News & Analysis as of

Retirement Plan Public Comment

Fisher Phillips

There’s Relief in Sight: IRS Announces 2-Year Transition Period for Mandatory Roth Catch-Up Contributions

Fisher Phillips on

In welcome news to employers, recordkeepers, and payroll providers, the IRS announced last week that it is giving more time to comply with mandatory Roth catch-up contributions under the SECURE Act 2.0. As you may know,...more

Morgan Lewis - ML Benefits

New IRS Q&A Regarding EPCRS Expansion Answers Some – But Not All – Questions

The Internal Revenue Service (IRS) released Notice 2023-43 (Notice) on May 25, which provided guidance regarding the expansion of the IRS’s Employee Plans Compliance Resolution System (EPCRS) mandated by Section 305 of the...more

Littler

PBGC Issues Proposed Rule on Withdrawal Liability Actuarial Interest Rate Assumptions

Littler on

On October 14, 2022, the Pension Benefit Guaranty Corporation (PBGC), the federal agency that insures and regulates private-sector defined benefit pension plans under Title IV of the Employee Retirement Income Security Act of...more

Faegre Drinker Biddle & Reath LLP

IRS Proposes Updates to the RMD Rules

On February 24, 2022, the IRS issued proposed regulations incorporating the Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”) into the required minimum distributions (“RMDs”) regulations. The IRS is...more

Holland & Knight LLP

Proposed Regulations Greatly Expand Guidance on Required Minimum Distributions

Holland & Knight LLP on

The Internal Revenue Service (IRS) issued expansive proposed regulations (the Proposed Regulations) on Feb. 24, 2022, reflecting the required minimum distribution (RMD) rules as set out in the Setting Every Community Up for...more

Latham & Watkins LLP

US Department of Labor Puts ESG Investing on Ice

Latham & Watkins LLP on

In its finalized rule amending ERISA, the DOL makes financial factors paramount in a fiduciary’s responsibility to investors. On October 30, 2020, the US Department of Labor (DOL) published Financial Factors in Selecting...more

Goodwin

U.S. Department of Labor Formalizes Reinstatement of “Five Part Test” For Fiduciary Investment Advice and Proposes Broad Principal...

Goodwin on

On June 29, 2020, the U.S. Department of Labor (the Department) formally reinstated its “five-part test” for determining what constitutes “investment advice” under ERISA and Section 4975 of the Internal Revenue Code (the...more

Dechert LLP

What Did the DOL Just “Rollover” (and Roll Out)? – “A Primary Basis” for Understanding the New Proposed ERISA Exemption and...

Dechert LLP on

The U.S. Department of Labor (the “DOL”) on June 29, 2020 issued a release (the “Release”) proposing an important new initiative for retirement accounts (“Plans”) that are subject to the Employee Retirement Income Security...more

Goodwin

U.S. Department of Labor Issues Proposed Regulation on Environmental, Social & Governance Investing

Goodwin on

On June 23, 2020, the U.S. Department of Labor issued a proposal to regulate the use of environmental, social, and governance (ESG) strategies by investment fiduciaries under ERISA. The proposal, if finalized, would be the...more

Fisher Phillips

Labor Department Proposes New Safe Harbor For Electronic Disclosure Under ERISA

Fisher Phillips on

The Department of Labor (DOL) recently issued proposed regulations updating the safe harbor for the electronic delivery of employee benefit plan notifications for plans subject to the Employee Retirement Income Security Act...more

Snell & Wilmer

Potential $2.4 Billion and Countless Trees Saved – Department of Labor’s Proposed Rule on Electronic Disclosure for Retirement...

Snell & Wilmer on

The Department of Labor recently issued a proposed rule that allows certain retirement plan disclosures to be posted online, rather than requiring such disclosures to be printed and mailed. The Department of Labor anticipates...more

McDermott Will & Emery

Weekly IRS Roundup November 4 – 8, 2019

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 4–8, 2019. November 4, 2019: The IRS posted a new Large Business and International...more

Verrill

DOL Proposes New Electronic Disclosure Rules for Retirement Plans

Verrill on

At long last, the Department of Labor (DOL) has issued an update to its safe harbor rules governing electronic distributions of retirement plan disclosures. When finalized and adopted, the new safe harbor rules will update...more

McDermott Will & Emery

DOL Issues New Proposed Rule for Electronic Disclosures of Retirement Plan Notices

McDermott Will & Emery on

The Department of Labor (DOL) issued a proposed rule that, if finalized, would expand its existing guidance and liberalize rules for electronic disclosure of retirement plan notices under ERISA. The proposed rule, which sets...more

Proskauer - Employee Benefits & Executive...

Guide to DOL’s New “Notice and Access” Proposal for Electronic Delivery

On October 23, 2019, the Department of Labor published a new proposed regulation that paves the way for “notice and access” electronic delivery of certain disclosures for retirement plans. The proposal is welcome news for...more

Bass, Berry & Sims PLC

DOL Proposed Rule on Electronic Disclosures Could Help Alleviate Costs and Burdens on Employers and ERISA Plan Administrators

Bass, Berry & Sims PLC on

On October 23, 2019, the Department of Labor (DOL) published a proposed rule that, if finalized in its current form, would make it easier for retirement plan administrators to use electronic media to furnish information to...more

Holland & Knight LLP

DOL Publishes Final Rule on Association Retirement Plans and Other Multiple-Employer Plans

Holland & Knight LLP on

• The U.S. Department of Labor (DOL) has published its Final Rule clarifying the circumstances under which an employer group or association or a professional employer organization (PEO) could sponsor a multiple-employer...more

Faegre Drinker Biddle & Reath LLP

IRS Announces Limited Expansion of the Determination Letter Program for Individually Designed Plans

Since the end of the IRS’s cyclical determination letter program for individually designed retirement plans in 2017, plan sponsors have been able to request favorable determination letters for individually designed plans only...more

Brownstein Hyatt Farber Schreck

IRS Implements Prospective Expansion of Determination Letter Program to Merged Plans

The IRS has announced a limited expansion of its determination letter program. Beginning Sept. 1, 2019, the IRS will accept determination letter (“DL”) applications for individually designed merged plans....more

McDermott Will & Emery

Weekly IRS Roundup April 29 – May 3, 2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 29 – May 3, 2019. April 29, 2019: The IRS issued a news release urging taxpayers who had...more

Proskauer - Employee Benefits & Executive...

IRS Announces Limited Expansion of its Determination Letter Program for Individually Designed Retirement Plans – But Questions...

On May 1, 2019, the IRS released Revenue Procedure 2019-20 which provides for a limited-scope expansion of its determination letter program for individually designed plans. Beginning on September 1, 2019, the IRS will accept...more

Perkins Coie

No Joke: EPCRS Voluntary Correction Program Goes Paperless on April 1, 2019

Perkins Coie on

Starting April Fools’ Day, all Voluntary Correction Program (VCP) submissions and fee payments under the IRS’s Employee Plans Compliance Resolution System (EPCRS) must be made online; the IRS will no longer process paper VCP...more

Womble Bond Dickinson

Key Components of DOL Fiduciary Rule Delayed Through 2019

Womble Bond Dickinson on

On January 2, 2018, the U.S. Department of Labor postponed key provisions of its Fiduciary Rule for the next 18 months. The Fiduciary Rule was generally intended to expand the definition of who is considered a fiduciary,...more

Carlton Fields

The Fiduciary Rule Status Update

Carlton Fields on

On April 8, the Department of Labor published the so-called "Fiduciary Rule." It defines who is an employee benefit plan’s "fiduciary" for purposes of the Employee Retirement Income Security Act (ERISA) and the Internal...more

Proskauer - Employee Benefits & Executive...

DOL Fiduciary Rule Delayed, But At Least Parts Might Be Here to Stay

On April 4, 2017, the U.S. Department of Labor issued a final rule postponing applicability of the conflict of interest rule and related exemptions for sixty days, until June 9, 2017...more

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