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American Rescue Plan Act of 2021 – Key Benefit Plan Funding Provisions

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David Torrillo
Wednesday, March, 10, 2021 / Published in Employee Benefit Plans, Forms and Procedures, Policy Updates
The American Rescue Plan Act of 2021 (ARPA, HR 1319) is expected to become law. Key benefit plan provisions[i]  are highlighted below. Many of these affect funding provisions for defined benefit plans. Read More
Defined Benefit PlansERISAFundingIRSPBGCPension Plans

DOL ISSUES COVID-19 RELIEF AND GUIDANCE FOR PLANS

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David Torrillo
Wednesday, April, 29, 2020 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has issued deadline relief and other guidance under Title I of the Employee Retirement Income Security Act of 1974 (ERISA) to help employee benefit plans, plan participants and beneficiaries, employers and other plan sponsors, plan fiduciaries, and other service providers impacted by the coronavirus outbreak.
coronavirusDOLEBSAERISA

“Actual Knowledge” Required by Participants

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David Torrillo
Friday, February, 28, 2020 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
As detailed in an article by Nick Thornton of BenefitsPro, in February 2020, the Supreme Court ruled unanimously against the fiduciaries of two Intel Corp. defined contribution plans. At issue before the court in Intel Corp. Read More
401(k)403(b)DOLERISAPlan Fiduciary Update

IRS Updates Mortality Improvement Rates & Static Mortality Tables for DB Plans

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David Torrillo
Friday, December, 15, 2017 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases
In Notice 2018-2, IRS has provided updated mortality improvement rates and static mortality tables to be used for defined benefit (DB) pension plans under Code Sec. 430(h)(3)(A) and §303(h)(3)(A) of the Employee Retirement Income Security Act of 1974 (ERISA), which apply for purposes of calculating the funding target and other items for valuation dates occurring
Defined Benefit PlansERISAIRSPension Plans

Model Amendments to Add Bifurcated Distribution Options to Defined Benefit Plans

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David Torrillo
Tuesday, August, 22, 2017 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases
The Internal Revenue Service recently issued Notice 2017-44. This notice provides model amendments that a sponsor of a qualified defined benefit plan may use to amend its plan document to offer bifurcated distribution options to participants in accordance with final regulations issued under § 417(e) of the Internal Revenue Code (see T.D. Read More
Defined Benefit PlansERISAIRSPension Plans

IRS Updates the Employee Plans Compliance Resolution System (“EPCRS”)

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David Torrillo
Saturday, October, 01, 2016 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
IRS Updates the Employee Plans Compliance Resolution System (“EPCRS”) Revenue Procedure 2016-51 modifies and superseded Rev. Proc. 2013-12, 2013-4 I.R.B. 313, which sets forth the Employee Plans Compliance Resolution System (“EPCRS”), a comprehensive system of correction programs for sponsors of retirement plans that have failed to satisfy certain requirements under section 401(a), 403(a), 403(b), 408(k), or
401(k)403(b)compliance resolution systemDefined Benefit PlansDOLEPCRSERISAfailuresIRSPension PlansPlan Documentrevenue procedures

Proposal to Modernize and Improve the Form 5500 Annual Return/Report Filed By Employee Benefit Plans

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David Torrillo
Tuesday, July, 12, 2016 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
As detailed in the press release from the DOL on July 11, 2016, the long awaited Proposed Forms Revisions to the Form 5500 Annual Return/Report Series. They can be found on the DOL’s website and are summarized below based on the DOL’s Fact Sheet. Read More
401(k)403(b)Defined Benefit PlansDOLEBSAEFAST 2 Filing of Form 5500sEFAST 3ERISAForm 5500IRSPension Plans
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  • Policy Updates
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Torrillo & Associates, LLC specializes in employee benefit plan audits, 401k audits, 403b audits, pension plan audits, and retirement plan audits. We are licensed in 7 states including New York, New Jersey, and Pennsylvania.  With firm mobility, we are also able to practice in an additional 27 states.

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