Letter Authorizing Suspension of Iron Workers Pension

The IRS has issued its letter authorizing the suspension of the Iron Workers Local 17 Pension plan benefits. Document Excerpt As required by MPRA, Treasury conducted a vote of eligible Plan participants and beneficiaries to approve or reject your benefit suspension. This vote concluded at 5:00 p.m. EST on Friday, January 20, 2017. Pursuant to […]

PBGC Penalties Updated

The PBGC announces updates to its civil penalties. Document Excerpt The Pension Benefit Guaranty Corporation is required to amend its regulations annually to adjust the penalties provided for in sections 4071 and 4302 of the Employee Retirement Income Security Act of 1974. This action is being taken in accordance with the Federal Civil Penalties Inflation […]

Proposed Best Interest Contract Exemption For Insurance Intermediaries

The DOL releases a proposed Best Interest Contract Exemption that would allow certain insurance intermediaries and the insurance agents and companies they contract with, to receive compensation in connection with fixed annuity transactions that might otherwise give rise to prohibited transactions. Document Excerpt The class exemption proposed in this document would provide relief that is […]

Guidance on Claiming Hardship Exemption

Notice 2017-14 provides circumstances under which the hardship exemption from the individual shared responsibility payment may be claimed on a federal income tax return without obtaining a hardship exemption. Document Excerpt This notice supplements Notice 2014-76, 2014-50 I.R.B. 946, by identifying an additional hardship exemption from the individual shared responsibility payment under § 5000A of […]

Conflict of Interest FAQs Part II

These set of frequently asked questions released by the DOL regarding its conflict of interest regulations focuses in on those questions raised most often by financial service institutions. Document Excerpt These FAQs are generally limited to investment advice concerning ERISA-covered plans, IRAs, and other plans covered by section 4975(e)(1) of the Internal Revenue Code (Code). […]

Proposed Changes to the Definitions of QMACs and QNECs

Proposed changes to the definitions of qualified matching contributions and qualified nonelective contributions that would remove the requirement that the contributions be nonforfeitable when made. Document Excerpt Under these regulations, employer contributions to a plan would be able to qualify as QMACs or QNECs if they satisfy applicable nonforfeitability and distribution requirements at the time […]

DOL Civil Penalties Inflation Adjustment for 2017

The DOL releases its civil penalty adjustments for 2017 including some ERISA penalties including under ERISA Section 715, failing to provide a Summary of Benefits Coverage and various penalties under ERISA Section 502(c). Document Excerpt Link https://www.federalregister.gov/documents/2017/01/18/2017-00614/department-of-labor-federal-civil-penalties-inflation-adjustment-act-annual-adjustments-for-2017

Instructions for Electing HIOS

CMS issues Technical Guidance for self-insured plans on how to elect a federal external review process. Document Excerpt This technical guidance sets forth instructions regarding the election of a Federally-administered external review process using the Health Insurance Oversight System (HIOS). This technical guidance applies to health insurance issuers offering group and individual health coverage that […]

Consumer FAQs on Conflict of Interest Regulations

The DOL has released a new set of Frequently Asked Questions on its fiduciary conflict of interest regulations aimed at consumers. Document Excerpt These Frequently Asked Questions (FAQs) will provide you with information about the Rule and related protections so that you can better understand your rights and benefits as a retirement investor. At the […]

Last Day of the Remedial Amendment Period for 403(b) Plans

Revenue Procedure 2017-18 provides that the last day of the remedial amendment period for Section 403(b) arrangements for purposes of Section 21 of Revenue Procedure 2013-22 is March 31, 2020. Document Excerpt This revenue procedure provides that the last day of the remedial amendment period for § 403(b) plans, for purposes of section 21 of […]

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