Updates – Defined Benefit Plans

2008 2009 2010 2011 2012 2013 2014

protected content GAO Offers Recommendations to Ease Burden and Improve Usefulness of Form 5500 Information

A new report by the Government Accountability Office (GAO) recommends that the Departments of Labor and Treasury, and Pension Benefit Guaranty Corporation (PBGC) consider modifying Form 5500 to improve the usefulness, reliability, and comparability of the data for all stakeholders while limiting the burden on the filing community.… More

protected content House Approves the Highway and Transportation Funding Act with No PBGC Premium Increases

On July 15, House of Representatives approved H.R. 5021, the Highway and Transportation Funding Act, which extends the funding of highway and other federal transportation projects through May 31, 2014. … More

protected content IRS Advisory Committee Recommends Expansion of Pre-Approved Plan Program

The Internal Revenue Service’s Advisory Committee on Tax Exempt and Government Entities (ACT) recently recommended that the agency consider expanding the pre-approved plan program, and changes to the determination letter program. … More

ERIC Applauds House and Senate Tax-Writing Committees for Not Including PBGC Premium Increase in Highway Bill

The ERISA Industry Committee (ERIC) applauds the House Ways and Means Committee and the Senate Finance Committee for not including in the highway funding legislation another increase in premiums paid to the Pension Benefit Guaranty Corporation (PBGC) by companies that sponsor pension plans. … More

protected content House Ways & Means and Senate Finance Committee Approve Highway Trust Fund Legislation

The House Ways and Means Committee and the Senate Finance Committee on July 10 approved separate legislation to extend funding for the highway trust fund that includes similar provisions to extend the pension smoothing provisions under MAP-21, but does not include another increase in PBGC premiums.… More

ERIC Welcomes Announcement by PBGC Imposing Moratorium on Enforcement of 4062(e) Cases

Kathryn Ricard, ERIC Senior Vice President for Retirement Policy, today made the following statement in reaction to the Pension Benefit Guaranty Corporation’s (PBGC) announcement… More

protected content PBGC Announces Moratorium on 4062(e) Enforcement through December 31, 2014

Today, the Pension Benefit Guaranty Corporation (“PBGC”) announced that it is imposing a moratorium from July 8 – December 31, 2014 on the enforcement of ERISA section 4062(e) cases. … More

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Stretch IRA Provision under Consideration for Highway Bill, While MAP 21 Interest Stabilization Extension in Unemployment Bill

The congressional tax-writing committees have been working over the last few weeks on legislation to replenish the Highway Trust Fund, which… More

protected content Treasury Issues Lifetime Income Final Regulations (QLACs) for 401(k) Plans

The Treasury Department and the Internal Revenue Service have released final regulations on longevity annuities in 401(k) plans. In February 2012, the Treasury Department issued proposed regulations relating to the required minimum distributions rules and the purchases of deferred annuities. … More

protected content PBGC Releases FY 2013 Projections Report

Today, the Pension Benefit Guaranty Corporation released its FY 2013 Projections Report (formerly called the Exposure Draft). This report highlights the reversing trend of concerns within the single employer system (underscored in past reports) to a growing and more immediate concerns related to the multiemployer pension plan system. … More

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MAP 21 Interest Stabilization Extension and PBGC Premium Increase Not Included in Highway Trust Fund Legislation

As you are aware, Congress is working on legislation to replenish the Highway Trust Fund, which is scheduled to “run out of money” (for legislative purposes) late July or early August 2014. Discussions related to the revenue provisions have included an extension of the MAP-21 interest stabilization… More

protected content Cantor Primary Loss Upends House GOP

Danea Kehoe, Esq., ERIC’s External Government Affairs Consultant, takes a look at what Representative Eric Cantor’s unexpected loss in his primary race might mean for overall tax reform and legislation impacting retirement plans, health plans and other employer-provided benefits.… More

ERIC Files Comment Letter on Fee Disclosure Guide

ERIC has submitted a comment letter to the U.S. Department of Labor (DOL) on its proposed amendment to add a guide requirement to the ERISA section 408(b)(2) fee disclosure regulation. … More

IRS Phone Forum to Review Impact of Windsor Decision

The Internal Revenue Service has scheduled a phone forum for June 26 to discuss the impact from the U.S. Supreme Court’s June 2013 decision in United States v. Windsor … More

protected content Agencies Release Semiannual Regulatory Agendas Showing Further Delays

The Department of Labor (DOL) and Pension Benefit Guaranty Corporation on May 23 released their semiannual regulatory agendas, which include a number of projects on the retirement-related front.… More

protected content The Need for Offsets Pulls Camp Tax Reform Proposals into 2014 Debate

Conventional wisdom in Washington is that tax reform is going nowhere this year. That may turn out to be prophetic—but there is significant risk this year that tax writers will pluck certain elements—including some that impact retirement and/or health benefits—from the Camp tax reform plan to use as offsets in other legislation. … More

protected content Plan Sponsors Make Errors When Filing Final Form 5500 Return, IRS Finds

The Internal Revenue Service’s Employee Plans Compliance Unit (EPCU) found errors in the majority of the final Form 5500-series returns it reviewed as part of its Final Return with Assets project, according to an article in the IRS’s Employee Plans News. … More

protected content ERIC FocusOn Call on Hill Briefing on PBGC Premium Increases and New Study

We are hosting a FocusOn call on Thursday June 12, 2014 from 2pm ET- 3pm ET to provide a recap of the Hill briefings and the study. Two of the speakers from the Hill briefings, Dr. Jeffrey Werling, Inforum, University of Maryland, the author of the study and Mike Pollack of Towers Watson, will make presentations on the call. … More

protected content ERIC Participates in Hill Briefings and Releases New Study on Impact of PBGC Premiums

ERIC, as part of the Pension Coalition, which is a group of more than 100 trade associations, professional organizations and companies that collectively provide retirement benefits to millions of workers and retirees, unveiled a new study on May 14 revealing the significant economic impact and job loss that would accompany the proposed billions of dollars in increases to Pension Benefit Guaranty Corporation (PBGC) premiums. … More

New Study Reveals PBGC Premium Increases Bring Significant Job Loss

The Pension Coalition unveiled a new study today, Increasing Pension Premiums: The Impact on Jobs and Economic Growth, revealing the significant economic impact and job loss that would accompany the proposed billions of dollars in increases to Pension Benefit Guaranty Corporation (PBGC) premiums. … More

protected content IRS Provides Relief from Penalties for Late Filing of Form 5500

The Internal Revenue Service in Notice 2014-35 said it will provide relief from Internal Revenue Code penalties for late filings of Form 5500 annual return as long as the requirements of the notice and the Labor Department’s Delinquent Filer Voluntary Compliance (DFVC) Program are satisfied … More

protected content ERIC Files Comment Letter on Information Collection Request for 408(b)(2) Guide

ERIC on May 12 filed a comment letter with the U.S. Department of Labor (DOL) regarding its information collection request. The DOL is proposing to amend the 408(b)(2) regulations to require service providers to give plan fiduciaries a guide and plans to conduct focus groups with small pension plans to determine how effective the 408(b)(2) regulations have been.… More

ERIC Urges DOL to Exclude Large Plans from Fee Disclosure Guides

The ERISA Industry Committee (ERIC) today urged the Department of Labor (DOL) to exclude large plans from its proposal to require service providers to distribute a guide or similar tool to fiduciaries in order to satisfy the disclosure regulations under section 408(b)(2) of the Employee Retirement Income Security Act. … More

protected content PBGC Final Rule Addresses Guarantee of Benefits for Unpredictable Contingent Events

The Pension Benefit Guaranty Corporation on May 6 published in the Federal Register a final rule amending its benefit payment regulation to implement the Pension Protection Act of 2006 provision that the phase-in period for the guarantee of benefits that are contingent upon the occurrence of an ‘‘unpredictable contingent event,’’ such as a plant shutdown, starts no earlier than the date of the shutdown or other unpredictable contingent event.… More

PBGC Releases Revised Forms and Instructions for Plan Terminations and Missing Participants

The Pension Benefit Guaranty Corporation recently released updated forms and instructions for standard terminations, distress terminations, and missing participants. … More

2008 2009 2010 2011 2012 2013 2014