PODCAST: Williams Mullen's Benefits Companion - Multiemployer Plans
The SECURE Act 2.0 makes changes to the US employer retirement plan system with respect to both single employer plans and to “applicable collectively bargained plans.” Applicable collectively bargained plans are defined in...more
The House of Representatives recently passed The Securing a Strong Retirement Act of 2022 (H.R. 2954), also known as the “Secure Act 2.0,” which would expand and encourage retirement savings by an overwhelming vote of 414-5....more
When I was a kid, I’d be passive-aggressive in the sense that I wouldn’t let people know how upset I was about things. Thanks to some age and maturity, I don’t have to be that scared kid anymore and not ask what I want....more
The federal agency overseeing voluntary private defined benefit pension plans just issued its Interim Final Rule on how withdrawal liability will be impacted by the billions of dollars that will be paid to failing...more
The SECURE Act—potentially the most impactful benefits legislation since the Pension Protection Act of 2006—was included in the bipartisan spending bill signed into law on December 20, 2019. The SECURE Act includes provisions...more
IRA providers were concerned with not being able to “stop the presses” when it came to notices being provided in January to IRA owners regarding the need to take 2020 minimum required distributions (“MRDs”)....more
The Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act), signed into law on Dec. 20, 2019, will have a wide-ranging impact on tax-qualified retirement plans and individual retirement accounts,...more
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) was signed into law. The SECURE Act implements new rules for creating and maintaining retirement plans. Plan...more
In late December, Congress passed and President Donald Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act, the most sweeping retirement legislation since the Pension Protection Act of...more
Predictable lifetime income is often of paramount concern to retirees. Yet, as employer-sponsored retirement plans have moved away from the traditional pension plan model, participants in defined contribution plans may be...more
On Friday, December 20, 2019, President Trump signed into law the Setting Every Community Up for Retirement Act of 2019 (the “SECURE Act”) as part of a spending bill to fund the government through September 30, 2020 (H.R....more
The first important new law impacting retirement distributions in over a decade was enacted on December 20, 2019 as the SECURE Act (“Setting Every Community Up for Retirement Enhancement Act of 2019”). ...more
The SECURE Act—the most significant piece of retirement plan legislation in more than a decade—is now law. Plan sponsors should immediately start considering how changes included in the SECURE Act could impact their...more
As part of the year-end government funding legislation, on December 20th, President Trump signed into law the Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act” or the “Act”). The Act contains...more
Congress recently passed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act, or the “Act”) implementing one of the most substantial pieces of retirement plan legislation in years, into law....more
The Setting Every Community Up for Retirement Enhancement Act of 2019 (Secure Act) was passed by the House and Senate on December 17 and 19, respectively, as part of a budget bill known as the Further Consolidated...more
On December 20, 2019, President Trump signed into law the Further Consolidated Appropriations Act, 2020 (the “Appropriations Act”), a comprehensive government funding bill that includes substantial employee benefits-related...more
Below is a summary of those key provisions. I. SECURE Act The Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act, H.R. 1994) is arguably the most significant and comprehensive retirement saving...more
Seyfarth Synopsis: Administrators of ERISA plans frequently receive requests from participants, beneficiaries, and their representatives for plan-related documents. A recent decision from the Court of Appeals for the Fifth...more
Since our March, 2019 alert on retirement plan guidance and compliance trends, the Internal Revenue Service (IRS) and the Department of Labor (DOL) have been quite busy issuing further waves of new guidance impacting...more
The Pension Benefit Guaranty Corporation’s Multiemployer Insurance Program is close to collapse, while its Single-Employer Insurance Program continues to improve. We discuss implications and predictions for both programs over...more
On August 31, 2018 President Trump issued Executive Order 13847, titled “Strengthening Retirement Security in America”....more
The Eventual Comeback Of MEPs. It's inevitable. Sometimes what is old is new again. Over the years, clothing styles, hairstyles, political styles, movie styles, and television program styles may come back after being...more
For many months, we have been speculating about how the results of the 2016 presidential election would impact employee benefits policy going forward. Now that Donald Trump has won the election and Republicans have secured a...more
Created in 1955, the CSPP remains one of the largest and oldest multiemployer pension plans in the United States, funding the pensions of 400,000 active and retired Teamsters. Shockingly, with the decline in the unionized...more