News

The IRS has issued Notice 2021-60, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The Department of Labor (DOL) has issued a proposed rule, “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights.”

The IRS has released Notice 2021-57, providing guidance for multiemployer defined benefit (DB) plans receiving funding relief under the American Rescue Plan Act of 2021.

The Social Security Administration has announced the 2022 adjustments for benefits and certain other limitations that are subject to annual cost-of-living adjustment (COLA) indices.

In September 2021, the DOL, IRS, and Pension Benefit Guaranty Corporation (PBGC), collectively referred to as the “Agencies”, released proposed changes to Form 5500, Annual Return/Report of Employee Benefit Plan.

The IRS has issued Notice 2021-58, which clarifies the application of extension under the “Joint Notification of Extensions of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak”.

Representative Jim Himes (D-CT) and Senator Mark Warner (D-VA) have announced legislation to establish universal, portable retirement accounts.

The IRS has issued Notice 2021-54, which contains updated guidance on factors used in certain DB pension plan minimum funding and present value calculations.

Proposed House Budget Reconciliation Amendment Includes IRA Restrictions

The PBGC has issued updated interest rate assumptions for benefit payments in terminating single-employer DB pension plans.