Defined Benefit Plans

News & Analysis as of

Proposed Regulations Update Mortality Tables, Minimum Present Value Requirements for Defined Benefit Pension Plans

Near the end of 2016, the US Department of Treasury and the Internal Revenue Service published two significant sets of proposed regulations on issues pertaining to defined benefit pension plans, including mortality table...more

Pensions Alert: Green Paper on Defined Benefit Schemes

Last week the DWP published its much-anticipated Green Paper on security and sustainability in Defined Benefit (DB) pension schemes (Paper) which considers various issues and ideas about the regulation of private sector DB...more

We Have A Mistake In Our Retirement Plan - What Do We Do?

Plan Sponsors often make mistakes, many of which are inadvertent, regarding employees’ defined benefits and contribution plans. Once the Internal Revenue Service (“IRS”) discovers these mistakes, it could audit the plan...more

Important Changes to the IRS Determination Letter Program for Retirement Plans

The Internal Revenue Service (“IRS”) has modified procedures governing favorable determination letters for individually designed qualified retirement plans, including 401(k), profit sharing, defined benefit, and cash balance...more

Don’t blame the 401(k)

I’ve seen the articles that pop up about how 401(k) plans are somehow to blame for the lack of retirement savings or their replacement of defined benefit plans as the savings vehicle for private employers. I don’t like to...more

Authorisation of master trusts: problems ahead for non-associated multi-employer (NAME) schemes?

New legislation will cause master trusts to be subject to a detailed authorisation process and ongoing scrutiny by the Pensions Regulator. As currently drafted, the new provisions will catch non-associated multiemployer...more

DOL Updates Guidance on Proxy Voting by Plan Fiduciaries

On December 29, 2016, the U.S. Department of Labor (the “DOL”) released Interpretive Bulletin 2016-1 (“IB 2016-1”) relating to the voting of proxies on securities held in employee benefit plans. IB 2016-1 withdraws the...more

January 20, 2017; A Historical Day

This is another article in our series addressing the continued deterioration and downward spiral of multi-employer defined benefit pension funds and the resulting impact upon participants, unions and most importantly on...more

U.S. Supreme Court to Consider ERISA Church Plan Exemption

In a decision that may have profound consequences for the funding and continued operation of defined benefit retirement plans covering employees at religiously affiliated organizations, the U.S. Supreme Court has decided to...more

A Sharpening of the Pensions Regulator's Claws

The Pensions Regulator ("TPR") has wide-ranging statutory powers to intervene in the running of work-based pension schemes. The most prominent of these are the so-called "moral hazard powers". To date, TPR has used these...more

2016 End of Year Plan Sponsor “To Do” List Qualified Retirement Plans (Part 3)

As 2016 comes to an end, we are pleased to present you with our traditional End of Year Plan Sponsor “To Do” Lists. Like last year, we are presenting our “To Do” Lists in three separate Employee Benefits Updates. Part 1 of...more

IRS Releases Benefits and Contribution Limits for 2017

The Internal Revenue Service (IRS) recently issued its annual update regarding dollar limitations on contributions and benefits applicable to tax-qualified retirement and welfare plans for 2017. Please see full...more

Alert: IRS Announces Adjusted Plan Limits for 2017

The Internal Revenue Service has announced the 2017 limits that affect the operation of tax-qualified retirement plans, including 401(k) plans, and certain other types of employee benefit plans, including deferred...more

IRS Announces 2017 Retirement Plan Dollar Limits

The IRS recently announced cost-of-living adjustments for 2017 in Notice 2016-62. The key dollar limits, along with last year’s limits, are noted below....more

Target Benefit Plans: A New Proposed Plan Design Option for Federally-Regulated Employers

On October 19, 2016, the federal government introduced Bill C-27 which, if passed, will permit federally-regulated employers to establish single-employer and multi-employer target benefit plans. The bill proposes to amend...more

Employee Benefits Developments - October 2016

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of October, 2016. 2017 Benefits Limits Announced - The Internal Revenue Service and Social Security...more

IRS Announces 2017 Pension and Related Limitations

The Internal Revenue Service recently announced the dollar limitations for pension plans and other items beginning January 1, 2017. ...more

IRS Announces 2017 Retirement Plan Limitations – Most Limits Remain Unchanged

The Internal Revenue Service announced the 2017 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living...more

IRS Announces 2017 Qualified Plan Limits; Pumpkin Spice Inexplicably Lacking

Late each October, the IRS gets around to announcing the cost of living adjustments for qualified plans for the upcoming year. This year was no exception, and here they are [Plan Limits]. Unlike last year, 2017 brings some...more

2017 Qualified Plan Cost of Living Increases, 2017 Social Security Taxable Wage Base 2

The Internal Revenue Service has announced the cost-of-living adjustments for the various qualified retirement plan limits. Some of the limits shown below remain unchanged from last year, but others have increased....more

IRS Annual Limits on Qualified Plans for 2017

IRS Annual Limits on Qualified Plans for 2017 On October 27, 2016, the Internal Revenue Service released the 2017 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement...more

2017 Cost of Living Adjustments

The Internal Revenue Service has announced the 2017 cost of living adjustments to various limits. The adjusted amounts generally apply for plan years beginning in 2017. Some of the adjusted amounts, however, apply to calendar...more

Target Benefit Plans and Annuities for Federally Regulated Enterprises

On October 19, 2016, the federal government tabled Bill C-27, which proposes amendments to the federal Pension Benefits Standards Act, 1985 (PBSA). If passed, this bill will allow federally regulated employers to create both...more

Treasury Makes it Easier for Pension Plans to Pay Partial Annuities

The Department of Treasury has issued final regulations that simplify the rules that allow retiring participants to simultaneously elect a partial lump sum and a partial annuity from a defined benefit pension plan. Under the...more

Now You Can Have Your Cake and Eat It Too: New Pension Distribution Rules Allow More Flexibility

If you are one of the lucky few employees who participate in an employer’s defined benefit retirement plan, you previously had to choose between receiving your benefits in a lump sum or in annuity payments. However, in the...more

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