The Office of Information and Regulatory Affairs of the Office of Management and Budget has outlined the regulatory agenda of the IRS, and the status of the rules that are part of it.
Proposed Rules
Reporting and Notice Requirements for Deferred Vested Benefits Under Section 6057. Would provide guidance on the requirement for plan administrators or employers to furnish an individual statement to participants who separate from service with a deferred vested benefit.
Spousal IRAs, SEPs and IRA Technical Changes. Will provide guidance relating to IRAs and will update the current IRA regulations to reflect statutory and regulatory changes.
Additional Rules Regarding Pension Plan Funding and Benefit Restrictions. Would provide additional guidance regarding the determination of plan assets and benefit liabilities for purposes of the funding requirements that apply to single employer defined benefit plans, the use of certain funding balances maintained for those plans, and the benefit restrictions for certain underfunded defined benefit pension plans.
Definition of Church Plan. Would update existing final regulations on the definition of a church plan under Code Section 414(e), including addressing certain of the requirements to be treated as a church plan under Section 414(e)(3)(A).
Application of Nondiscrimination Requirements, Backloading Limitations, Certain Plan Termination Rules, Benefit Limitations, and Top Heavy Rules to Statutory Hybrid Plans. Would provide guidance on the application of the nondiscrimination requirements, the backloading limitations, certain plan termination rules, the benefit limitations, and the top heavy rules to cash balance plans, pension equity plans and variable annuity plans that addresses particular characteristics of those types of plans.
Update to Minimum Present Value Requirements for Defined Benefit Plan Distributions. Will modify the minimum present value requirements applicable to certain pension plans in order to update the regulations for changes made by the Pension Protection Act of 2006, and would provide other modifications to these rules as well.
Guidance on the Timing of the Use or Allocation of Forfeitures in Qualified Retirement Plans. Would provide rules describing when forfeitures may be used or allocated in a qualified retirement plan.
Withholding on Certain Retirement Plan Distributions Under Section 3405(a) and (b). These are final proposed regulations regarding withholding on certain retirement plan distributions under Section 3405(a) and (b).
SECURE Act Modifications to Certain Rules Governing 401(k) Plans. Would implement Sections 102, 103, 109, 112, and 113 of the SECURE Act, which modify certain aspects of the rules governing 401(k) plans.
Guidance on 401(a)(9) Required Minimum Distributions. Regulations to provide guidance on changes to the required minimum distribution rules (RMD) applicable to qualified retirement plans and individual retirement arrangements made by the SECURE Act and to clarify rules on determining the designated beneficiary for purposes of applying the RMD rules.
Final Rules
Regulations Under Section 401(a)(9) Updating Life Expectancy and Distribution Period Tables for Purposes of the Required Minimum Distribution Rules. Will update the life expectancy tables that apply for purposes of computing minimum required distributions from qualified retirement plans to more accurately reflect life expectancies based on the latest available empirical data.
Nondiscrimination Relief for Closed Defined Benefit Plans. Would amend the existing Section 401(a)(4) and Section 401(a)(26) regulations applicable to certain DB and DC plans that provide additional benefits to a grandfathered group of employees to reflect modifications enacted by section 205 of the Setting Every Community up for Retirement Enhancement Act of 2019, Pub. L. 116-94 (SECURE Act).
Withholding on Certain Retirement Plan Distributions Under Sections 3405(a) and (b). These are final proposed regulations regarding withholding on certain retirement plan distributions under Sections 3405(a) and (b).
MEPs and the Unified Plan Rule. Provide limited relief to a DC multiple employer plan (MEP). The regulations in the event of a failure by one employer maintaining the plan to satisfy an applicable qualification requirement or to provide information needed to ensure compliance with a qualification requirement. The regulations affect participants in MEPs, MEP sponsors and administrators, and employers maintaining MEPs.
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