PLANSPONSOR Weekend Newsdash
Week ending March 1st, 2019
Retirement plan sponsors’ fear of audits or enforcement actions can give them a sense that regulators are “big, bad wolves” coming to blow their house down. But, regulators are not bad guys always looking to subject plan sponsors to legal trouble. Issuance of reminders about how to comply with retirement plan rules, invitations to voluntarily correct errors, education events about plan sponsors’ responsibilities and proposals to simplify compliance are just some ways retirement plan regulators offer help to plan sponsors.
Editor's choice
Compliance
IRS Updates FAQs for Adopting a Pre-Appproved Retirement Plan Document
The web page provides information for retirement plan sponsors who have individually designed retirement plan documents but want to adopt a pre-approved prototype or volume submitter plan document.Read more >
Compliance
DOL Invites Correction for Failure to Timely Remit Contributions
An update from law firm Masuda, Funai, Eifert & Mitchell, Ltd. says that based on reviews of Form 5500s, the DOL’s Employee Benefit Security Administration (EBSA) is sending “no action” letters to plan sponsors.Read more >
Compliance
DOL’s Next Fiduciary Responsibilities Seminar Heading to Portland
In addition, the agency is holding a three-day webcast series in March.Read more >
Compliance
PBGC Issues Proposal for Computing Withdrawal Liability Under Multiemployer Plans
The proposed amendments would affect the determination of a withdrawing employer’s liability under a multiemployer plan and annual withdrawal liability payment amount when the plan has had benefit reductions, benefit suspensions, surcharges or contribution increases that must be disregarded.Read more >
Compliance
IRS Clarifies When Employers May Recoup Mistaken HSA Contributions
In Information Letter 2018-0033, the IRS offers some examples of the type of errors which may be corrected—expanding on previous guidance.Read more >
MOST POPULAR STORIES
IRS Announces 2020 Contribution and Benefit Limits

The contribution limit for employees who participate in 401(k), 403(b) and most 457 plans is increased from $19,000 to $19,500.

The Odds Are Split for Senate SECURE Act Passage This Year

“Overall, it is an uncertain picture, but the SECURE Act is not dead in the water,” says Bradford Campbell, former EBSA head from 2006 to 2009. “I would say it is a little less than 50-50 that it happens this year.”

Pension Risk Transfer Appetite Is Unabated
They are trying other strategies, but DB plan sponsors are concluding that they and their employees would be better served by shifting risks to life insurers.
Congressional Leaders Want SECURE Act Passage in 2019

Based on the conversations industry advocates are having in Washington, none of the leadership in the Senate or the House opposes passage of the SECURE Act.

Why Americans Need the SECURE Act

The president and chief operating officer of Nationwide Financial makes a case for how passage of the SECURE Act will improve Americans’ retirement security.

Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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