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Defined benefit plan
Regulatory and Legislative
IRS Finalizes Rule to Update Minimum Present Value Requirements for DB Plan Distributions
The IRS has issued a final rule to update minimum present value requirements for defined benefit plan distributions.
Regulatory and Legislative
DOL Posts FAQs on PLESAs Under SECURE 2.0
The Department of Labor (DOL) has announced the release of a set of frequently asked questions intended to provide general compliance information under ERISA regarding pension-linked emergency savings account (PLESA) arrangements that are allowed under SECURE 2.0.
Regulatory and Legislative
IRS Issues Yield Curves and Segment Rates for DB Plan Calculations
The Internal Revenue Service (IRS) has issued Notice 2024-21, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Regulatory and Legislative
DOL Announces 2024 Inflation Adjustments for Civil Penalties
The Department of Labor has published in the Federal Register several inflation-adjusted penalty amounts for certain failures associated with qualified retirement plans.
Regulatory and Legislative
PBGC Issues Comprehensive Premium Filing Instructions for 2024 Plan Years
The Department of Labor’s Pension Benefits Guaranty Corporation (PBGC)—the agency that insures and has primary governance over defined benefit (DB) pension plans—has issued the 2024 plan year version of its Comprehensive Premium Filing Instructions.
Regulatory and Legislative
PBGC Announces Changes to e-Filing Portal
The Pension Benefit Guaranty Corporation (PBGC) has indicated they will launch a new and improved e-Filing Portal on February 1, 2024.
Regulatory and Legislative
DOL Issues Final Rule to Clarify Employee or Independent Contractor Status
The Department of Labor (DOL) Wage and Hour Division has issued a news release and final rule to clarify whether a worker qualifies as an employee or an independent contractor under the Fair Labor Standards Act.
Regulatory and Legislative
Roth IRA Rollover Proposal Introduced in House
Representatives Darin LaHood (R-IL), and Linda Sanchez (D-CA) have introduced H.R. 6757 to permit rollover contributions from Roth IRAs to designated Roth accounts in a 401(a), 403(a), 403(b) or 457(b) arrangement.
Regulatory and Legislative
IRS Provides 2024 Covered Compensation Tables Used in DB Plans
The IRS has issued Revenue Ruling 2024-1, containing the covered compensation tables for the 2024 plan year. These tables are used in calculations for defined benefit pension plans when permitted disparity, sometimes called integration, is used in determining employer-provided benefits.
Regulatory and Legislative
IRS Issues Yield Curves and Segment Rates for DB Plan Calculations (20)
The Internal Revenue Service (IRS) has issued Notice 2024-04, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.