ERISA & Employee Benefits

Multiple Employer Pension Plan Update

On October 22, 2018, the DOL issued a proposed regulation in response to the August 31, 2018, Executive Order by President Trump to remove regulatory burdens faced by defined contribution multiple employer pension plans ("MEPs"). On July 31, 2019, final DOL regulations on the definition of "Employer" were published in the Federal Register. While there are several possible types of MEPs, the DOL ...

Does Your Plan use a LIMITED SCOPE AUDIT for Form 5500 Financial Reporting?

There has been a significant new development for employee benefit plan administrators of large plans who opt for a "limited scope audit" by the plan's auditor for Form 5500 reporting of the plan's financial information, as permitted by ERISA Section 103(a)(3(C). This new development only applies in the event that information on the plan's assets is provided by and certified to by a bank or other ...

Proposed IRS Regulation Would Eliminate "One Bad Apple" Rule for Multiple Employer Defined Contribution Plans

On July 3, 2019, the IRS proposed a new regulation addressing one problem experienced by multiple employer defined contribution plans (DC MEPs) which are tax qualified as single plans under Section 413(c) of the Internal Revenue Code (the "Code"). Under 413(c), the failure by one contributing employer to meet the qualification rules would result in the disqualification of the entire plan. The ...