Updates – Defined Benefit Plans

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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

2016 Election: What Happens Now for Retirement Policy

As Senior Vice President for Retirement Policy at The ERISA Industry Committee (ERIC) and a political enthusiast, I have closely followed this election cycle and was surprised at the lack of focus on retirement policy, including Social Security, throughout the Presidential, Senate, and Congressional races… More

protected content Federal Court Upholds DOL’s Fiduciary Rule

A federal judge has turned back an effort by a trade group to block enforcement of the DOL’s retirement plan fiduciary rules… More

protected content Funding Status of Large Employer-Sponosred Pension Plans Remains Unchanged

The funded status of pension plans sponsored by large employers was unchanged in October … More

protected content DOL Looks at Frozen Defined Benefit Plans

More than 20 percent of defined benefit pension plans are frozen, with the prevalence of frozen plans varying widely by employer size and industry, according to a new U.S. Department of Labor analysis… More

protected content PBGC Maximum Benefit Guarantee to Increase in 2017

The maximum benefit the Pension Benefit Guaranty Corp. will guarantee next year will increase in 2017, the PBGC announced today… More

protected content IRS Announces 2017 Pretax Retirement Contribution Limits

The maximum pretax contribution employees can make to 401(k) plans in 2017 will remain at $18,000, unchanged from 2016, while the maximum catch-up contribution employees age 50 and older can make to the plans also will be unchanged at $6,000 the Internal Revenue Service announced today… More

protected content Increasing PBGC Premiums

Premiums employers with pension plans pay the Pension Benefit Guaranty Corp. will be going up sharply next year, the PBGC announced Thursday… More

protected content PBGC Gives Extension to Plan Administrators Impacted by Hurricane Matthew

Pension plan administrators located in North Carolina counties impacted by Hurricane Matthew will have more time to pay required Pension Benefit Guaranty Corp. premiums without being hit by late penalty fees… More

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