WASHINGTON, May 30, 2023 – The ERISA Industry Committee (ERIC) today submitted comments generally supportive of the Internal Revenue Service (IRS) proposed rulemaking titled, “Use of Forfeitures in Qualified Retirement Plans.”[1] While the rulemaking largely codifies existing practices, ERIC’s comments include some recommendations for further clarification.
“ERIC appreciates the work the IRS has done to establish clear guidelines regarding forfeitures to help efficient plan administration and generally supports the new rulemaking,” said Andy Banducci, ERIC Senior Vice President of Retirement and Compensation Policy. “The proposal would be strengthened with additional implementation flexibility and guidance reflecting the unique challenges large employers face in addressing the benefits of missing and unresponsive participants.”
ERIC member companies sponsor and maintain retirement plans for millions of their workers and retirees. They supervise billions of dollars in retirement assets in accordance with their obligations under federal law.
Click HERE to read ERIC’s letter to the IRS.
[1] 88 Fed. Reg. 12282 (Feb. 27, 2023).