ERISA News

Industry & Regulatory News
IRS Releases Draft of 2021 Tax Year IRA Publication 590-B

The IRS has issued a draft 2021 Tax Year Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs). Several noteworthy items have been outlined in the “What’s New” section of the publication.

January 07 2022
Industry & Regulatory News
IRS Issues Deadline Relief for Colorado Wildfire Victims

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of wildfires and straight-line winds in Colorado. The tax relief postpones various tax filing deadlines that began December 30, 2021. Affected individuals and households who reside or have a business in Boulder county, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

January 04 2022
Industry & Regulatory News
IRS Releases 2022 Forms W-4P and W-4R

The IRS has released the 2022 Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments and 2022 Form W-4R, Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions.

January 04 2022
Industry & Regulatory News
2021 Form 5500 Series Informational Copies Released

December 30, 2021 – The Department of Labor’s Employee Benefits Security Administration (EBSA), the IRS, and the Pension Benefit Guaranty Corporation (PBGC) jointly released the 2021 Form 5500, Annual Return/Report of Employee Benefit Plan, 2021 Form 5500-SF, Annual Return/Report of Small Employee Benefit Plan, and their respective instructions. The IRS likewise released the 2021 Form 5500-EZ, Annual Return of a One-Participant Retirement Plan or Foreign Plan, and instructions.

January 01 2022
Industry & Regulatory News
IRS Issues Deadline Relief for Arkansas Storm Victims

December 29, 2021 – The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of severe storms and tornados in Arkansas. The tax relief postpones various tax filing deadlines that began December 10, 2021. Affected individuals and households who reside or have a business in Craighead, Jackson, Mississippi, Poinsett, and Woodruff counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

December 30 2021
News
DOL Releases Form 5500 Revisions for Multiple-Employer Plans

December 28, 2021 – The Department of Labor’s Employee Benefits Security Administration (EBSA) has issued a notice with final forms revisions for Form 5500, Annual Return/Report of Employee Benefit Plan, and Form 5500-SF, Annual Return/Report of Small Employee Benefit Plan, relating to annual reporting changes for multiple-employer plans (MEPs) and pooled employer plans (PEPs). It specifically revises the Form 5500 and Form 5500-SF instructions for the 2021 reporting year for multiple-employer plans. It is effective for plan years beginning on or after January 1, 2021.

December 30 2021
Industry & Regulatory News
IRS Issues Deadline Relief for Illinois Storm Victims

December 28, 2021 – The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, and tornados in Illinois. The tax relief postpones various tax filing deadlines that began December 10, 2021. Affected individuals and households who reside or have a business in Bond, Cass, Coles, Effingham, Fayette, Jersey, Macoupin, Madison, Menard, Montgomery, Morgan, Moultrie, Pike, and Shelby counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

December 30 2021
Industry & Regulatory News
IRS Issues Deadline Relief for Alabama Storm Victims

December 28, 2021 – The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of severe storms and flooding in Alabama. The tax relief postpones various tax filing deadlines that began October 6, 2021. Affected individuals and households who reside or have a business in Jefferson and Shelby counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

December 30 2021
Industry & Regulatory News
DOL Issues "Supplemental Statement" to 2020 Information Letter

December 22, 2021 – The Department of Labor’s Employee Benefit Security Administration (EBSA) has issued a supplemental statement to a June 2020 Information Letter. The letter addressed whether plan fiduciaries should offer private equity investments as investment options in individual account defined contribution plans. The 2020 letter indicated that such plans could potentially include managed asset allocation funds with a private equity component, but pointed out that a plan fiduciary should take into account whether it is prudent to include such an investment, particularly if it is a component of a plan’s qualified default investment alternative (QDIA).

December 22 2021
Industry & Regulatory News
IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

The IRS has issued Notice 2022-2, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. Updates include the corporate bond monthly yield curve, the corresponding spot segment rates used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates under IRC Sec. 430(h)(2). IRC Sec. 417 contains definitions and special rules for minimum survivor annuity requirements in DB plans. IRC Sec. 430 addresses minimum funding standards for single-employer DB plans.

December 17 2021