Updates – Defined Benefit Plans

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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

ERIC Submits Comments to IRS and Treasury on Pension Equity Plans

The ERISA Industry Committee (“ERIC”) is pleased to respond to the request of the U.S. Treasury Department and the Internal Revenue Service (collectively, the “Agencies”) for comments regarding Notice 2016-67 (the “Notice”), which addresses the applicability of Code § 411(b)(5)(B)(i) to “implicit interest” pension equity plans… More

Letter to House Leadership on Resolution of Disapproval Under the Congressional Review Act (CRA)

The ERISA Industry Committee (ERIC) is pleased to support a resolution 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

Senate Takes up Fight to Move PBGC Premiums Off-Budget

A group of 8 associations, including ERIC, today sent a letter to Senator Mike Enzi (R-WY) thanking him for introducing the Pension and Budget Integrity Act of 2017… More

House Takes up Fight to Move PBGC Premiums Off-Budget

Thank you for your leadership in introducing the Pension and Budget Integrity Act of 2017. As members of the Pension Coalition, we support your efforts to protect the defined benefit plan system and the millions of retirees who benefit from these plans… More

protected content QNECs, Morality Tables, PEPs, Multi-Employer Plans, and more

We have a flurry of activity coming up due to a number of rules/regulations coming out of the Federal Agencies … More

protected content New IRS and Labor Department guidance released today on mortality tables and proxy voting

Today the IRS issued proposed rules on updated and substitute mortality tables and the Department of Labor issued guidance on plan sponsor investment statements and voting of stock held in their plans. This email summaries the guidance from both agencies. Will Hansen will send you additional information next week and arrange for a conference call/webinar with members to discuss the guidance and the strategy for engaging with the agencies… More

protected content PBGC Early Warning, Local Retirement Plans, Cybersecurity

This email will cover three topics: (1) PBGC Early Warning Program; (2) State & Local Retirement Plans; and (3) Cybersecurity Webinar… More

protected content Comments Due, Required Amendments, PEP!

This extremely short email covers three topics: (1) Reminder on Draft Comments (due tomorrow); (2) Release of IRS Required Amendments document; and (3) PEP Plans… More

protected content Letter to the IRS

Article by Will Hansen, Senior Vice President of Retirement Policy… More

protected content Review Comments on Determination Letter Program & Hardship Withdrawals

It has been an exciting week in Washington, DC with a number of new cabinet positions being named by President-Elect Trump. Notably, the future leader of the Department of Labor will be Andrew Puzder, current CEO of a company that owns Carl’s Jr. and Hardee’s. In the coming months we will learn who Mr. Puzder selects as his top lieutenants in the Labor Department… More

protected content Form 5500 Comments & Hardship Withdrawal Comments

We have two updates today: (1) Filing of Form 5500 Comments; and (2) Filing of Initial Comments re: Hardship Withdrawal documentation… More

protected content Pension Plans Funding Status Moved Sharply in November

The funded status of pension plans sponsored by large employers moved sharply higher in November as higher interest rates reduced the value of plan liabilities… More

protected content ERIC Files Letter with IRS Regarding Hardship Distributions

ERIC has filed a letter with the IRS in response to a request for input on hardship distributions… More

protected content Fortune 100 Companies Moving Away from Defined Benefit Plans

The number of Fortune 100 companies that offer defined benefit pension plans to new salaried employees continues to shrink, according to a survey by Willis Towers Watson… More

protected content Employers Consider Reducing Size of Pension Plans Due to Increases in PBGC Premiums

Sharply rising Pension Benefit Guaranty Corp. insurance premiums are leading more employers to consider approaches to reduce the size of their pension plans, according to a new survey… More

protected content ERIC Sends Letter to Congress Opposing the Lifetime Income Disclosure Act

ERIC sent a letter to Congress in opposition of the Lifetime Income Disclosure Act, S. 1317 (“LIDA”). The measure was approved by the Senate Finance Committee along with several other retirement related provisions and included as Section 203 of S. 3471… More

protected content Overtime Rule Blocked

Yesterday, a federal judge imposed an injunction on the implementation of the Overtime Rule, which most likely will lead to the end of this new rule that was supposed to take effect on December 1st. … More

protected content Comments to PBGC on Missing Participant Program & Other Comment Projects

ERIC submitted comments today to the PBGC on the proposed rule outlining the new missing participant program for terminated defined contribution plans… More

ERIC Submits Comments on PBGC Missing Participants Rule

Today, The ERISA Industry Committee (ERIC) submitted comments in response to the Pension Benefit Guaranty Corporation’s (PBGC) proposed rule regarding missing participants under ERISA Section 4050… More

protected content PBGC Releases Annual Report

The Pension Benefit Guaranty Corporation (PBGC) release its 2016 Annual Report on Wednesday… More

protected content Multiemployer Pensions Remained Steady in 2016

The funded status of multiemployer pensions remained near steady during the first six months of 2016… More

protected content Tax Breaks for Donations to Victims of Hurricane Matthew

Employers and employees who participate in donation programs to aid victims of Hurricane Matthew will receive special tax breaks, the Internal Revenue Service said Thursday… More

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