Updates – Defined Benefit Plans

2010 2011 2012 2013 2014 2015 2016

protected content ERIC Sends Letter to Congress Opposing the Lifetime Income Disclosure Act

ERIC sent a letter to Congress in opposition of the Lifetime Income Disclosure Act, S. 1317 (“LIDA”). The measure was approved by the Senate Finance Committee along with several other retirement related provisions and included as Section 203 of S. 3471… More

protected content Overtime Rule Blocked

Yesterday, a federal judge imposed an injunction on the implementation of the Overtime Rule, which most likely will lead to the end of this new rule that was supposed to take effect on December 1st. … More

protected content Comments to PBGC on Missing Participant Program & Other Comment Projects

ERIC submitted comments today to the PBGC on the proposed rule outlining the new missing participant program for terminated defined contribution plans… More

ERIC Submits Comments on PBGC Missing Participants Rule

Today, The ERISA Industry Committee (ERIC) submitted comments in response to the Pension Benefit Guaranty Corporation’s (PBGC) proposed rule regarding missing participants under ERISA Section 4050… More

protected content PBGC Releases Annual Report

The Pension Benefit Guaranty Corporation (PBGC) release its 2016 Annual Report on Wednesday… More

protected content Multiemployer Pensions Remained Steady in 2016

The funded status of multiemployer pensions remained near steady during the first six months of 2016… More

protected content Tax Breaks for Donations to Victims of Hurricane Matthew

Employers and employees who participate in donation programs to aid victims of Hurricane Matthew will receive special tax breaks, the Internal Revenue Service said Thursday… More

2016 Election: What Happens Now for Retirement Policy

As Senior Vice President for Retirement Policy at The ERISA Industry Committee (ERIC) and a political enthusiast, I have closely followed this election cycle and was surprised at the lack of focus on retirement policy, including Social Security, throughout the Presidential, Senate, and Congressional races… More

protected content Federal Court Upholds DOL’s Fiduciary Rule

A federal judge has turned back an effort by a trade group to block enforcement of the DOL’s retirement plan fiduciary rules… More

protected content Funding Status of Large Employer-Sponosred Pension Plans Remains Unchanged

The funded status of pension plans sponsored by large employers was unchanged in October … More

protected content DOL Looks at Frozen Defined Benefit Plans

More than 20 percent of defined benefit pension plans are frozen, with the prevalence of frozen plans varying widely by employer size and industry, according to a new U.S. Department of Labor analysis… More

protected content PBGC Maximum Benefit Guarantee to Increase in 2017

The maximum benefit the Pension Benefit Guaranty Corp. will guarantee next year will increase in 2017, the PBGC announced today… More

protected content IRS Announces 2017 Pretax Retirement Contribution Limits

The maximum pretax contribution employees can make to 401(k) plans in 2017 will remain at $18,000, unchanged from 2016, while the maximum catch-up contribution employees age 50 and older can make to the plans also will be unchanged at $6,000 the Internal Revenue Service announced today… More

protected content Increasing PBGC Premiums

Premiums employers with pension plans pay the Pension Benefit Guaranty Corp. will be going up sharply next year, the PBGC announced Thursday… More

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

2010 2011 2012 2013 2014 2015 2016