Regulatory Compliance

The Pension Benefit Guaranty Corporation (PBGC) has announced that it has updated most of the forms, instructions and modules of its e-filing portal that are affected by the Miscellaneous Corrections, Clarifications, and Improvements Final Rule. The Office of Management and Budget (OMB) has... READ MORE

Do deferrals have to stop after a hardship distribution has taken place? A recent blog entry offers an answer based on two different scenarios. In “Do We Still Need to Suspend Deferrals Following a Hardship Distribution?,” a recent entry on its blog, DWC looks at whether such an action needs to be... READ MORE

The IRS has issued the 2020 cumulative list of changes in plan qualification requirements for pre-approved defined benefit plans. The changes are contained in Notice 2020-14. The 2020 Cumulative List sets forth specific matters the IRS has identified for review in determining whether a DB plan... READ MORE

The IRS has updated the comprehensive information it provides on distributing assets on time and the failure to do so. In “Issue Snapshot – Plan Termination: Failure to Timely Distribute Assets” the IRS discusses the holding in Revenue Ruling (Rev. Rul.) 89-87 about a plan that fails to timely... READ MORE

In a unanimous ruling, the nation’s highest court says you don’t need more than a dictionary to know the meaning of “actual knowledge” when it comes to participant awareness regarding 401(k) disclosures.   ‘Tell’ Tale   The decision came in a case involving Intel’s 401(k), its decision to... READ MORE

The IRS and the Department of Labor should strengthen their oversight of executive retirement plans, the Government Accountability Office says in a recently released report.   In “Private Pensions: IRS and DOL Should Strengthen Oversight of Executive Retirement Plans,” the GAO notes that... READ MORE

Some questions seem so obvious that one wonders why they are even asked. And the answers may be obvious—but in different ways for different people. One such question is raised in a post on DWC’s blog. Some might be surprised by the answer. Suppose an employee passes away at age 73. He had been... READ MORE

The IRS has issued the draft instructions for the 2020 IRS Forms 1099-R and 5498: Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. But these instructions are only drafts, and are not to be used for actual filing. The information to be... READ MORE

The Security and Exchange Commission (SEC) is putting sales of 403(b) plans to teachers under its scrutiny. Where did this come from? And what does it mean?   In June 2019, the SEC announced two new initiatives that it said built on its ongoing efforts to protect retail investors: The Teachers’... READ MORE