Following the IRS' curtailment the determination letter program for retirement plan sponsors, McDermott Will & Emery is releasing an opinion letter and operational review program for individually designed plans.
The list of regulatory and legislative challenges affecting employers and their retirement plan consultants can seem endless, and when linked to the increasing litigation from the plaintiffs’ bar, it can seem impossible to reach a point of certainty.
In a statement, ERIC said it is pleased the agency took into account its request for flexibility for DB plan sponsors to potentially delay for one year the use of the new mortality tables for purposes of satisfying minimum funding standards.
The deadline for adopting a new safe-harbor 401(k) plan is October 1, and while it’s not likely to be met for employers that have not already moved to adopt one, information about the plan design will help employers plan for future years.
The 2017 cumulative list includes provisions for Roth conversions, using lifetime income products in target-date funds (TDFs) and the use of qualified longevity annuity contracts (QLACs), among other things.
A memorandum suggests there are two ways an employer can determine the highest outstanding loan balance in the past year when calculating the amount of an additional loan a participant can take from her DC plan.