Total Articles: 13
DOL Revises Electronic Fee Disclosure Guidance for Pension Plans
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) recently issued Technical Release 2011-03R. Technical Release 2011-03R revises and clarifies Technical Release 2011-3, [pdf.] which was issued by the EBSA on September 3, 2011, as an interim enforcement policy regarding the use of electronic media to satisfy the pension plan disclosure requirements under ERISA. Specifically, the EBSA clarifies that pension plan administrators may disclose certain participant-level fee disclosures (i.e., the comparative chart), electronically as part of, or along with, a pension benefit statement, if the electronic method meets either (i) the existing electronic media disclosure safe harbor regulations or (ii) the six (6) conditions for electronic disclosure set forth in the Technical Release. Notably, the EBSA clarified that use of continuous access websites may also satisfy the conditions.
IRS Further Extends Code Section 436 Amendment Deadline and Anti-Cutback Relief and Provides Sample Amendment
On November 29, 2011, the Internal Revenue Service issued Notice 2011-96 (pdf), which further extends the deadline for adopting pension plan amendments to reflect the requirements of Internal Revenue Code (“Code”) Section 436. The Notice also further extends the period during which amendments adopted to comply with Code Section 436 are eligible for relief from the anti-cutback rules under Code Section 411(d)(6).
IRS Announces Pension Plan Limitations for Tax Year 2012
The Internal Revenue Service has released a detailed list of pension plan and other retirement-related contribution limitations for the Tax Year 2012 that were triggered by an increase in the cost-of-living index. According to the IRS announcement of the 2012 pension plan limitations, the main changes for 2012 include the following
Retirement Plan Dollar Amounts Get a Boost for 2012
The Internal Revenue Service announced the cost-of-living adjustments applicable to the dollar limitations for qualified retirement plans that will allow employees to increase their retirement savings for 2012. This Alert highlights some of the new limits, comparing the new limits to the limits of the prior seven years. Many of the limits had remained unchanged for several years, but the cost-of-living index has now met the statutory thresholds, which has triggered adjustments for 2012.
IRS Announces 2012 Pension Plan Dollar Limits
Today, the Internal Revenue Service announced the cost of living adjustments applicable to dollar limitations for pension plans for the 2012 tax year. These dollar limitations affect, among other things, the maximum amount that an employee may be contribute on a pre-tax basis into a 401(k) and 403(b) plan (402(g)), the amount of compensation a plan can consider (401(a)(17)), and the compensation threshold that identifies highly compensated employees (414(q)(1)(B)). Below is a table showing both the limitations for the 2011 tax year and the limitations for the 2012 tax year.
IRS Issues Final Rule on Automatic Enrollment.
The Pension Protection Act of 2006 (the "PPA") amended the Internal Revenue Code to facilitate automatic contribution arrangements (also referred to as automatic enrollment) in section 401(k) plans, as well as in similar plans under sections 403(b) and 457(b) in the case of tax-exempt and governmental employers. More recently, the Worker, Retiree, and Employer Recovery Act of 2008 ("WRERA") added similar provisions to the rules relating to SARSEPs and SIMPLE IRAs.
IRS Issues Guidance on Pension Protection Act Provisions.
The Department of Labor (DOL) has issued a Field
Assistance Bulletin (No. 2007-1) providing some
initial guidance on implementing the investment
advice provisions of the Pension Protection Act of
2006 (PPA).
Department of Labor Issues Proposed Regulations on Default Investment Alternatives (pdf).
The Pension Protection Act of 2006 amended ERISA, effective for plan years beginning in 2007, to provide 404(c) relief for plan fi duciaries who select default investment options for participants who fail to provide investment instruction. The Department of Labor (DOL) has recently issued a proposed regulation implementing provisions of the PPA pertaining to default investment alternatives.
Pension Protection Act of 2006 (pdf).
On August 17, 2006, President Bush signed the 900-plus page Pension Protection Act of 2006 ("PPA"), putting in place many reforms to federal tax and employee benefit laws intended to strengthen the nation's private employer retirement seystem.
Pension Protection Act Makes Sweeping Changes (pdf).
The Pension Protection Act of 2006 (the Act), which was signed by the President on
August 17, makes sweeping changes to the benefit plan provisions of the Internal Revenue
Code and ERISA. This Advisory provides a general overview of certain of these changes.
President signs into law sweeping pension legislation (pdf).
H.R. 4 signed into law on August 17, 2006.
Special Edition - Pension Protection Act of 2006.
On August 3, 2006, Congress sent much-anticipated pension reform legislation to President Bush for signature. President Bush signed the Pension Protection Act of 2006 (the "PPA") on August 17, 2006. Some have called the PPA the most sweeping piece of pension legislation since the enactment of the Employee Retirement Income Security Act in 1974 ("ERISA").
Sweeping Pension Legislation Becomes Law (pdf).
Today, President George W. Bush signed into law H.R. 4, which will be known as the Pension Protection Act of 2006.
