Updates – Defined Benefit Plans

2010 2011 2012 2013 2014 2015 2016 2017 2018

protected content New Survey on IRS Determination Letter; PBGC; Financial Wellness Huddle

In 2016, we surveyed members regarding the upcoming closure of the IRS determination letter program for individually designed qualified retirement plans. Recently, the IRS announced in Notice 2018-24 that they would receive comments from the public on recommendations to expand the determination letter program for individually designed plans during 2019 to certain circumstances beyond initial plan qualification and termination… More

protected content Retirement Provisions in Budget Deal

Let’s take a deeper dive into the budget deal legislation that signed into law yesterday. A significant part of the legislation was to provide disaster relief for the various natural disasters that occurred in 2017. From a retirement perspective, the legislation included relief for those impacted by the California wildfires… More

protected content Surveys, Hearings, Multis, Paid Leave

A lot to catch up on this week. Congress actually focused a bit on retirement issues, with a hearing at the beginning of the week, and closing out the week with the creation of a select committee that is tasked with solving the looming issues with multiemployer pension plans … More

ERIC Looks Forward to Working with DOL to Combat Regulatory Burdens

As we begin 2018, The ERISA Industry Committee looks forward to working with leadership at the Department of Labor (DOL), including newly confirmed Assistant Secretary of Labor for the Employee Benefits Security Administration (EBSA), Preston Rutledge, to combat the regulatory burdens imposed on companies that sponsor employee benefit plans… More

Letter to Congressmen Kelly and Kind Opposing Rightsizing Pension Premiums Act of 2017

The ERISA Industry Committee ("ERIC") applauds any effort to stop the unnecessary increases in premiums paid to the Pension Benefit Guaranty Corporation ("PBGC") from plan sponsors of single-employer defined benefit plans; however, we are concerned with any legislation that has the potential to unfairly place the solvency of the PBGC single-employer trust fund on the backs of large employers… More

ERIC Sends Joint Letter to Senators McConnell and Hatch on Frozen DB Plans

ERIC sent a letter to Senate Majority Leader McConnell and Senate Finance Committee Chairman Hatch on frozen defined benefit plans… More

protected content DOL’s ERISA Advisory Council 2017 Executive Summary

Earlier this year, ERIC testified before the Department of Labor's ERISA Advisory Council. This month, the Council met and compiled its 2017 Executive Summary for Secretary of Labor Acosta, the topic of which was health and retirement plan disclosures… More

ERIC Calls Upon Senate HELP Committee to Approve Preston Rutledge as Assistant Secretary of EBSA

The ERISA Industry Committee urges the Senate Health, Education, Labor, and Pensions (HELP) Committee to move swiftly to advance the nomination of Preston Rutledge to be the Assistant Secretary of Labor for the Employee Benefits Security Administration (EBSA) at the Department of Labor… More

protected content Missing Participants, Tax Reform, and More

I’ve been working closely with Capitol Hill Offices on draft legislation that would provide plan sponsors with guidance on what steps are necessary to take while searching for a missing participant… More

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

2010 2011 2012 2013 2014 2015 2016 2017 2018