NICHOLAS J. WHITE, October 2015 — In 2008, the Department of Labor (DOL) issued a safe-harbor regulation for plan investment fiduciaries regarding a prudent process for selecting and monitoring annuity providers and contracts for defined contribution plans (the “Safe Harbor Rule”). In Field Assistance Bulletin (FAB) 2015-2 (the “FAB”), issued this past summer, the DOL […]
Retirement Plans
SHANNON OLIVER and KEVIN E. NOLT, October 2015 — The Internal Revenue Service (the “IRS”) has announced the annual cost-of-living adjustments applicable to dollar limitations for retirement plans and other items for Tax Year 2016. The retirement plan limitations generally are unchanged in 2016 because in most cases the slight increase in the cost-of-living index […]
T. KATURI KAYE, September 2015 — On September 9, 2015, the Internal Revenue Service (“IRS”) issued final regulations on determining minimum required pension contributions under Internal Revenue Code (“Code”) section 430 for single employer defined benefit pension plans for plan years beginning on or after January 1, 2016. Code section 430 was added by the […]
ROBERT R. GOWER, July 2015 — On July 21, 2015, the Internal Revenue Service (“IRS”) released Announcement 2015-19, announcing a significant curtailment of the IRS determination letter program for individually designed retirement plans. Announcement 2015-19 eliminates the five-year remedial amendment cycle for individually designed retirement plans and restricts the IRS determination letter program to limited […]
JENNIFER D. BROOKS, July 2014 — If your 401(k), or other defined contribution plan document is a prototype or volume submitter plan, then it may seem like just yesterday you were contacted by your document provider and asked to restate your plan document for Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”). In […]
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