The Treasury Department and the Internal Revenue Service (IRS) temporarily allowed, in light of COVID-19 pandemic restrictions, electronic alternatives to physical presence requirements for retirement plan participants’ elections that required spousal consent. The two allowed alternatives were remote witnessing by notaries public […]
The American Rescue Plan Act (ARPA) of 2021 authorized special financial assistance (SFA) through the Pension Benefit Guaranty Corporation (PBGC) to eligible severely underfunded multiemployer plans. ARPA added section 4262 to Title IV of the Employee Retirement Income Security Act (ERISA). The multiemployer plans […]
A new rule proposed by the Pension Benefit Guaranty Corporation (PBGC) would increase the certainty of withdrawal liability determinations for multiemployer benefit plans and likely help prevent withdrawal liability disputes from going to arbitration and litigation, PBGC officials say. The proposed permissible […]
For the first time since the Employee Retirement Income Security Act of 1974 (ERISA) introduced the concept of withdrawal liability, the Pension Benefit Guaranty Corporation (PBGC) has announced a proposed rule addressing the permissible interest rate assumptions for actuarial determinations of a […]
Plan sponsors and administrators are encouraged to reference these comprehensive calendars to stay on track in 2023. Health and Retirement Plans Subject to ERISA (Includes Multiemployer Plans) Health and Welfare Plans New deadlines in 2023 are: Retirement Plans Defined Contribution Defined Benefit […]