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Defined benefit plan
Industry & Regulatory News
IRS Issues Mortality Table Regulations Used for Pension Plans
The Internal Revenue Service (IRS) has released final regulations titled “Mortality Tables for Determining Present Value under Defined Benefit Pension Plans”.
Industry & Regulatory News
PBGC Posts 2024 Premium Rates
The Pension Benefit Guarantee Corporation has determined premium rates applicable for the 2024 plan year in accordance with indexing rules provided in ERISA Section 4006.
Industry & Regulatory News
IRS Priority Guidance Plan Includes Retirement Items
The IRS has issued its 2023-2024 Priority Guidance Plan, in which it describes guidance projects in the current fiscal year.
Industry & Regulatory News
IRS Updates Several Model VCP Compliance Forms
In a recent issue of the Employee Plans News, the IRS has announced the update of several forms used to submit Voluntary Correction Program applications to the IRS.
Industry & Regulatory News
IRS Issues Yield Curves and Segment Rates for DB Plan Calculations
The IRS has issued Notice 2023-66, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
Several Bills Amending ERISA Advance out of House Committee
The House Education and Workforce Committee held a mark-up of several proposals, including four bills (previously announced), which would amend ERISA related to proxy voting, fiduciary duties, and notice requirements for brokerage windows.
Industry & Regulatory News
IRS Announces Applicable Federal Rates for October 2023
The IRS has issued Revenue Ruling 2023-18, which contains the applicable federal rates (AFR) for October 2023.
Industry & Regulatory News
IRS Updates Procedures for Exceptions from Certain Electronic Filing Requirements
The IRS has issued Revenue Procedure 2023-31, which addresses requests for undue hardship waiver or administrative exception from the electronic filing requirements for Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits, and Form 5500-EZ, Annual Return of A One Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan.
Industry & Regulatory News
PBGC Updates Interest Assumptions for Valuing Benefits for Fourth Quarter 2023
The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating interest assumptions under the asset allocation regulation for plans with valuation dates in the fourth quarter of 2023.
Industry & Regulatory News
DOL Sends Fiduciary Rule to OMB
The Department of Labor has sent a proposed rule titled “Retirement Security” (formerly titled “Conflict of Interest in Investment Advice”, also known as the Fiduciary Rule) to the Office of Management and Budget (OMB).