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Updated Missing Participants Guidance

The U.S. Department of Labor’s Employee Benefits Security Administration recently posted new guidance on Missing Participants including: Missing Participants – Best Practices for Pension Plans; Field Assistance Bulletin No. 2021-01, Temporary Enforcement Policy Regarding the Participation of Terminating Defined Contribution Plans in the PBGC Missing Participants Program; and Compliance Assistance Release No. Read More
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Benefit Plan Provisions of the Consolidated Appropriations Act – 2021

The Consolidated Appropriations Act – 2021, was approved by the House and Senate late Dec. 21 but still must be signed by the President to become law. The legislation includes an extension of retirement-based disaster relief, CARES Act clarifications for money purchase pension plans, another round of Paycheck Protection Program (PPP) loans, and provisions which
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IRS Updates Mortality Improvement Rates and Static Mortality Tables for 2022

In Notice 2020-85, the IRS specifies updated mortality improvement rates and static mortality tables to be used for defined benefit pension plans. These updated mortality improvement rates and static tables apply for purposes of calculating the funding target and other items for valuation dates occurring during the 2022 calendar year. Read More
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IRS provides Guidance on SECURE Act that Increases Automatic Enrollment Cap Percentage and Eases Burdens for Certain Safe Harbor Plans

The Internal Revenue Service recently issued Notice 2020-86 addressing certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) affecting safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans. Read More
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