Request for Information on Grandfathered Plans

Document Excerpt This document is a request for information regarding grandfathered group health plans and grandfathered group health insurance coverage. Link https://www.federalregister.gov/documents/2019/02/25/2019-03170/request-for-information-grandfathered-group-health-plans-and-grandfathered-group-health-insurance

DOL Announces Inflation-Adjusted ERISA Penalties

The DOL has announced inflation-adjusted penalties including for violations of ERISA. https://www.dol.gov/asp/2019-inflation-adjustments.pdf

Representative Neal Introduces Legislation To Shore Up Failing Multiemployer Plans

Document Excerpt House Ways and Means Committee Chairman Richard Neal introduced legislation designed to shore up failing multiemployer pension plans. The legislation known as the Rehabilitation for Multiemployer Pensions Act would establish a new federal agency known as the Pension Rehabilitation Administration with the authority to issue bonds to provide financing to such plans. Linkhttps://waysandmeans.house.gov/media-center/press-releases/neal-introduces-bipartisan-legislation-address-multiemployer-pension

IRS Releases Annual Guidance

The IRS has released its annual guidance including Revenue Procedure 2019-4 providing guidance on obtaining a determination letter. https://www.irs.gov/irb/2019-01_IRB

PBGC Updates Civil Penalties

In accordance with statutory authority, the PBGC announced updates to its maximum civil penalties. https://www.govinfo.gov/content/pkg/FR-2018-12-28/pdf/2018-28177.pdf?utm_medium=email&utm_source=govdelivery

Final QNEC and QMAC Regulations

Document Excerpt ‘SUMMARY: This document contains final regulations that amend the definitions of qualified matching contributions (QMACs) and qualified nonelective contributions (QNECs) under regulations regarding certain qualified retirement plans that contain cash or deferred arrangements under section 401(k) or that provide for matching contributions or employee contributions under section 401(m). Under these regulations, an employer […]

Proposed Updated Rule on Terminated and Insolvement Multiemployer Plans

Document Excerpt The Pension Benefit Guaranty Corporation proposes to amend its multiemployer reporting, disclosure, and valuation regulations to reduce the number of actuarial valuations required for smaller plans terminated by mass withdrawal, add a valuation filing requirement and a withdrawal liability reporting requirement for certain terminated plans and insolvent plans, remove certain insolvency notice and […]

Covered Compensation Tables

Revenue Ruling 2017-22 provides the covered compensation tables effective January 1, 2018. Document Excerpt This revenue ruling provides tables of covered compensation under § 401(l)(5)(E) of the Internal Revenue Code and the Income Tax Regulations thereunder, for the 2018 plan year. Link https://www.irs.gov/pub/irs-drop/rr-17-22.pdf

Summary of Senate Tax Bill

While the Senate has not yet released the text of its tax bill, it has released a summary. Document Excerpt Link https://www.ciab.com/download/11012/

Appeal Procedures on Adverse Qualification Determination

The IRS has released updated information on appeal rights in the face of an adverse determination on qualification. Document Excerpt  Appeal Rights Because people sometimes disagree on retirement plan qualification matters, the IRS has an administrative appeal system. Most differences can be settled by appeal without a court trial.   Link https://www.irs.gov/pub/irs-pdf/p5153.pdf

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