The ERISA Industry Committee (ERIC), the Washington, D.C.-based trade association representing America’s major employers, earlier today submitted comments to the Pension Benefit Guaranty Corporation (PBGC) on the agency’s proposed rule to eliminate most of its automatic waivers and filing extensions currently permitted under existing reportable events regulations and guidance. The proposed regulations were published in …
Topic Archives:
ERIC Calls IRS “Substantial Business Hardship” Requirement Unnecessary and Burdensome
In comments submitted today to the Department of Treasury and Internal Revenue Service, The ERISA Industry Committee (ERIC) welcomed the relief provided in proposed regulations allowing plan sponsors to suspend qualified non-elective contributions (QNECs) in safe harbor section 401(k) plans, but urged that the “substantial business hardship” requirement be dropped from the final regulation as …
ERIC Comments on Proposed Hybrid Retirement Plan Regulations
ERIC’s comments to the Department of Treasury and Internal Revenue Service on proposed regulations relating to hybrid pension plans urged the agencies to make significant changes in the regulations and the philosophy with which Treasury and IRS are pursuing. The Pension Protection Act of 2006, in which Congress effectively “blessed” the development of cash balance …
Continue reading “ERIC Comments on Proposed Hybrid Retirement Plan Regulations”
ERIC Submits Comments on Funding Regulations
ERIC submitted comments on proposed regulations regarding the measurement of assets and liabilities for pension funding purposes, highlighting primary issues on asset smoothing, ancillary disability benefits, identifying at-risk plans, publication of the full yield curve, and transition issues. The Treasury Department and Internal Revenue Service on December 31, 2007, published in the Federal Register the proposed regulations, …
Continue reading “ERIC Submits Comments on Funding Regulations”