Week ending April 29th, 2016 Happy Friday, PLANSPONSOR readers! This week, we released our 2nd annual participant survey, and other research offered a clue as to why annuity use is relatively low. However, perhaps the most important news came from the government and the courts. Among other things, a federal appellate court switched the burden of proof to the employer for proving an employee is entitled to benefits; although Pension Benefit Guaranty Corporation (PBGC) premiums are rising, the agency wants to provide relief for late payment penalties; and the Internal Revenue Service (IRS) issued a final rule for the controversial suspension of benefits provision of the Multiemployer Pension Reform Act of 2014 (MPRA). All this and more in this week’s edition of PLANSPONSOR Weekend.
Editor's choice PLANSPONSOR Research PLANSPONSOR’s 2016 Participant Survey Understanding participant perspectives.Read more > Data and Research Thoughts of Mortality May Inhibit Annuity Use Researchers found discussing annuities caused people to think about their death, which may explain why few retirees use annuities.Read more > Compliance Appellate Court Switches Burden of Proof for Benefits Claim The court found the employer, not the participant, had access to key information to prove the participant was entitled to pension benefits.Read more > Compliance PBGC Aims for Reduced Late Premium Penalties PBGC director says penalties “should be no more than necessary to encourage timely payments.”Read more > Compliance IRS Issues Final Rules for Multiemployer Plan Suspension of Benefits The final rule includes limitations on suspensions, requirements for benefit improvements, notice requirements and details of the approval or rejection process.Read more >
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