Plan administrators should review the following actions to be taken before the end of 2024 and focus on what to expect for 2025. The following checklist addresses plan amendments, notices, and other considerations for...more
In a defined benefit plan, participants usually accrue a monthly benefit based on a formula that typically considers their last three years’ salary before retirement and years of service with their employer. For example, the...more
The Department of Labor, Internal Revenue Service, and Pension Benefit Guaranty Corporation recently issued final rules on employee benefit plan annual reporting requirements that are effective for plan years beginning on or...more
The American Rescue Plan Act 2021, signed into law by President Joseph Biden on March 11, 2021, provides for significant relief to the most troubled multiemployer pension plans. The extent to which such relief also extends to...more
Without congressional intervention, about 100 multiemployer pension plans are expected to become insolvent in the next 20 years, and some much sooner. In other words, for these pension plans, their liabilities to retired...more
The ongoing effort to provide relief for troubled multiemployer pension plans took many twists and turns in 2020, and the year ended once again without an agreed-upon solution. Looking forward to 2021, the incoming Biden...more
The Department of Labor (DOL) made it easier to consolidate small retirement account balances with a prior employer into a new employer’s plan, now without the direct involvement of the participant....more
In spite of certain sound bites you probably heard late last year, the Affordable Care Act (“ACA”) was not repealed for employers. The individual mandate penalty was reduced to zero for a few years, beginning after 2018, so...more