IRS extends temporary nondiscrimination relief for closed DB plans through 2019

The IRS has extended for an additional year the temporary relief provided in IRS Notice 2014-5 for certain closed defined benefit (DB) pension plans (i.e., plans that are closed to new entrants as of a specified date, but continue to provide ongoing accruals for existing participants). Thus, the temporary relief is available for plan years […]

Fiduciary breach claims brought by employees on behalf of plans fell outside arbitration agreements in individual employment contracts

Plan participants were not required by arbitration agreements signed as part of their individual employment contracts to submit claims for breach of fiduciary duty to arbitration, according to the U.S. Court of Appeals in San Francisco (CA-9). In affirming a decision of the trial court, the Appeals Court explained that the scope of the arbitration […]

IRS extends deadline for pre-approved DC plan six-year cycle opinion letter procedures

The IRS has extended the deadline for submitting on-cycle opinion letter applications for pre-approved defined contribution plans for the third six-year remedial amendment cycle to December 31, 2018. This revenue procedure is effective as of August 15, 2018. Under Rev. Proc. 2017-41, this submission period was scheduled to begin on October 2, 2017 and to […]

PBGC seeks comments on regs concerning reportable events and notice of failure to make required contributions

The Pension Benefit Guaranty Corporation (PBGC) is seeking comments on an extension, with modifications, of two currently approved collections of information under its regulations on reportable events and certain other notification requirements. The PBGC has issued Forms 10 and 10-Advance and instructions under regulations concerning reportable events, and Form 200 and instructions under regulations relating […]

PBGC seeks nominations for Advisory Committee members

The Pension Benefit Guaranty Corporation (PBGC) seeks nominations for individuals to serve as members of the PBGC Advisory Committee. The deadline for receipt of nominations is September 24, 2018. The Advisory Committee consists of seven members appointed by the President from among individuals recommended by the PBGC Board of Directors. By February 19, 2019, the […]

Nominations sought for ERISA Advisory Council

The Department of Labor is soliciting nominations to fill five three-year vacancies on the ERISA Advisory Council on Employee Welfare and Pension Benefit Plans. The deadline for receipt of nominations is September 17, 2018. The terms of five Council members expire at the end of the year. Nominations are being accepted for one vacancy each […]

Banks were not liable under ERISA as functional fiduciaries for fraudulent manipulation of foreign exchange transactions

The alleged fraudulent manipulation of benchmark rates by banks to maximize profits from foreign exchange transactions involving plan assets did not constitute sufficient discretionary control over plan assets to subject the banks to liability under ERISA as functional fiduciaries, according to U.S. Court of Appeals in New York (CA-2). The transactions involved plan assets, but […]

Facebook messages exchanged between plan participants in fiduciary breach suit subject to discovery

Private Facebook messages exchanged between plan participants in a breach of fiduciary duty suit were subject to discovery by the plan fiduciaries, according to a federal trial court in Indiana. The messages, which disclosed nervousness regarding a pending deposition and a desire to be a good representative for the case, were legally relevant and, the […]

IRS final rules remove automatic extension of time to file Form W-2

The IRS has finalized rules for filing Forms W-2 (except Form W-2G) and Forms 1099-MISC with information in box 7 to accelerate the time for filing these forms so that the information concerning compensation in these forms is available earlier in the filing season for use in the IRS’s identity theft and refund fraud detection […]

PBGC issues second installment of 2016 pension insurance data book

The Pension Benefit Guaranty Corporation (PBGC) has released the second installment of its pension insurance data book that covers pension plan data for the year beginning in 2016. The PBGC data tables generally provide researchers, journalists and others interested in the federal pension insurance program easily accessible, detailed statistics for the single-employer and multiemployer plans […]