Pace of EBSA Settlements and Plan Corrections Is Strong
“On the retirement side, again, there is a strong focus on missing participants, and EBSA is diving incredibly deep," says David Levine, principal with Groom Law Group.
Tag: retirement plan regulations
IRS Finalizes Rules for Definitions of QMAC and QNEC
In the final regulations, the agency addressed commenters’ concerns that the definitions would preclude them from using forfeiture accounts to fund the contributions.
Missing Inaction
What are the rules for locating missing retirement plan participants and what should plan sponsors do when they’re found?
Considerations for Changing the Interest Crediting Rate in a Cash Balance Plan
In an issue snapshot, the Internal Revenue Service (IRS) discusses when a cash balance plan amendment reduces (or potentially reduces) the interest crediting rate.
2018 PLANSPONSOR National Conference Coverage
A recap of presentations and discussions during the 2018 PLANSPONSOR National Conference.
Social Investing and ERISA Plans: The Context Is Significant
Thomas White, partner at Rimon Law, discusses how plan sponsors should consider ESG investments following the DOL’s latest guidance.
Compensation and Benefit Limits Affected by Short Plan Year
If a short plan year is created when a plan is amended, terminates or is newly adopted, proration of the Internal Revenue Code annual compensation dollar limit and limit on DC plan additions will be needed.
Non-Electing Church Plans Subject to Some Pre-ERISA Requirements
Non-electing church plans are exempt from the Employee Retirement Income Security Act (ERISA) provisions pertaining to participation, coverage, and vesting; however, these plans are subject to the requirements for participation, coverage and vesting that were in effect on September 1, 1974, prior to the enactment of ERISA.
(b)lines Ask the Experts – Dealing With Missing Participants
“I have been reading a lot about missing retirement plan participants lately. If our plan has any, should I be concerned about locating them? If so, what steps should I be taking?”
DOL Issues Temporary Enforcement Policy Following 5th Circuit Decision on Fiduciary Rule
The agency noted that some financial institutions have devoted significant resources to comply with the BIC Exemption and the Principal Transactions Exemption and may prefer to continue to rely upon the new compliance structures.
A Look to Mid-Term Elections and the Effect on Retirement Plans
Attorneys anticipate a big push to get retirement plan-related legislation passed before mid-term elections could have a big impact on Congressional retirement plan agendas.
(b)lines Ask the Experts – Amending Retirement Plans for Final Disability Regulations
“I administer an Employee Retirement Income Security Act (ERISA) 403(b) retirement plan, and our plan provides for early retirement distributions in the event of disability. I was just informed that final disability regulations took effect April 1st, but I know that we did not amend our plan to reflect these new regulations. Should I panic?”
DOL Issues More Guidance Related to ESG Investing in DC Plans
In a new Field Assistance Bulletin, the DOL clarifies how ESG investment considerations should be made under ERISA if ESG policies are included in investment policy statements and when choosing QDIAs.
IRS Seeks Input for Determination Letter Program Exceptions in 2019
When the IRS ended its determination letter program, it said it anticipates making exceptions based on program capacity to work on additional applications, and the need for rulings in certain areas.
ERISA Advisory Council Offers Recommendations for Simplifying Mandated Disclosures
For example, the Council proposes to develop an alternative means of compliance by which the introductory portion of the SPD–referred to as the “Quick Reference Guide”–would be delivered annually to participants automatically, and the entire SPD or any full part of the SPD would be made available upon request.
IRS Extends Remedial Amendment Cycle for Pre-Approved DB Plans
A plan sponsor using pre-approved plan documents to restate a plan for the plan qualification requirements included on the 2012 Cumulative List will be required to adopt the plan document by April 30, 2020.
(b)lines Ask the Experts – Refresher on Correcting 402(g) Excess Deferrals
“My plan needs to correct some 402(g) excess deferrals for the 2017 plan year. In looking at some old Ask the Experts columns, I stumbled upon an old Q&A in this regard, but was wondering if the information is still current.”
IRS Expands Audit Guidance for RMDs to 403(b) Plans
A memo says examiners should not challenge a 403(b) plan for violation of the RMD standards for the failure to commence or make a distribution to a participant or beneficiary to whom a payment is due, if the plan sponsor has taken certain steps.
DB Q&A: Defined Benefit Plan Mortality Assumptions
Marcia Wagner, founder of The Wagner Law Group, answers questions about the IRS’ guidance about mortality tables that apply for the purposes of minimum funding for DB plans.
(b)lines Ask the Experts – Record Retention for Non-ERISA 403(b)s
“I read in an Ask the Experts column that the Employee Retirement Income Security Act (ERISA) requires plan sponsors to retain plan documentation for at least six years, and, in many cases, much longer than that.