Updates – Defined Benefit Plans

2010 2011 2012 2013 2014 2015 2016

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

protected content New PBGC Reportable Events Rule

The Pension Benefit Guaranty Corporation (PBGC) requires reportable events for certain plans to assist in decreasing the likelihood of plan defaults or other actions that may increase the financial burden on the agency. Overall, the release of this rule is a step in the right direction of less burdensome reporting requirements… More

protected content Paid Sick Leave for Federal Contractors

The Department of Labor released today a proposed rule on paid sick leave for federal contractors… More

protected content President releases FY 2017 budget proposals on retirement

Earlier today, President Obama released his Fiscal Year (FY) 2017 budget proposal and ERIC's 2016 goals are now available… More

protected content Analysis of Proposed IRS regulations on frozen defined benefit plans

Yesterday, the IRS and Treasury issued important new proposed regulations that adopt many of ERIC’s recommendations for nondiscrimination relief for “frozen” defined benefit (DB) plans… More

protected content 2015 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 second Annual Report covering the period ending in December 31, 2015… More

New Lump Sum Payments Rules Effective Immediately

The ERISA Industry Committee (ERIC) submitted a comment letter to the U.S. Department of Treasury and the Internal Revenue Service (IRS) asking for clarification on the elimination of lump sum windows in pension plans for individuals currently receiving lifetime income payments… More

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

2010 2011 2012 2013 2014 2015 2016