Extension of Special Nondiscrimination Relief for Closed Defined Benefit Plans

Notice 2017-45 extends the temporary relief under Notice 2014-5 from Section 401(a)(4) nondiscrimination testing for closed defined benefit plans through plan years beginning before 2019. Document Excerpt This notice extends the temporary nondiscrimination relief for closed defined benefit plans that is provided in Notice 2014-5, 2014-2 I.R.B. 276, by making that relief available for plan […]

Text of DOL Proposed Extension of BICE Transition Period

After approval by OMB, the DOL has now released the text of its proposed 18 month extension of the applicability date of the Best Interest Contract Exemption and other prohibited transaction exemptions transition periods. Document Excerpt This document proposes to extend the special transition period under sections II and IX of the Best Interest Contract […]

DOL Enforcement Policy on Arbitration Limitation in Best Interest Contract Exemption

DOL Field Assistance Bulletin 2017-03 provides guidance on the DOL’s nonenforcement policy on the arbitration limitation in Best Interest Contract Exemption. Document Excerpt Accordingly, the Department of Labor will not pursue a claim against any fiduciary based on failure to satisfy the BIC Exemption or the Principal Transactions Exemption, or treat any fiduciary as being […]

IRS Announces Relief for Participants Affected by Hurricane Harvey

Announcement 2017-11 provides guidance for participants and beneficiaries affected by Hurricane Harvey including with respect to loans and hardship distributions. Document Excerpt This announcement provides relief to taxpayers who have been adversely affected by Hurricane Harvey and who have retirement assets in qualified employer plans that they would like to use to alleviate hardships caused […]

DOL Compliance Guidance for Harvey Affected Plans

The DOL has issued compliance guidance for plans impacted by Hurricane Harvey. Document Excerpt The Department understands that plan fiduciaries, employers, labor organizations, service providers, and participants and beneficiaries may encounter issues complying with the Employee Retirement Income Security Act (ERISA) in the foreseeable future as the effects of Hurricane Harvey become apparent. The guidance […]

DOL FAQs for Participants and Beneficiaries affected by Harvey

The DOL releases Frequently Asked Questions for participants and beneficiaries affected by Hurricane Harvey and/or its flooding. Document Excerpt Link https://www.dol.gov/sites/default/files/ebsa/about-ebsa/our-activities/resource-center/faqs/faqs-for-participants-beneficiaries-following-hurricane-harvey.pdf

PBGC Disaster Relief Announcement in the wake of Harvey

PBGC releases Disaster Relief Announcement 17-09 in the wake of hurricane Harvey and its flooding. Document Excerpt Pension Benefit Guaranty Corporation (“PBGC”) is waiving certain penalties and extending certain deadlines in response to severe storms and flooding from Hurricane Harvey that began on August 23, 2017, in Texas. Link https://www.pbgc.gov/prac/other-guidance/dr/dr17-09

Model Amendment for payment of Bifurcated Benefits from DB Plans

The IRS has released model amendments that defined benefit plans that wish to allow for the payment of bifurcated benefits, for example, part annuity and part lump sum, can use to comply with the requirements of Section 417(e). Document Excerpt This notice provides model amendments that a sponsor of a qualified defined benefit plan may […]

CBO Estimates of the Cost of Terminating Cost Sharing Subsidies

The Congressional Budget Office released its report on the impact on the budget of terminating the Affordable Care Act’s cost sharing payments. Document Excerpt At the request of the House Democratic Leader and the House Democratic Whip, the Congressional Budget Office and the staff of the Joint Committee on Taxation (JCT) have estimated the effects […]

DOL to Review Final Amendments to Disability Claims Regulations

The DOL announced it is reviewing the changes made to the disability claims regulations for possible amendment or delay. Document Excerpt Link https://www.reginfo.gov/public/do/eAgendaViewRule?pubId=201704&RIN=1210-AB39

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