IRS Rules on Mergers Involving DB Plans That Have Received SFA
If a plan that received special financial assistance merges with an ongoing plan, the ongoing plan is not considered to be in critical status.
Tag: retirement plan regulations
Physical Presence Requirement Relief Extended Again
The additional extension comes after they IRS solicited public comments on whether relief from the physical presence requirement should be made permanent.
Compliance
Attorney Calls Proposed Changes to RMDs From 403(b)s ‘A Big Deal’
Proposed required minimum distribution changes would require a participant to take calculated amounts from each 403(b) contract he has.
Compliance
Compliance
Notice of Proposed Rulemaking Updates MEP ‘One Bad Apple’ Rule
New regulations would apply to multiple employer plans that are either maintained by employers that have a ‘common interest’ or have a ‘pooled plan provider.’
DOL Amends Certain Prohibited Transaction Exemptions
The amendments remove credit rating requirements related to the evaluation of non-convertible debt securities, commercial paper and securities lending transactions.
Compliance
Groups Suggest DOL Take Certain Language Out of Proposed ESG Rule
While expressing support for the rule, they say removing specific references to ESG factors will help fiduciaries understand they are not required to consider them in their investment selection.
Compliance
Compliance
Senators and Investment Group Push Back on DOL ESG Proposal
They say the latest proposed regulations ‘dismantle important actions’ taken by the previous administration and politicize retirement savings.
Most DC Plan Participants Can Defer Up to $20,500 to Plans in 2022
The IRS has announced 2022 retirement plan contribution and benefit limits.
Compliance
IRS Summarizes Retirement Plan Hardship Withdrawal Rules
An updated Issue Snapshot reflects changes made by the Bipartisan Budget Act of 2018 and subsequent IRS regulations.
Compliance
Compliance
Plan Sponsor Clients Need to Know What Causes a Deemed Distribution
An IRS Issue Snapshot addresses retirement plan participant loan rules that must be followed to avoid having a loan or part of a loan become a deemed distribution.
IRS Issues Procedures for 403(b) Plan Remedial Amendment Cycle 2
The agency also issued a Revenue Procedure which extends the deadline for making interim amendments for IRC Section 401(a) plans.
Compliance News
Compliance
Legislative and Judicial Actions
Financial assistance for multiemployer plans; faith-based entities may now benefit from the public student loan forgiveness program; FINRA project examines how regulators can support diversity; and more.
IRS Provides Guidance on New Funding Relief Rules for Single-Employer DB Plans
Among other things, it explains the manner and timing of making elections under the American Rescus Plan Act (ARPA), as well as the flexibility to redesignate contributions between plan years.
Compliance
DOL Promises Final Rule on Lifetime Income Illustrations As Soon As Practicable
The agency clears up timing questions in a FAQs document and says it realizes the concerns about timing if its final rule differs from its previously published interim final rule.
Compliance
PBGC, IRS Issue Guidance Related to Financial Assistance for Multiemployer Plans
The agencies have filled in the gaps for implementing provisions of the American Rescue Plan Act.
Compliance
Compliance
DOL Addresses Question About Providing Audio Recordings to ERISA Claimants
The requirement to produce requested documents and the definition of relevant documents addressed in a DOL information letter applies to retirement plans, an attorney tells PLANADVISER.
IRS Considering Whether Physical Presence Requirement Relief Should Be Permanent
The agency has again extended relief previously provided from the physical presence requirement for participant elections required to be witnessed by a plan representative or a notary public.
Compliance
Compliance
Compliance
PSNC 2021: Washington Update: Your Regulatory and Legislative Questions Answered
ERISA attorneys and retirement policy experts list and speak on the most asked-about regulations for 2021.
IRS OC List Helps Plan Sponsor Clients Ensure Operational Compliance
An updated page on the IRS website serves as a reminder of requirements in effect and those that will be in effect soon.
IRS Answers Questions About Partial Plan Termination Relief
The guidance answers questions about who is an "active participant" and says the relief applies to each plan year which falls inside the relief period.