Defined Benefit Plans

News & Analysis as of

New Reportable Events Filing May Affect Borrowers with Defined Benefit Pension Plans

This article is for employers who sponsor defined benefit plans that are subject to Pension Benefit Guaranty Corporation (PBGC) coverage. Those employers pay premiums to the PBGC and also are required to report certain events...more

IRS Proposes Permanent Nondiscrimination/Coverage Relief for Closed Pension Plans

The Internal Revenue Service (IRS) has issued proposed regulations that would provide permanent relief from certain coverage and nondiscrimination testing requirements to defined benefit plans that are closed to new...more

DOL Announces Expansion of Defined Benefit Pension Plan Audit Program

The U.S. Department of Labor (DOL) recently announced that it is expanding an audit program directed at large defined benefit pension plans. The program, which originated in the DOL’s Philadelphia region and is expanding, is...more

Defined Benefit Plan Participant’s Action Mooted by ERISA Plan’s Improved Financial Condition

A federal district court in Minnesota dismissed a plan participant’s allegations that plan fiduciaries mismanaged a defined benefit plan — and thus caused it to be underfunded — because the plan’s financial condition improved...more

Thoughts on Church Plan Status After Kaplan v. Saint Peter’s Healthcare System

The Court of Appeals for the Third Circuit now is the first federal appellate court to decide whether a defined benefit plan sponsored by church-affiliated organization is a church plan under ERISA. The Court held that a...more

2015 End of Year Plan Sponsor “To Do” List Part 2 – Qualified Retirement Plans

As 2015 comes to an end, we are pleased to present you with our traditional End of Year Plan Sponsor “To Do” Lists. This year, we are presenting our “To Do” Lists in three separate SW Benefits Updates. Part 1 of the series...more

Increase in PBGC Premiums Effective for 2017 and Later Years

President Barack Obama signed into law the Bipartisan Budget Act of 2015 (the Budget Act), which raised Pension Benefit Guaranty Corporation (PBGC) premium rates beginning in 2017....more

Reportable Event Changes for Pension Plans Effective January 1, 2016

Effective January 1, 2016, the Pension Benefit Guaranty Corporation (PBGC) altered the reportable event rules for defined benefit pension plans. Under new final regulations, the PBGC substantially reduced the reporting...more

PRA removes pension obligation risk statement for insurers

PRA has deleted its legacy supervisory statement on pension obligation risk under the individual capital adequacy standards. It concerned the approach that PRA would expect insurers to take when evaluating their capital...more

2015 Ontario Economic Outlook and Fiscal Review Provisions Affecting the Retirement Income System

The Ontario government has confirmed that it continues to move forward to implement the ORPP in 2017, while allowing for potential integration of the ORPP with a Canada Pension Plan (CPP) enhancement in the future. For more...more

November and December 2015 Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties. To avoid such...more

Employee Benefits Provisions of the Bipartisan Budget Act of 2015

The Bipartisan Budget Act includes the following important employee-benefit related provisions: - It repeals the automatic enrollment mandate of the Affordable Care Act. Under the ACA, employers with more than 200...more

Bipartisan Budget Act Extends MAP-21 Pension Funding Relief and Increases PBGC Premiums

On Monday, November 1, 2015, President Obama signed into law the Bipartisan Budget Act of 2015 (the “BBA”) which brings familiar changes for sponsors of defined benefit pension plans. Similar to the Moving Ahead for Progress...more

Are you giving the correct pension increases?

Pension increases in defined benefit schemes have become increasingly complex and contentious, not least because of the significant funding costs they involve. The recent decision in Dutton v. FDR Limited [2015] EWHC 2946...more

Bipartisan Budget Deal Includes Provisions Impacting Employers

On Monday, President Obama signed into law a two-year bipartisan budget deal that has several implications for employers. The Bipartisan Budget Act of 2015 (H.R. 1314) suspends the debt ceiling limit until March 2017, and...more

Nonqualfied deferred compensation plan update

In June 2015, the Internal Revenue Service released updated audit guidelines for nonqualified deferred compensation plans. Basically, audit guidelines are used by the IRS to communicate with the agents in the field who are...more

SEC Proposes to Ease Intrastate Offering Exemption to Facilitate Crowdfunding

The SEC has proposed amendments to Rule 147 under the Securities Act of 1933, which currently provides a safe harbor for compliance with the Section 3(a)(11) exemption from registration for intrastate securities offerings....more

Does Your Defined Benefit Plan Need to be Amended Before Year-End?

The deadline for amending hybrid defined benefit plans to comply with recent changes in applicable law is the last day of the 2015 plan year – December 31, 2015, for calendar year plans. The IRS issued final regulations on...more

Employee Benefits Developments - October 2015

The Internal Revenue Service (IRS), consistent with prior regulations from the Department of Health and Human Resources (HHS), issued supplemental proposed regulations requiring employer sponsored health plans to provide...more

2016 Retirement Plan Contribution Limits

The IRS has issued the contribution and benefit limits in effect for 2016. Most of these limits remain the same as in 2015. The following chart details the compensation, contribution and benefit limits for 2016. All limits...more

The Rosenbaum Law Firm Review - October 2015

Bundled vs. Unbundled 401(k) Plan Providers: The Choice Is Not Clear. Not an easy choice. In our lives, there are times when we have two important choices. It's Coke vs. Pepsi, Mac vs. PC, Xbox vs. PlayStation...more

Defined benefits - A new conversation for financial sponsors and pension trustees on M&A processes.

For potential investors, pension plans, safeguarded by seemingly more powerful trustees, can be one of the most significant elements of a deal. There is a perception among potential investors that trustees attempt to hinder...more

IRS Annual Limits on Qualified Plans

The Internal Revenue Service (IRS) has released the 2016 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement plans and health savings accounts, which are largely...more

IRS Annual Limits on Qualified Plans

The Internal Revenue Service has released the 2016 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement plans and health savings accounts, which are largely unchanged...more

New Legislation Extends Future Form 5500 and 990 Deadlines, Affects Veterans Health Benefits and Extends Excess Pension Asset...

On July 31, 2015, President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, temporarily extending the Highway Trust Fund to provide continued funding for federal transportation...more

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