ERISA & Employee Benefits

SECURE Act Finally to Become Law

Congress is subject to one of the same vices as many Americans, namely, putting off important activities until the last moment. Earlier this year, the House of Representatives by a 417-3 vote, approved the Setting Every Community Up for Retirement Enhancement (SECURE) Act (or “Act”), but it never advanced in the Senate, in part because of reservations as to how it would be paid for. However, this ...

IRS Announces 2020 Retirement Plan Limitations

The Internal Revenue Service announced cost-of-living adjustments affecting certain dollar limitations for pension plans and other retirement-related limitations for 2020, as detailed in Notice 2019-59. Please click here for a chart that details the 2019 retirement plan dollar limitation cost-of-living adjustments.

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 ...

PBGC Requests OMB Approval for Data Collection for ERISA Title IV Coverage Analysis

The Pension Benefit Guaranty Corporation ("PBGC") issued a notice (84 Federal Register 20168 (Wednesday, May 8, 2019)) informing the public that the PBGC has requested the Office of Management and Budget ("OMB") approve a collection of information necessary for the PBGC to determine, upon request by the plan, whether (or not) a plan is covered under Title IV of the Employee Retirement Security ...

IRS Expands Determination Letter Program - Revenue Procedure 2019-20

In Revenue Procedure 2016-37, the Internal Revenue Service ("IRS") eliminated the long-standing program under which a plan sponsor could request a determination that its individually-designed plan satisfies the tax-qualification requirements of Internal Revenue Code Section 401(a), except for initial qualifications and qualifications upon plan termination. Plan sponsors and employee benefit ...