Updates – Defined Benefit Plans

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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

protected content Pension Plan Funding Status on the Rise

Helped by a rise in interest rates, which decreased the value of plan liabilities, the funded status of very large pension plans sponsored by public companies rose in September, according to a Milliman Inc. survey released Thursday… More

DOL Ignores Employers Pleas and Adds to Compliance Burden

The Department of Labor completely ignored the pleas of employers from across the country, as this rule will only increase their compliance burden… More

protected content Equal Employment Opportunity Commission (EEOC) and Department of Labor (DOL) Updates

The last Thursday of the month, which means two agencies must each release a final rule that impacts all employers. Unfortunately, both the Equal Employment Opportunity Commission (EEOC) and Department of Labor (DOL) finalized rules that may need your immediate attention… More

protected content PBGC Lowers Penalty Payments & Composite Plans

Below is a quick review of a rule released by the PBGC today and a hearing held on composite plans… More

protected content Transitional Relief for Closed Plans; PBGC Missing Participant Program & Senate Finance Committee

It has been a busy 48 hours in Washington, with the release of several new regulatory guidance and an upcoming legislative focus on retirement policy. I apologize for the length, but this email will cover: (1) Transitional Relief for Closed Plans; (2) PBGC Missing Participant Program; (3) Senate Finance Committee Markup; (4) House Education & Workforce Hearing; (5) Form 5500 Comment Extension; and (6) Static Mortality Tables (from a few weeks ago). Let’s go… More

protected content Review of Senate Finance Committee Markup

The Senate Finance Committee held a markup today, September 21st, at 10am on a wide variety of retirement related policies. The primary focus was on the United Mineworkers Pension and Health fund… More

Lifetime Income Language Should be Voluntary, Not Required

ERIC applauds the Senate Finance Committee for focusing on retirement security in America. While we are grateful that the Chairman’s mark includes provisions to expand automatic enrollment, we are extremely concerned that the mark includes a mandate to include lifetime income language on retirement plan statements, which will only drive up costs to administer a plan and lead to confusion among participants… More

ERIC Responds to Treasury Extending Transitional Relief for Closed Defined Benefit Pension Plans

Today’s news that the Department of Treasury is extending discrimination testing transitional relief for all of 2017 for closed defined benefit plans is welcomed, however, The ERISA Industry Committee strongly urges the Department to provide greater flexibility in satisfying testing requirements upon issuance of the final regulations… More

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

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