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FASB issues Update Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost
The Board issued in March 2017 Accounting Standards Update (ASU) (ASU) No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and...
FASB Issues ASU 2017-06, Employee Benefit Plan Master Trust Reporting
In February 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution...
IRS Proposes Updated Mortality Tables for Funding
The IRS issued Notice 2016-50, Updated Static Mortality Tables for Defined Benefit Pension Plans for 2017, which provides updated static mortality tables to be used for defined benefit pension plans...
The DOL’s Advisory Council on Employee Welfare and Pension Benefit Plans Issues Report on Cybersecurity Considerations for Benefit Plans
The DOL's Advisory Council on Employee Welfare and Pension Benefit Plans (known as the DOL ERISA Advisory Council) issued a report, Cybersecurity Considerations for Benefit, which summarizes its...
Presidential Memorandum on Fiduciary Duty Rule
On February 3, 2017, President Trump issued an executive order which directs the Department of Labor (“DOL”) to review the Fiduciary Duty Rule, specifically, Term "Fiduciary"; Conflict of Interest...
DOL Releases Consumer Protections for Retirement Investors – FAQS on Your Rights and Financial Advisers
In January 2017, the U.S. Department of Labor, Employee Benefits Security Administration released it CONSUMER PROTECTIONS FOR RETIREMENT INVESTORS – FAQS ON YOUR RIGHTS AND FINANCIAL ADVISERS. Per...
Emerging Issues Task Force Approves Amendments for Benefit Plans’ Investments in Master Trusts
As reported by Thomson Reuters, December 1, 2016, with no debate, a unanimous FASB on November 30, 2016, approved a recommendation from its Emerging Issues Task Force (EITF) to amend U.S. GAAP to...
IRS Announces 2017 Pension Plan Limitations; 401(k) Contribution Limit Remains Unchanged at $18,000 for 2017
The Internal Revenue Service announced on October 27, 2016 cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. The IRS...
Retirement Plans Can Make Loans, Hardship Distributions to Victims of Hurricane Matthew
The Internal Revenue Service announced October 21, 2016 that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Matthew and...
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