Both the DOL and SEC have a September 2019 date for a final action on corresponding fiduciary and best interest rules—could they be collaborating?
Tag: retirement plan regulations
The PBGC is proposing in a renewal request that all reportable events filings include controlled group information, company financial statements, and the plan’s actuarial valuation report.
The agency will give greater scrutiny to retirement plan distributions and 403(b) universal availability rules, among other things.
In a letter, members of Congress accuse the DOL of “regulation through litigation” and ask that clear guidance regarding valuation and other important issues be developed.
The modifications take into consideration changes related to qualified plan loan offsets and other statutory changes.
The PBGC expanded the examples about how to determine premiums in a year when a plan is involved with a spinoff, merger or consolidation, and it expanded the section about short plan years to provide additional information for plans expecting to distribute assets during the 2018 plan year pursuant to a standard termination.
In addition to ordering a review of RMD rules and expansion of MEPs, President Donald Trump asked both the Treasury and Labor Departments to review actions that could make retirement plan disclosures easier to understand for participants and less costly to employers.
In the final regulations, the agency addressed commenters’ concerns that the definitions would preclude them from using forfeiture accounts to fund the contributions.
What are the rules for locating missing retirement plan participants and what should plan sponsors do when they’re found?
In an issue snapshot, the Internal Revenue Service (IRS) discusses when a cash balance plan amendment reduces (or potentially reduces) the interest crediting rate.
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 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.
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.
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.
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.