Regulatory and Legislative

PBGC COVID-19-Related Compliance FAQs for DB Plans

The Pension Benefit Guaranty Corporation (PBGC), the agency that provides benefit insurance for many single-employer defined benefit (DB) pension plans, has issued frequently-asked-question (FAQ) compliance guidance for these plans as their sponsoring employers deal with the coronavirus (COVID-19) pandemic. Included in these FAQs are the following.

Extended deadline to make required plan contributions
PBGC processing of distress termination applications
PBGC collection of termination liabilities
Early Warning Program inquiries during the pandemic
Reporting of minimum required contribution failures

DB Defined Benefit Plan PBGC Compliance COVID-19

Regulatory and Legislative

DOL Amendment to Abandoned Plan Program Has Left OMB

Department of Labor guidance titled “Amendment of Abandoned Plan Program” that has been with the Office of Management and Budget since last July, has left OMB.

Regulatory and Legislative

How IRS Notice 2024-35 Affects Beneficiaries

IRS Notice 2024-35 states that final RMD regulations, when released, are anticipated to apply no earlier than the 2025 distribution calendar year.

Regulatory and Legislative

IRS Announces Applicable Federal Rates for May

The IRS has issued Revenue Ruling 2024-09, which contains the applicable federal rates (AFR) for May 2024.