protected content ERIC Letter to IRS—Comments requested by 1-14-19 on Hardship Distribution Rules

Members please provide comments on this draft letter to the IRS addressing hardship distributions by Monday, January 14… More

ERIC Encourages IRS to Provide Guidance on Student Loan Relief

ERIC worked with a coalition of companies and business groups to encourage the IRS to provide guidance that all employers could use when considering student loan relief in their retirement plans… More

protected content Missing Participants Comment Letter - Review

Click here to review a draft letter to the Department of Labor regarding Missing Participants. The purpose of this letter is to provide the DOL with additional information on what we would like to see in any guidance that the DOL issues in the near future… More

protected content End of Congress Legislative Update

A little bit ago it was announced that President Trump would reject this legislation since it does not include the $5 billion necessary to build a wall at the southern border. We are now waiting to see how the House reacts. In the end, it is unlikely any retirement legislation will be included in the larger spending bill prior to a government shutdown – that would occur tomorrow at midnight – and it is now more likely we will have a government shutdown… More

ERIC Asks Congress to Rethink Retirement Disclosure Responsibility of Employers

ERIC) sent a letter to Congress expressing support for the passage of retirement legislation that would enhance retirement savings opportunities during this Congress. The letter also asked that lawmakers modify the Lifetime Income Disclosure Act (LIDA) provision, making options more effective and flexible for plan sponsors… More

protected content Hardship, Auto-Portability, PBGC

The Balanced Budget Act of 2018 made several changes to hardship distribution rules. Notably, it allowed for the elimination of the six-month waiting period for contributing to the retirement plan following a hardship distribution… More

protected content Secure Choice Update; Webinars Webinars; New Draft Retirement Legislation

Before I dive into a brief review of the election results and a few questions related to a new draft retirement bill that is circulating – I want to make sure you are aware of two exciting webinars coming up next week and the end of November… More

protected content Survey: Hardship Changes

Earlier this year, President Trump signed a two-year budget deal, the Bipartisan Budget Act of 2018 that included changes to retirement plans… More

protected content Illinois Secure Choice Update - Call with the State

We wrapped up a positive discussion with the State of Illinois around 5:30 p.m. EDT. In order to summarize the discussion and next steps, I’ve decided to provide you with a number of bullet points … More

protected content Update: Illinois Secure Choice

A brief update on the Secure Choice Program in the State of Illinois. We are making progress and have a meeting scheduled with Illinois at 4pm EDT tomorrow … More

ERIC Provides Guidance on Proposed Albany Paid Sick Time Law

ERIC submitted comments to the Albany County Legislature on a proposed local law that would provide paid sick time to employees working in Albany County… More

ERIC’s Comment Letter on Albany County Paid Sick Leave

The ERISA Industry Committee (“ERIC”) applauds your efforts to provide paid sick time to employees working in Albany County. Your proposed local law to provide access to paid sick time (“Local Law”), while well-intentioned, without small revisions will increase the compliance and financial burdens on large employers that already provide paid leave to employees in the county, the state, and other jurisdictions… More

protected content Illinois Secure Choice Update

In a prior email I mentioned that the Illinois Secure Choice Retirement Plan was sending emails to large companies requesting that the company either commence the enrollment process into the Secure Choice Plan or report that the company provides a retirement plan to employees and is exempt from the Secure Choice mandate… More

protected content PBGC Updates

The PBGC announced 2019 premiums. You can find the new premium rates HERE. The per participant premium rate increased from $74 to $80 in 2019. We will continue to advocate for passage of the Pension Budget Integrity Act, which would remove the budget gimmick currently in place that gives Congress incentive to raise premium rates even though a rate increase in not necessary… More

protected content IRS Guidance, Paid Leave, Illinois Secure Choice

The IRS released further guidance in relation to the Tax Cut & Jobs Act that clarified what a business can and cannot deduct for entertainment purposes… More

ERIC Fights for Solution to Multiemployer Pension Plan Crisis

ERIC signed a letter to the Joint Select Committee on Multiemployer Solvency urging the Committee to develop a comprehensive legislative solution to resolve the growing multiemployer pension plan crisis… More

protected content Retirement Legislation Advances

The Family Savings Act has passed the House of Representatives. I reported last week that this legislation included provisions related to multiple employer plans, withdrawing retirement funds to pay for expenses related to birth or adoption of a child, and universal savings accounts. In addition, the legislation included the favorable changes to non-discrimination testing for closed defined benefit plans… More

protected content Events and Notices

Happy Friday! I hope everyone had a great week. A quick update to remind all of you of some important events coming up in the next few weeks and a notice on the revised 402(f) notice… More

Electronic Disclosure is a Necessary Tool for Benefit Plan Sponsors

The ERISA Industry Committee is pleased the Trump Administration recognized the need to modernize how employers can send required disclosures and notices to plan recipients in its most recent Executive Order… More

ERIC Supports Congress on Efforts to Enhance Retirement Security

The ERISA Industry Committee (ERIC) is pleased that the Family Savings Act was passed out of the House Ways and Means Committee and encourages its passage out of the U.S. House of Representatives… More

protected content Tax Reform 2.0 Update

Earlier today, the Tax Reform 2.0 bills were introduced in the House of Representatives. Three separate bills were introduced with one of them focused on retirement savings – H.R. 6757, Family Savings Act of 2018… More

protected content Employee Stock Offering Survey

ERIC conducted a spot survey of its members on the use of employee stock offerings… More

protected content Survey on the Funding of Nonqualified Deferred Compensation (NQDC) Plans

ERIC conducted a spot survey on the funding of nonqualified deferred compensation (NQDC) plans… More

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019