Updates – Defined Benefit Plans

2010 2011 2012 2013 2014 2015

protected content ERIC Testifies at Treasury / IRS Hearing on Proposed Transition Rules on Hybrid Plans

Today, the Treasury Department and Internal Revenue Service (“IRS”) held a hearing on the proposed regulations relating to hybrid plans. ERIC, represented by Richard Shea and Robert Newman of Covington & Burling, testified at the hearing.… More

ERIC and Other Groups Urge DOL to Put on Hold Proposed Disclosure Guide until Focus Group Testing Complete

ERIC, in addition to 10 other business trade associations, sent a letter to the Department of Labor recommending that the Department put the proposed ERISA section 408(b)(2) “guide” on hold until forthcoming focus group testing is completed … More

protected content First Annual Report of the PBGC Participant and Plan Sponsor Advocate

The Pension Benefit Guaranty Corporation’s (“PBGC”) office of the Participant and Plan Sponsor Advocate (“Advocate”) has released its first Annual Report covering the period ending December 31, 2014. … More

protected content PBGC Posts Announcement on New Section 4062(e) Rules

The Pension Benefit Guaranty Corporation has posted an announcement on its website regarding the expiration of its moratorium on ERISA section 4062(e) enforcement and Congress’s new law with respect to the definition of “cessation of operations” and section 4062(e) reporting.… More

protected content Commerce Department Proposes Rule on Access to Death Master File

The Commerce Department’s National Technical Information Service on December 30 published in the Federal Register a proposed rule to establish a program whereby individuals may become “certified” to obtain access to Death Master File (DMF) information about an individual within three years of that individual’s death. … More

protected content IRS Announces Changes to Processing of Incomplete Employee Plan Determination Letters

The IRS in Announcement 2015-01 released December 19 described changes to the processing of employee plans determination letters that will take effect in 2015. … More

protected content The 113th Congress Left Much for the 114th Congress to Do

The 113th Congress adjourned sine die (for good) December 16, leaving undone a long list of pressing issues for the incoming 114th Congress to tackle. The list includes a number of initiatives that will pull employer-provided benefits into the mix. … More

protected content President Signs Omnibus Funding Legislation and Tax Extenders with Benefit Provisions

President Obama on December 16 signed into law H.R. 83, the Consolidated and Further Continuing Appropriations Act, which contains a number of provisions affecting employee benefit plans, including modification of the Pension Benefit Guaranty Corporation’s enforcement of ERISA section 4062(e) … More

ERIC Offers Recommendations to Treasury to Improve Hybrid Retirement Plan Rules

The ERISA Industry Committee (ERIC) on December 18 submitted to the Treasury Department and Internal Revenue Service (IRS) recommendations to improve the most recent package of proposed and final regulations implementing the cash balance and pension equity plan provisions of the Pension Protection Act of 2006 (PPA). … More

protected content ERIC Submits Comment Letter on Hybrid Plans Final and Proposed Regulations

ERIC earlier today submitted a comment letter in response to the Treasury Department’s and IRS’s most recent package of proposed and final regulations on cash balance plans.… More

DOL Announces Appointees to ERISA Advisory Council

Secretary of Labor Thomas Perez recently announced the appointment of five new members to the 2015 Advisory Council on Employee Welfare and Pension Benefit Plans, known as the ERISA Advisory Council. … More

protected content Congress Approves One-Year Extension of Expired Tax Provisions, Including Multiemployer Provisions

The House of Representatives on December 3 overwhelmingly approved the Tax Increase Prevention Act (H.R. 5771) to retroactively extend for the 2014 tax year approximately 50 expired or soon-to-be-expiring tax provisions, including provisions relating to multiemployer defined benefit pension plans and individual and business tax provisions. … More

protected content Congress Approves Government Funding Bill with Multiemployer and 4062(e) Provisions

Following a significant amount of drama over whether the House and Senate would approve a government funding bill (H.R. 83, the Consolidated and Further Continuing Appropriations Act, 2015) in time to avert a government shutdown, both chambers eventually approved the $1.1 trillion omnibus funding legislation … More

ERIC Supports Approval of Legislation Clarifying “Substantial Cessation of Operations” in Relation to PBGC Enforcement Activity

The ERISA Industry Committee (ERIC) applauds the approval of an amendment to section 4062(e) of the Employee Retirement Income Security Act (ERISA) clarifying the definition of “substantial cessation of operations” relating to when the Pension Benefit Guaranty Corporation (PBGC) can initiate enforcement activity after a company downsizes, reorganizes or relocates its workforce. … More

protected content Harkin 4062(e) Provision Included in Kline-Miller Multiemployer Amendment to Omnibus Legislation

Yesterday, key members of Congress reached a deal on the omnibus government funding legislation. There is a reference to section 4062(e) in the legislation as follows… More

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IRS Releases 2014 Cumulative List of Changes in Plan Qualification Requirements; Extends Deadline for Pre-Approved DB Plans

The Internal Revenue Service on December 5 released Notice 2014-77 providing the 2014 Cumulative List of Changes in Plan Qualification… More

protected content DOL Seeks to Establish Focus Groups to Evaluate Service Provider Disclosure Requirements

The Department of Labor (DOL) published in the Federal Register a notice seeking approval to establish focus groups for evaluating the effectiveness of the service provider disclosure requirements under section 408(b)(2) of ERISA. … More

protected content PBGC Finalizes Rules Regarding the Treatment of Rollover Amounts in DB Plans

The Pension Benefit Guaranty Corporation (PBGC) finalized regulations regarding the treatment of rollovers into defined benefit plans if the plan is terminated and trusteed by the PBGC (the “rollover regulations”). … More

ERIC Offers Recommendations on PBGC Information Collection Request on De-Risking Activities

The ERISA Industry Committee (ERIC), the Washington, D.C.-based trade association representing America’s major employers, today in a letter to the Pension Benefit Guaranty Corporation (PBGC) urged the agency to support plan sponsors’ efforts to maintain their defined benefit pension plans, including methods used by companies which enable them to continue to sponsor these plans.… More

protected content ERIC Submits Letter on PBGC Information Collection Request on Payouts to Certain Former Employees

ERIC on November 24 submitted a comment letter in response to the Pension Benefit Guaranty Corporation’s (PBGC) Information Collection Request on payouts to certain former employees. … More

protected content ERIC to Hold December 8th FocusOn Call on De-Risking and Defined Benefit Plans

ERIC has scheduled a FocusOn call on De-Risking and Defined Benefit Plans: Current Trends & Employer and Participant Considerations. With the continued trend of companies shifting portions of their pension benefits to an insurance company, we thought it would be helpful to ERIC members to offer an in-depth discussion on the process and considerations of de-risking pension plans.… More

protected content PBGC 2014 Annual Report Shows Improvement in Single Employer System

The Pension Benefit Guaranty Corporation (PBGC) on November 17 released its Annual Report, showing that the agency’s deficit increased to about $62 billion in fiscal year 2014, mostly due to the declining condition of a limited number of multi-employer plans. … More

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ERISA Advisory Council Offers Recommendations on Lifetime Income, PBM Disclosure, and Outsourcing Plan Services

The ERISA Advisory Council recently presented its recommendations to the Department of Labor (DOL) on the topics it studied in 2014, which included facilitating lifetime plan participation, whether to extend DOL’s service provider fee disclosure regulation to pharmacy benefit managers (PBMs), and outsourcing employee benefit plan services.… More

protected content GOP Mid-Term Election Sweep Will Impact Legislative Agenda

Vast tomes could (and will) be written about what went wrong for the Democrats or right for the Republicans. Anti-Obama sentiment, bad polling, lack of interest among young and retired voters, disgust with a gridlocked Congress, a flood of outside money, and local factors all probably played a role. But the fact remains that the GOP Congress will have to deal with a Democratic President for the next two years. So, what does that mean for the legislative agenda?… More

ERIC Joins Letter to House and Senate in Support of Frozen Plan and Nondiscrimination Testing Legislation

ERIC is advocating for the passage of legislation that would amend the nondiscrimination provisions of the Internal Revenue Code applicable to frozen defined benefit plans. … More

2010 2011 2012 2013 2014 2015