Regulatory Compliance covers compliance with ethical codes of conduct as well as those promulgated by FINRA and the SEC.
The Office of Management and Budget has approved revisions to the Pension Benefit Guaranty Corporation’s standard termination, distress termination and missing participants forms and instructions. The new forms and instructions can be found on the Plan Terminations page of PBGC’s website.
The Pension Benefit Guaranty Corporation has revised two schedules to be used with 2014 Form 5500 filings. The PBGC modified the Schedule MB (multiemployer defined benefit plan actuarial information) and the Schedule SB (single-employer defined benefit plan actuarial information) and related instructions. The PBGC seeks the Office of Management and Budget’s approval of the modifications before it issues the revised schedules for use with 2014 filings.
Pension plans have a lot of adjustments to make in order to comply with the PBGC premium payment rules, which the PBGC amended for plan years beginning in 2014 and beyond. And even if a plan does not owe the PBGC a premium, it still must make a premium filing.
Defined contribution plans that were rewritten between May 1, 2008 and April 30, 2010 and that the IRS pre-approved need to be restated with the IRS. The six-year restatement period begins May 1, 2014 and ends April 30, 2016.
In two recent pronouncements, the IRS issued plan document guidance for pre-approved defined contribution plans being restated for the Pension Protection Act of 2006 (Announcement 2014-16), as well as 403(b) arrangements (Revenue Procedure 2014-28). According to the latest ASPPA asap, written by Richard A. Hochman, the guidance is a mixed bag.
Qualified retirement plans offer employees significant tax savings and have become a mainstay of most group benefits. But to maintain their qualified status, they must comply with a set of comprehensive rules and regulations. Failure to comply can result in the immediate taxation of all participants and the loss of the business expense for company contributions, as well as personal and legal repercussions for fiduciaries.
A majority of small businesses said in a recent study that the fee disclosure statements they receive from plan providers and vendors are more understandable than those they received in 2012.
New guidance from the IRS may make the plan-to-plan rollover process a little smoother. Revenue Ruling 2014-9, issued on April 3, is intended to make it easier for plan participants to consolidate their retirement savings accounts by making it easier for them to move assets from one employer plan to another.
The 19 ABC chapters feature networking and educational opportunities, right in your own neighborhood! CLICK HERE for more information.
Join our elite network of retirement-plan professionals.
Join as a Credentialed Member
Join as an Affiliate Member
The American Society of Pension Professionals & Actuaries is a non-profit professional society.
The materials contained herein are intended for instruction only and are not a substitute for professional advice.
Copyright 2018 by ASPPA
American Retirement Association
4245 N. Fairfax Drive, Suite 750 | Arlington, VA 22203
P. 703.516.9300 | F. 703.516.9308