The Pension Benefit Guaranty Corporation (PBGC) published a final rule (Final Rule) on September 9 providing that effective January 1, 2021, it will use the interest and mortality assumptions under Internal Revenue Code...more
The Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law on March 27 contains several emergency measures affecting retirement plans....more
As the effects of the coronavirus (COVID-19) pandemic hit the United States, downsizings and shutdowns are spreading indiscriminately throughout the economy. ...more
A constantly evolving framework of laws governing how multinational businesses can contact customers to how nonprofits report business income to how overtime is calculated and paid will influence how companies do business...more
2/3/2020
/ #MeToo ,
Artificial Intelligence ,
California Consumer Privacy Act (CCPA) ,
Commercial Real Estate Market ,
Consumer Privacy Rights ,
Cybersecurity ,
Data Collection ,
Data Privacy ,
Data Protection ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Benefits ,
Energy Policy ,
Fair Labor Standards Act (FLSA) ,
FERC ,
Insurance Regulations ,
Intellectual Property Protection ,
IRS ,
Japan ,
Long Term Care Insurance ,
NAIC ,
New Legislation ,
Opt-Outs ,
Personal Data ,
Personally Identifiable Information ,
Privacy Laws ,
Rate of Pay ,
Retirement Plan ,
Russia ,
SECURE Act ,
Sexual Harassment ,
State Labor Laws ,
Tax Cuts and Jobs Act ,
Tax Exempt Entities ,
Tax Reform ,
White-Collar Exemptions
The SECURE Act—the most impactful retirement plan legislation since the Pension Protection Act of 2006—was included in the bipartisan spending bill signed by US President Donald Trump on December 20, 2019. The SECURE Act will...more
As concerns continue regarding the possibility of an economic downturn, plan sponsors should be aware of the effects that two potential downturn events could have on their qualified plans....more
The Internal Revenue Service on September 23 finalized proposed regulations relating to hardship distributions under an IRC 401(k) plan. The final regulations differ little from the proposed regulations published on November...more
The SECURE Act is still pending in the US Senate, but the legislation passed the House of Representatives with proposed changes that would increase access to defined contribution plans, promote lifetime income options, and...more
The Internal Revenue Service (IRS) has primary jurisdiction over the qualified status of retirement plans, and this jurisdiction includes examining plans. At any point an IRS agent may contact a plan sponsor that its plan has...more
The US Department of Labor (DOL) has been extremely active in recent years as the federal agency investigating and enforcing the fiduciary duties under the Employee Retirement Income Security Act of 1974, as amended (ERISA)....more
The final rule has implications for plan sponsors and may impact certain relationships with service providers.
On April 6, after a long (and some might say tortured) process, the US Department of Labor (DOL) issued a...more
6/14/2016
/ Benefit Plan Sponsors ,
Best Interest Contract Exemptions ,
Best Interest Standard ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exceptions ,
Fiduciary Duty ,
Final Rules ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Retirement Plan
The IRS has changed its position on lump-sum windows for retirees in pay status.
On July 9, the Internal Revenue Service (IRS) issued Notice 2015-49, which prohibits sponsors of qualified defined benefit plans from...more
The 2015 Cromnibus and the Tax Increase Prevention Act of 2014 solve some problems and raise others.
On December 16, 2014, U.S. President Barack Obama signed the Consolidated and Further Continuing Appropriations Act...more
1/9/2015
/ Affordable Care Act ,
Appropriations Bill ,
Employee Retirement Income Security Act (ERISA) ,
Expatriates ,
Health Insurance ,
Individual Retirement Account (IRA) ,
Multiemployer Plan ,
PBGC ,
Qualified Retirement Plans ,
Tax Credits ,
Tax Extenders
Plan sponsors have been granted limited relief to bring cash balance interest crediting rates into compliance.
On September 18, the Internal Revenue Service (IRS) published final and proposed regulations for cash...more
Plan sponsors now know how and by when retirement plans must comply with the U.S. Supreme Court’s decision in Windsor.
The IRS has released its long-awaited guidance on the effective date by which qualified retirement...more
Guidance confirms that plan sponsors have flexibility in designing and implementing a feature that allows participants to convert vested pre-tax balances to after-tax Roth balances....more
Plan sponsors should consider whether they need to make certain plan amendments or provide certain plan notices prior to the end of the year.
The end of the year marks the deadline by which sponsors of qualified...more
11/22/2013
/ 401k ,
Divorce ,
Hurricane Sandy ,
IRS ,
Notice Requirements ,
Qualified Retirement Plans ,
Retirement Plan ,
Safe Harbors ,
Same-Sex Marriage ,
Year-End Planning ,
Year-End Tax Planning
Plan sponsors will need to take prospective and, possibly, retroactive action in order to ensure compliance with the guidance.
On August 29, the U.S. Department of the Treasury and the Internal Revenue Service (IRS)...more
New ruling will apply even if the same-sex couple resides in a jurisdiction that does not otherwise recognize same-sex marriages.
On August 29, the U.S. Department of the Treasury and the Internal Revenue Service (IRS)...more
First Circuit holds that an investment fund may be responsible for controlled group pension liabilities of portfolio companies.
On July 24, the U.S. Court of Appeals for the First Circuit issued a significant decision...more
New rules signal relief for financially sound plans and plan sponsors and are consistent with PBGC's section 4062(e) enforcement policy for "plant shutdown" liability....more
American Taxpayer Relief Act extends the existing, limited in-plan Roth conversion option to all amounts under plans that allow elective deferrals, including those amounts not yet eligible for distribution.
The American...more
New provisions for correcting operational and plan document errors take effect on April 1.
On December 31, 2012, the Internal Revenue Service (IRS) updated its Employee Plans Compliance Resolution System (EPCRS) through...more
No action will be taken against creditworthy companies or small pension plans; no financial guarantees will be required for approximately 92% of applicable employer-plan sponsors.
On November 2, the Pension Benefit...more