Single-employer defined benefit pension plans that have elected to use the “alternative method” for determining Pension Benefit Guaranty Corporation (PBGC) premiums have a window to take action that may significantly reduce their PBGC premiums for 2023. Action must be taken prior to the due date for PBGC premiums for the year, which for calendar year
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403(b) Plan Sponsors: Expansion of IRS Determination Letter Program Will Bring Form 5300 and 5310 Changes
By Morgan Lewis
The Internal Revenue Service (IRS) expanded its individually designed determination letter program to include 403(b) retirement plans in November 2022, before which time 403(b) plan sponsors did not have the ability to file for a determination letter, and thus could not receive assurance from the IRS that the plan’s written terms complied with Internal Revenue…
Reminder: Form W-4P Withholding Certificates on Periodic Pension or Annuity Payments Must Be Valid and Up to Date
By Morgan Lewis
Recipients of periodic or annuity retirement plan distributions provide a Form W-4P to payors of pension or annuity payments for the correct amount of federal income tax to be withheld from these distributions. (While retirement plan administrators are primarily liable for withholding (and remittance of withholding), under Treasury Regulation § 3405-1T, Q&A 13 , this…
Check Out Our Upcoming Events on Employee Benefits and Executive Compensation!
By Morgan Lewis
Join Morgan Lewis for webinars on employee benefits and executive compensation.
Transitioning to Post-SECURE 2.0 Pension Overpayment Recovery Practices
By Morgan Lewis
As we have previously discussed , the SECURE Act 2.0 of 2022 (SECURE 2.0) changed the game for plan sponsors when considering whether and how to recover retirement plan overpayments. The new rules provide welcome relief and much-needed flexibility for many plan sponsors and fiduciaries who felt compelled to attempt to recover many types of…
NYSE, Nasdaq Set December 1, 2023 Compliance Date for Dodd-Frank Clawback Listing Standards
By Morgan Lewis
The New York Stock Exchange (NYSE) and Nasdaq , on June 5 and June 6, respectively, amended the proposed listing standards they previously submitted to the US Securities and Exchange Commission (SEC) to extend the compliance deadline. As amended, if the listing standards are approved by the SEC (as expected to happen this week), the…
New IRS Q&A Regarding EPCRS Expansion Answers Some – But Not All – Questions
By Morgan Lewis
The Internal Revenue Service (IRS) released Notice 2023-43 (Notice) on May 25, which provided guidance regarding the expansion of the IRS’s Employee Plans Compliance Resolution System (EPCRS) mandated by Section 305 of the SECURE 2.0 Act of 2022 (SECURE 2.0).
IRA Providers: SECURE Act 2.0 Expands EPCRS to Correct Inadvertent IRA Errors
By Morgan Lewis
The SECURE 2.0 Act of 2022 (SECURE 2.0) made a number of changes in law intended to simplify the administration of retirement plans, including through the expansion of the Internal Revenue Service (IRS) Employee Plans Compliance Resolution System (EPCRS). EPCRS furthers the goal of ensuring that tax-qualified retirement plans operate in compliance with the Internal…
Nine Considerations for Plan Fiduciaries Based on DOL Investigatory Activities
By Morgan Lewis
As the US Department of Labor (DOL) continues its investigation of retirement plans and their fiduciaries, we outline nine issues that the DOL has focused on in those investigations as a guide for plan fiduciaries in navigating fiduciary compliance, including top-of-mind areas such as cybersecurity and data privacy and ESG investing.
Nine Considerations for Plan Fiduciaries When Undergoing a DOL Investigation
By Morgan Lewis
As the US Department of Labor (DOL) continues its investigation of retirement plans and their fiduciaries, we outline nine issues that the DOL has focused on in those investigations as a guide for plan fiduciaries in navigating fiduciary compliance, including top-of-mind areas such as cybersecurity and data privacy and ESG investing.