For more than a year, lawmakers have been working on legislation designed to increase employee coverage under employer-sponsored retirement plans and to encourage the use of lifetime income products in plans, and it seems momentum is building for the passage of such legislation. Meanwhile, lawmakers are also questioning the IRS’ reversal of its stance on offering lump-sum payment windows to retirees already receiving defined benefit (DB) plan annuity payments. Court cases also may have an effect on Employee Retirement Income Security Act (ERISA) rules, as well as regulations to increase access to health care benefits for employees. These items and more are the focus of this edition of PLANSPONSOR Weekend.
A decision by the Supreme Court on the question of what establishes “actual knowledge” of an alleged breach of fiduciary duty could have a big influence on how judges apply limitations periods in ERISA cases.Read more >
2019 items for which plan amendments may be needed include changes to hardship withdrawal regulations, retirement plan relief for victims of 2018 hurricanes and nondiscrimination relief for closed defined benefit (DB) plans.Read more >
The Saving for the Future Act would require employers to contribute 50 cents to a savings account for each worker for every hour worked, or more than $1,000 a year, with the goal of helping workers prepare for emergencies and retirement.Read more >
A better investment mix and increased savings are just two advantages participants who have disengaged with prior plan accounts gain by consolidating them, and plan sponsors can also benefit from helping them do so.