Defined Benefit Plans

Updates

protected content Retirement Provisions in Budget Deal

Let’s take a deeper dive into the budget deal legislation that signed into law yesterday. A significant part of the legislation was to provide disaster relief for the various natural disasters that occurred in 2017. From a retirement perspective, the legislation included relief for those impacted by the California wildfires… More

protected content Surveys, Hearings, Multis, Paid Leave

A lot to catch up on this week. Congress actually focused a bit on retirement issues, with a hearing at the beginning of the week, and closing out the week with the creation of a select committee that is tasked with solving the looming issues with multiemployer pension plans … More

ERIC Looks Forward to Working with DOL to Combat Regulatory Burdens

As we begin 2018, The ERISA Industry Committee looks forward to working with leadership at the Department of Labor (DOL), including newly confirmed Assistant Secretary of Labor for the Employee Benefits Security Administration (EBSA), Preston Rutledge, to combat the regulatory burdens imposed on companies that sponsor employee benefit plans… More

Letter to Congressmen Kelly and Kind Opposing Rightsizing Pension Premiums Act of 2017

The ERISA Industry Committee ("ERIC") applauds any effort to stop the unnecessary increases in premiums paid to the Pension Benefit Guaranty Corporation ("PBGC") from plan sponsors of single-employer defined benefit plans; however, we are concerned with any legislation that has the potential to unfairly place the solvency of the PBGC single-employer trust fund on the backs of large employers… More

ERIC Sends Joint Letter to Senators McConnell and Hatch on Frozen DB Plans

ERIC sent a letter to Senate Majority Leader McConnell and Senate Finance Committee Chairman Hatch on frozen defined benefit plans… More

See All Updates

ERIC Surveys

protected content 2018 Member Policy Priorities Surveys

ERIC surveyed members on their federal health and retirement policy priorities, as well as their state policy priorities for 2018… More

protected content IRS Determination Letter Survey

ERIC conducted a survey of its members, leaders across all industries, on the determination letter program and the IRS curtailment of it… More

More ERIC Surveys

Letters to Agencies

ERIC Comments to AICPA

The ERISA Industry Committee (ERIC) and the U.S. Chamber of Commerce (Chamber) are pleased to respond to the request by the American Institute of Certified Public Accountants (AICPA) for comments regarding the Proposed Statement on Auditing Standards, Forming an Opinion and Reporting on Financial Statements of Employee Benefits Plans Subject to ERISA (Proposal)… More

ERIC Letter to OIRA on Delaying Implementation of Mortality Tables

ERIC respectfully requests that the agency take at least the entire 90 days permitted under Executive Order 12866 to ensure that the Proposed Treasury Rule on Mortality Tables for Determining Present Value Under Defined Benefit Pension Plans (RIN: 1545-BM71) is considered carefully and completely given its significant economic impact, and that it delay its implementation to January 1, 2020… More

ERIC Comments on PBGC Regulatory Planning

The ERISA Industry Committee (“ERIC”) is pleased to respond to the request by the Pension Benefit Guaranty Corporation (“PBGC”) for comments regarding what regulatory and deregulatory actions it should be considering as part of its regulatory program… More

Regulatory Burdens Threatening Retirement Plans

The ERISA Industry Committee (ERIC) submitted comments to the U.S. Department of Treasury outlining ways to reduce regulatory burdens for retirement plans… 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

protected content ERIC Files Letter with IRS Regarding Hardship Distributions

ERIC has filed a letter with the IRS in response to a request for input on hardship distributions… 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

NEW EEOC Rule Puts Wage Data at Risk

The ERISA Industry Committee (ERIC) submitted comments to the U.S. Equal Employment Opportunity Commission (EEOC) on proposed revisions to the EEO-1 Report… More

More Letters to Agencies

Letters to Congress

Letter to Congressmen Kelly and Kind Opposing Rightsizing Pension Premiums Act of 2017

The ERISA Industry Committee ("ERIC") applauds any effort to stop the unnecessary increases in premiums paid to the Pension Benefit Guaranty Corporation ("PBGC") from plan sponsors of single-employer defined benefit plans; however, we are concerned with any legislation that has the potential to unfairly place the solvency of the PBGC single-employer trust fund on the backs of large employers… More

ERIC Sends Joint Letter to Senators McConnell and Hatch on Frozen DB Plans

ERIC sent a letter to Senate Majority Leader McConnell and Senate Finance Committee Chairman Hatch on frozen defined benefit plans… 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

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

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

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 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

Fight to Move PBGC Premiums Off-Budget Moves to the Senate

A group of 7 associations today sent a letter to Senator Mike Enzi (R-WY) thanking him for introducing the Pension and Budget Integrity Act of 2016… 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

More Letters to Congress

Press Releases

ERIC Looks Forward to Working with DOL to Combat Regulatory Burdens

As we begin 2018, The ERISA Industry Committee looks forward to working with leadership at the Department of Labor (DOL), including newly confirmed Assistant Secretary of Labor for the Employee Benefits Security Administration (EBSA), Preston Rutledge, to combat the regulatory burdens imposed on companies that sponsor employee benefit plans… More

ERIC Calls Upon Senate HELP Committee to Approve Preston Rutledge as Assistant Secretary of EBSA

The ERISA Industry Committee urges the Senate Health, Education, Labor, and Pensions (HELP) Committee to move swiftly to advance the nomination of Preston Rutledge to be the Assistant Secretary of Labor for the Employee Benefits Security Administration (EBSA) at the Department of Labor… More

Treasury Issues Final Mortality Table Rule

ERIC is pleased the Department of Treasury took into account a number of the requested changes listed in our comment letters, including flexibility for the plan sponsor to potentially delay for one year the use of the new mortality tables for purposes of satisfying minimum funding standards… More

Delay of Mortality Table Rule Creates Stable Environment for Plan Sponsors

ERIC encourages the Office of Information and Regulatory Affairs (OIRA) to delay the implementation date for the proposed Department of Treasury rule on mortality tables for determining present value under defined benefit pension plans… More

The DOL Must Modernize: How Old Rules Are Hurting Benefit Plans & Participants

The ERISA Industry Committee (ERIC) today testified before the Department of Labor’s (DOL) ERISA Advisory Council on Employee Welfare and Pension Benefit Plans about streamlining and eliminating unnecessary disclosure requirements placed on health and retirement plan sponsors… 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

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

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

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

ERIC Welcomes the Opportunity to Work with President Trump and His Administration

The ERISA Industry Committee (ERIC) welcomes the opportunity to work with President Trump and his administration. ERIC, the only national association that advocates exclusively for large employers on health, retirement, and compensation public policies at the federal, state, and local levels, will work with the Trump Administration to protect and support the employer-sponsored benefits system … More

Changes to Form 5500 Open Employers Up to Litigation & Participants May See Increase in Fees

ERIC submitted comments on the proposed amendments to the annual reporting and disclosure requirements for plan sponsors via Form 5500 to the Department of Labor, the Internal Revenue Service, and the Pension Benefit Guaranty Corporation… 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

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

Fight to Move PBGC Premiums Off-Budget Moves to the Senate

A group of 7 associations today sent a letter to Senator Mike Enzi (R-WY) thanking him for introducing the Pension and Budget Integrity Act of 2016… More

Loss of Determination Letter Program Detrimental to Large Employers & Their Employees

The ERISA Industry Committee (ERIC) is extremely disappointed that the Internal Revenue Service (IRS) has decided to eliminate the 5-year cycle determination letter program for individually designed plans… More

ERIC Responds to House GOP’s Tax Reform Policy Paper

The ERISA Industry Committee (ERIC) appreciates the U.S. House of Representatives’ Republican Tax Reform Task Force for recognizing the importance of retirement savings in America… More

ERIC Testifies Before Dept. of Treasury and IRS Officials on Relief for Defined Benefit Plans

The ERISA Industry Committee (ERIC) today testified before a panel of U.S. Department of Treasury and Internal Revenue Service (IRS) officials regarding proposed regulations on nondiscrimination testing for so-called “closed” defined benefit 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

ERIC Responds to Department of Labor’s Fiduciary Rule

The ERISA Industry Committee (ERIC) is pleased with the Department of Labor’s (DOL) finalized fiduciary rule, but remains skeptical on if plan sponsors will incur additional costs or hurdles to provide retirement products… More

NEW EEOC Rule Puts Wage Data at Risk

The ERISA Industry Committee (ERIC) submitted comments to the U.S. Equal Employment Opportunity Commission (EEOC) on proposed revisions to the EEO-1 Report… More

More Press Releases

Testimony

The DOL Must Modernize: How Old Rules Are Hurting Benefit Plans & Participants

The ERISA Industry Committee (ERIC) today testified before the Department of Labor’s (DOL) ERISA Advisory Council on Employee Welfare and Pension Benefit Plans about streamlining and eliminating unnecessary disclosure requirements placed on health and retirement plan sponsors… More

ERIC Testifies Before Dept. of Treasury and IRS Officials on Relief for Defined Benefit Plans

The ERISA Industry Committee (ERIC) today testified before a panel of U.S. Department of Treasury and Internal Revenue Service (IRS) officials regarding proposed regulations on nondiscrimination testing for so-called “closed” defined benefit plans… More

More Testimony