Updates – Defined Benefit Plans

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protected content Fiduciary Rule and Budget

While the uncertainty on the future of the fiduciary rule will remain, we can be certain that portions of the rule will be implemented on June 9th. But, not necessarily enforced by the Department of Labor … More

protected content Trump Administration Tax Reform Release

The Trump Administration released a framework on tax reform today. As expected, the framework was simply an overview of the Administration’s key principles on tax reform. In the coming weeks, we will begin to see additional details from the Administration and Congress… More

Tax Reform Can Both Improve the Economy and Protect Employer-Sponsored Benefits

The ERISA Industry Committee is pleased with President Trump’s tax reform framework, which avoids imposing dangerous taxes on employer-sponsored health and retirement benefits… More

Letter to Paul Ryan Urging Him to Oppose Increasing PBGC Premiums

The undersigned organizations represent thousands of employers who voluntarily provide retirement benefits to millions of workers. As we approach another government funding deadline, we urge you to protect job-creators, workers, retirees, and the retirement security system by opposing further increases in premiums paid to the Pension Benefit Guaranty Corporation (PBGC) by sponsors of single-employer defined benefit plans… More

Oregon’s State Retirement Savings Plan Infringes on ERISA

The Oregon Retirement Savings Board today approved final rules that apply to the operation of OregonSaves, the state-run mandatory retirement plan. Oregon is the first state, of the seven other states that have passed legislation to implement these plans, to provide regulatory guidance.… More

ERIC Asks Treasury and OMB for Additional Review of Mortality Table Regulations

The ERISA Industry Committee (ERIC) today submitted a letter to the U.S. Department of Treasury and Office of Management and Budget urging the agencies to deem the defined benefit mortality table proposed regulations subject to Executive Orders 12866 and 13771, causing the regulations to receive additional review, including a thorough economic analysis… More

Nondiscrimination Letter of Endorsement

The undersigned organizations support H.R. 1962/S. 852, companion bills introduced by Representative Pat Tiberi (R-OH), Ranking Member Richie Neal (D-MA), Senators Rob Portman (R-OH) and Ben Cardin (D-MD), to amend the nondiscrimination provisions of the Internal Revenue Code of 1986 to protect older, longer service participants in employer-sponsored pension plans… More

protected content Mortality Table Comments Submitted

On Wednesday, ERIC submitted two comment letters on the proposed rule updating mortality tables for defined benefit pension plans… More

Proposed IRS Rule Targets Employers’ Ability to Offer Retirement Plans

The ERISA Industry Committee (ERIC) submitted comments to the Internal Revenue Service (IRS) regarding provisions in the proposed rule, Mortality Tables for Determining Present Value under Defined Benefit Pension Plans… More

protected content Draft Comment on Mortality Table Update

Mortality tables specify the probability of survival year by year for an individual based on age, gender, and other factors… More

ERIC Supports Senate Resolutions of Disapproval for State & Local Retirement Plans

The ERISA Industry Committee (ERIC) is pleased to support S.J. Res. 32 & 33, resolutions of disapproval under the Congressional Review Act (CRA) for the repeal of the Department of Labor’s Rules on Savings Arrangements Established by States for Non-Governmental Employees and Savings Arrangements Established by Qualified State Political Subdivisions for Non-Governmental Employees… More

protected content Hardship Update and Minimum Present Value Comment Letter

ERIC successfully filed three comment letters on your behalf this week! In addition, below is an overview of changes to hardship distribution audit procedures. This information is hot off the presses – just released within the past hour… More

ERIC Comments on Update to Minimum Present Value Requirements for Defined Benefit Plan Distributions

The ERISA Industry Committee (ERIC) is pleased to respond to the request by the Internal Revenue Service (“IRS”) for comments regarding the provisions contained in the proposed Update to Minimum Present Value Requirements for Defined Benefit Plan Distributions (the “proposed regulations”) and to request the opportunity to testify at the March 7, 2017 hearing on this subject. Our testimony will address the points made in this comment letter… More

protected content Two Comment Letters Filed - PEP & Oregon

It has been a busy few days with the filing of two comment letters - and one more to file tomorrow… More

ERIC Submits Comments to IRS and Treasury on Pension Equity Plans

The ERISA Industry Committee (“ERIC”) is pleased to respond to the request of the U.S. Treasury Department and the Internal Revenue Service (collectively, the “Agencies”) for comments regarding Notice 2016-67 (the “Notice”), which addresses the applicability of Code § 411(b)(5)(B)(i) to “implicit interest” pension equity plans… More

Letter to House Leadership on Resolution of Disapproval Under the Congressional Review Act (CRA)

The ERISA Industry Committee (ERIC) is pleased to support a resolution of disapproval under the Congressional Review Act (CRA) for the repeal of the Department of Labor’s Rules on Savings Arrangements Established by States for Non-Governmental Employees and Savings Arrangements Established by Qualified State Political Subdivisions for Non-Governmental Employees… More

Senate Takes up Fight to Move PBGC Premiums Off-Budget

A group of 8 associations, including ERIC, today sent a letter to Senator Mike Enzi (R-WY) thanking him for introducing the Pension and Budget Integrity Act of 2017… More

House Takes up Fight to Move PBGC Premiums Off-Budget

Thank you for your leadership in introducing the Pension and Budget Integrity Act of 2017. As members of the Pension Coalition, we support your efforts to protect the defined benefit plan system and the millions of retirees who benefit from these plans… More

protected content QNECs, Morality Tables, PEPs, Multi-Employer Plans, and more

We have a flurry of activity coming up due to a number of rules/regulations coming out of the Federal Agencies … More

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

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