Updates – Defined Benefit Plans

2010 2011 2012 2013 2014 2015 2016

NEW EEOC Rule Violates Federal Act

ERIC today submitted comments with 23 other associations to the Office of Information and Regulatory Affairs at the Office of Management and Budget in response to proposed changes to the U.S. Equal Employment Opportunity Commission’s Employer Information Report (EEO-1)… More

Stop budget gimmicks! Take PBGC premiums off-budget

The Hill published an op-ed by Will Hansen, ERIC's Senior Vice President for Retirement Policy, calling for Congress to end the practice of counting PBGC premiums as revenue for budget scoring purposes… More

The Importance of Preserving Tax-Preferred Status for Employer-Sponsored Health and Retirement Plans

ERIC's article in Benefits Quarterly looks at the erosion of protections offered by ERISA and the importance of maintaining the tax treatment of employer-provided benefits… More

protected content Form 5500 Proposed Changes

The Department of Labor (DOL) released proposed changes to the Form 5500 for retirement and group health plans… More

protected content IRS Determination Letter Survey

ERIC conducted a survey of its members, leaders across all industries, on the determination letter program and the IRS curtailment of it… More

protected content Determination Letter Rules Released

The much anticipated Revenue Procedure that eliminates the IRS Determination Letter Program for individually designed plans was released today. As expected, after 70 years the program will close its doors on January 31, 2017, unless you are a new plan or terminating a plan… More

protected content ERIC Submits Letter to ERISA Advisory Council Meeting

ERIC submitted a letter to the DOL ERISA Advisory Council on cybersecurity and plan-to-plan transfers of retirement funds… More

protected content ERISA Advisory Council Meeting

The ERISA Advisory Council announced it will hold a meeting at the Department of Labor from June 7-9, 2016 to focus on two important retirement related topics: (1) cybersecurity; and (2) plan-to-plan transfers and account consolidation … More

protected content Survey on Determination Letter

At the Spring ERIC Meeting, the IRS answered questions on the future of the Determination Letter Program. At the conclusion of the meeting, the IRS requested that ERIC members provide additional feedback on how they can address the issues raised during the meeting… More

protected content Multi-Employer Pension Plans: Does Your Company Contribute?

In light of the rejection by the Treasury Department of the Central States Multi-Employer Pension Plan application to reduce benefits under the terms of the Kline-Miller Multi-Employer Pension Plan Reform Act, we expect Congress to develop alternative legislation that may impact multi-employer pension plans… More

protected content ERIC Submits Comments to IRS on Proposed Regulations on Nondiscrimination Requirements

ERIC submitted comments to the IRS on the proposed regulations on nondiscrimination requirements for closed defined benefit pension plans… More

Proposed Regulations Would Providing Nondiscrimination Relief for Closed Defined Benefit Plans

ERIC signs letter to the U.S. Department of the Treasury and the IRS thanking them for issuing proposed regulations providing nondiscrimination relief for closed defined benefit plans… More

protected content Memo Hybrid Plans that Utilize the Whipsaw Calculation

The IRS released a Chief Council Advice memorandum late last week focused on hybrid plans that utilize the whipsaw calculation… More

protected content Proposed Regulations on Nondiscrimination Requirements for Closed DB Plans

ERIC will be submitting comments to the IRS on the proposed regulations on nondiscrimination requirements for closed defined benefit pension plans… More

The Fight to Move PBGC Premiums Off-Budget Goes to Capitol Hill

A group of 7 associations today sent a letter to Congressmen Jim Renacci (R-OH) and Mark Pocan (D-WI) thanking them for introducing the Pension and Budget Integrity Act of 2016… More

protected content DOL Releases Final Fiduciary Rule

The Department of Labor (DOL) issued a final rule this morning that focuses on ‘conflicts of interest’ in investment advice. The DOL has been focused on this issue since 2009, with two separate proposals being published for comment in 2010 and 2015… More

protected content New PBGC Reportable Events Rule

The Pension Benefit Guaranty Corporation (PBGC) requires reportable events for certain plans to assist in decreasing the likelihood of plan defaults or other actions that may increase the financial burden on the agency. Overall, the release of this rule is a step in the right direction of less burdensome reporting requirements… More

protected content Paid Sick Leave for Federal Contractors

The Department of Labor released today a proposed rule on paid sick leave for federal contractors… More

protected content President releases FY 2017 budget proposals on retirement

Earlier today, President Obama released his Fiscal Year (FY) 2017 budget proposal and ERIC's 2016 goals are now available… More

protected content Analysis of Proposed IRS regulations on frozen defined benefit plans

Yesterday, the IRS and Treasury issued important new proposed regulations that adopt many of ERIC’s recommendations for nondiscrimination relief for “frozen” defined benefit (DB) plans… More

protected content 2015 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 second Annual Report covering the period ending in December 31, 2015… More

New Lump Sum Payments Rules Effective Immediately

The ERISA Industry Committee (ERIC) submitted a comment letter to the U.S. Department of Treasury and the Internal Revenue Service (IRS) asking for clarification on the elimination of lump sum windows in pension plans for individuals currently receiving lifetime income payments… More

protected content Treasury and IRS Extend Temporary Guidance on Frozen Defined Benefit Plans through 2017

The Treasury Department and the Internal Revenue Service have issued Notice 2015-28, which extends the temporary nondiscrimination relief for closed defined benefit plans for one additional year. … More

protected content Obama Administration Releases FY 2016 Budget with Retirement Policy Provisions

Today, the President released the Fiscal Year 2016 Budget of the U.S. Government (“FY 2016 Budget”). As the Administration has been releasing pieces of the FY 2016 Budget over recent days… More

ERIC Statement on Retirement Proposals in President Obama’s Fiscal Year 2016 Budget

Annette Guarisco Fildes, President & CEO of The ERISA Industry Committee, the leading trade association dedicated exclusively to the employee benefit and compensation interests of America’s largest companies, today made the following statement in reaction to the retirement proposals included in President Obama’s fiscal year 2016 budget. … More

2010 2011 2012 2013 2014 2015 2016