Updates – Defined Benefit Plans

2010 2011 2012 2013 2014 2015

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 GAO Releases Report on Lump Sum Windows in Pension Plans

The Government Accountability Office (“GAO”) released a report entitled “Private Pensions: Participants Need Better Information When Offered Lump Sums That Replace Their Lifetime Benefits.” … 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

DOL Issues Final Rule on Annual Funding Notice for Defined Benefit Plans

The Department of Labor on January 30 released a final rule implementing the annual funding notice requirement of section 101(f) of the… More

protected content PBGC Revised Request for Information Collection on De-Risking Transactions

Recently, the Pension Benefit Guaranty Corporation (“PBGC”) issued a notice to revise a collection of information request regarding de-risking transactions. … More

protected content State of the Union Address, White House Fact Sheet and Retirement Policy

The White House has released a fact sheet on tax code modifications targeted for middle class families. A precursor to the FY 2016 budget proposal, the Fact Sheet: A Simpler, Fairer Tax Code That Responsibly Invests in Middle Class Families, includes four proposals related to retirement savings policy reforms… More

protected content DOL Releases Updated FAB on Annual Funding Notice Requirements under HATFA

The Department of Labor’s Employee Benefits Security Administration’s (“EBSA”) has released guidance on the annual funding notice that some defined benefit plans are required to provide to plan participants. … More

protected content PBGC Posts Announcement on New Section 4062(e) Rules

The Pension Benefit Guaranty Corporation has posted an announcement on its website regarding the expiration of its moratorium on ERISA section 4062(e) enforcement and Congress’s new law with respect to the definition of “cessation of operations” and section 4062(e) reporting.… More

protected content ERIC Testifies at Treasury / IRS Hearing on Proposed Transition Rules on Hybrid Plans

Today, the Treasury Department and Internal Revenue Service (“IRS”) held a hearing on the proposed regulations relating to hybrid plans. ERIC, represented by Richard Shea and Robert Newman of Covington & Burling, testified at the hearing.… More

ERIC and Other Groups Urge DOL to Put on Hold Proposed Disclosure Guide until Focus Group Testing Complete

ERIC, in addition to 10 other business trade associations, sent a letter to the Department of Labor recommending that the Department put the proposed ERISA section 408(b)(2) “guide” on hold until forthcoming focus group testing is completed … More

protected content First 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 first Annual Report covering the period ending December 31, 2014. … More

protected content PBGC Posts Announcement on New Section 4062(e) Rules

The Pension Benefit Guaranty Corporation has posted an announcement on its website regarding the expiration of its moratorium on ERISA section 4062(e) enforcement and Congress’s new law with respect to the definition of “cessation of operations” and section 4062(e) reporting.… More

protected content Commerce Department Proposes Rule on Access to Death Master File

The Commerce Department’s National Technical Information Service on December 30 published in the Federal Register a proposed rule to establish a program whereby individuals may become “certified” to obtain access to Death Master File (DMF) information about an individual within three years of that individual’s death. … More

protected content IRS Announces Changes to Processing of Incomplete Employee Plan Determination Letters

The IRS in Announcement 2015-01 released December 19 described changes to the processing of employee plans determination letters that will take effect in 2015. … More

protected content The 113th Congress Left Much for the 114th Congress to Do

The 113th Congress adjourned sine die (for good) December 16, leaving undone a long list of pressing issues for the incoming 114th Congress to tackle. The list includes a number of initiatives that will pull employer-provided benefits into the mix. … More

protected content President Signs Omnibus Funding Legislation and Tax Extenders with Benefit Provisions

President Obama on December 16 signed into law H.R. 83, the Consolidated and Further Continuing Appropriations Act, which contains a number of provisions affecting employee benefit plans, including modification of the Pension Benefit Guaranty Corporation’s enforcement of ERISA section 4062(e) … More

ERIC Offers Recommendations to Treasury to Improve Hybrid Retirement Plan Rules

The ERISA Industry Committee (ERIC) on December 18 submitted to the Treasury Department and Internal Revenue Service (IRS) recommendations to improve the most recent package of proposed and final regulations implementing the cash balance and pension equity plan provisions of the Pension Protection Act of 2006 (PPA). … More

protected content ERIC Submits Comment Letter on Hybrid Plans Final and Proposed Regulations

ERIC earlier today submitted a comment letter in response to the Treasury Department’s and IRS’s most recent package of proposed and final regulations on cash balance plans.… More

DOL Announces Appointees to ERISA Advisory Council

Secretary of Labor Thomas Perez recently announced the appointment of five new members to the 2015 Advisory Council on Employee Welfare and Pension Benefit Plans, known as the ERISA Advisory Council. … More

protected content Congress Approves One-Year Extension of Expired Tax Provisions, Including Multiemployer Provisions

The House of Representatives on December 3 overwhelmingly approved the Tax Increase Prevention Act (H.R. 5771) to retroactively extend for the 2014 tax year approximately 50 expired or soon-to-be-expiring tax provisions, including provisions relating to multiemployer defined benefit pension plans and individual and business tax provisions. … More

protected content Congress Approves Government Funding Bill with Multiemployer and 4062(e) Provisions

Following a significant amount of drama over whether the House and Senate would approve a government funding bill (H.R. 83, the Consolidated and Further Continuing Appropriations Act, 2015) in time to avert a government shutdown, both chambers eventually approved the $1.1 trillion omnibus funding legislation … More

ERIC Supports Approval of Legislation Clarifying “Substantial Cessation of Operations” in Relation to PBGC Enforcement Activity

The ERISA Industry Committee (ERIC) applauds the approval of an amendment to section 4062(e) of the Employee Retirement Income Security Act (ERISA) clarifying the definition of “substantial cessation of operations” relating to when the Pension Benefit Guaranty Corporation (PBGC) can initiate enforcement activity after a company downsizes, reorganizes or relocates its workforce. … More

protected content Harkin 4062(e) Provision Included in Kline-Miller Multiemployer Amendment to Omnibus Legislation

Yesterday, key members of Congress reached a deal on the omnibus government funding legislation. There is a reference to section 4062(e) in the legislation as follows… More

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IRS Releases 2014 Cumulative List of Changes in Plan Qualification Requirements; Extends Deadline for Pre-Approved DB Plans

The Internal Revenue Service on December 5 released Notice 2014-77 providing the 2014 Cumulative List of Changes in Plan Qualification… More

2010 2011 2012 2013 2014 2015