Updates – Defined Benefit Plans

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Treasury Issues Final Mortality Table Rule

ERIC is pleased the Department of Treasury took into account a number of the requested changes listed in our comment letters, including flexibility for the plan sponsor to potentially delay for one year the use of the new mortality tables for purposes of satisfying minimum funding standards… More

protected content Mortality Table Final Rule

The final mortality table rule has been released by the Treasury Department as of 4:15 p.m. EDT… More

ERIC Comments to AICPA

The ERISA Industry Committee (ERIC) and the U.S. Chamber of Commerce (Chamber) are pleased to respond to the request by the American Institute of Certified Public Accountants (AICPA) for comments regarding the Proposed Statement on Auditing Standards, Forming an Opinion and Reporting on Financial Statements of Employee Benefits Plans Subject to ERISA (Proposal)… More

protected content Tax Reform Framework

Another step in what will most likely be a long process with tax reform – a new framework has been released by the Administration, in coordination with the House Committee on Ways & Means and the Senate Committee on Finance… More

protected content AICPA & OregonSaves

Hope the week is off to a great start. This email will cover two topics: (1) AICPA Proposed Comments; and (2) Update on OregonSaves.… More

Delay of Mortality Table Rule Creates Stable Environment for Plan Sponsors

ERIC encourages the Office of Information and Regulatory Affairs (OIRA) to delay the implementation date for the proposed Department of Treasury rule on mortality tables for determining present value under defined benefit pension plans… More

ERIC Letter to OIRA on Delaying Implementation of Mortality Tables

ERIC respectfully requests that the agency take at least the entire 90 days permitted under Executive Order 12866 to ensure that the Proposed Treasury Rule on Mortality Tables for Determining Present Value Under Defined Benefit Pension Plans (RIN: 1545-BM71) is considered carefully and completely given its significant economic impact, and that it delay its implementation to January 1, 2020… More

protected content OMB Meeting Thursday & Fiduciary Rule Delay

ERIC is scheduled to meet with the Office of Management and Budget's (OMB) Office of Information and Regulatory Affairs (OIRA) this Thursday, August 31, to discuss the IRS's proposed mortality table updates. OIRA performs a critically important role of reviewing draft proposed and final regulations and their impact on the economy… More

ERIC Comments on PBGC Regulatory Planning

The ERISA Industry Committee (“ERIC”) is pleased to respond to the request by the Pension Benefit Guaranty Corporation (“PBGC”) for comments regarding what regulatory and deregulatory actions it should be considering as part of its regulatory program… More

protected content PBGC Premium Legislation & New Webinar

The purpose of this update is to announce a members-only webinar on PBGC premium policy and to provide you with an overview of newly introduced legislation in the House of Representatives that seeks to give premium relief primarily to small businesses… More

Regulatory Burdens Threatening Retirement Plans

The ERISA Industry Committee (ERIC) submitted comments to the U.S. Department of Treasury outlining ways to reduce regulatory burdens for retirement plans… More

protected content Fiduciary Rule and Budget

While the uncertainty on the future of the fiduciary rule will remain, we can be certain that portions of the rule will be implemented on June 9th. But, not necessarily enforced by the Department of Labor … More

protected content Trump Administration Tax Reform Release

The Trump Administration released a framework on tax reform today. As expected, the framework was simply an overview of the Administration’s key principles on tax reform. In the coming weeks, we will begin to see additional details from the Administration and Congress… More

Tax Reform Can Both Improve the Economy and Protect Employer-Sponsored Benefits

The ERISA Industry Committee is pleased with President Trump’s tax reform framework, which avoids imposing dangerous taxes on employer-sponsored health and retirement benefits… More

Letter to Paul Ryan Urging Him to Oppose Increasing PBGC Premiums

The undersigned organizations represent thousands of employers who voluntarily provide retirement benefits to millions of workers. As we approach another government funding deadline, we urge you to protect job-creators, workers, retirees, and the retirement security system by opposing further increases in premiums paid to the Pension Benefit Guaranty Corporation (PBGC) by sponsors of single-employer defined benefit plans… More

Oregon’s State Retirement Savings Plan Infringes on ERISA

The Oregon Retirement Savings Board today approved final rules that apply to the operation of OregonSaves, the state-run mandatory retirement plan. Oregon is the first state, of the seven other states that have passed legislation to implement these plans, to provide regulatory guidance.… More

ERIC Asks Treasury and OMB for Additional Review of Mortality Table Regulations

The ERISA Industry Committee (ERIC) today submitted a letter to the U.S. Department of Treasury and Office of Management and Budget urging the agencies to deem the defined benefit mortality table proposed regulations subject to Executive Orders 12866 and 13771, causing the regulations to receive additional review, including a thorough economic analysis… More

Nondiscrimination Letter of Endorsement

The undersigned organizations support H.R. 1962/S. 852, companion bills introduced by Representative Pat Tiberi (R-OH), Ranking Member Richie Neal (D-MA), Senators Rob Portman (R-OH) and Ben Cardin (D-MD), to amend the nondiscrimination provisions of the Internal Revenue Code of 1986 to protect older, longer service participants in employer-sponsored pension plans… More

protected content Mortality Table Comments Submitted

On Wednesday, ERIC submitted two comment letters on the proposed rule updating mortality tables for defined benefit pension plans… More

Proposed IRS Rule Targets Employers’ Ability to Offer Retirement Plans

The ERISA Industry Committee (ERIC) submitted comments to the Internal Revenue Service (IRS) regarding provisions in the proposed rule, Mortality Tables for Determining Present Value under Defined Benefit Pension Plans… More

protected content Draft Comment on Mortality Table Update

Mortality tables specify the probability of survival year by year for an individual based on age, gender, and other factors… More

ERIC Supports Senate Resolutions of Disapproval for State & Local Retirement Plans

The ERISA Industry Committee (ERIC) is pleased to support S.J. Res. 32 & 33, resolutions of disapproval under the Congressional Review Act (CRA) for the repeal of the Department of Labor’s Rules on Savings Arrangements Established by States for Non-Governmental Employees and Savings Arrangements Established by Qualified State Political Subdivisions for Non-Governmental Employees… More

protected content Hardship Update and Minimum Present Value Comment Letter

ERIC successfully filed three comment letters on your behalf this week! In addition, below is an overview of changes to hardship distribution audit procedures. This information is hot off the presses – just released within the past hour… More

ERIC Comments on Update to Minimum Present Value Requirements for Defined Benefit Plan Distributions

The ERISA Industry Committee (ERIC) is pleased to respond to the request by the Internal Revenue Service (“IRS”) for comments regarding the provisions contained in the proposed Update to Minimum Present Value Requirements for Defined Benefit Plan Distributions (the “proposed regulations”) and to request the opportunity to testify at the March 7, 2017 hearing on this subject. Our testimony will address the points made in this comment letter… More

protected content Two Comment Letters Filed - PEP & Oregon

It has been a busy few days with the filing of two comment letters - and one more to file tomorrow… More

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