More retirement-related regulatory news for plan sponsors, including links to detailed information.
DOL issues notice for to review use of brokerage windows in participant-directed individual account retirement plans
The Department of Labor’s (DOL) Employee Benefits Security Administration has published a notice as part of its review of the use of brokerage windows (including self-directed brokerage accounts or similar arrangements) in participant-directed individual account retirement plans covered by the Employee Retirement Income Security Act of 1974 (ERISA).
The Request for Information contained in the notice will assist the DOL in determining whether, and to what extent, regulatory standards or other guidance concerning the use of brokerage windows by plans are necessary to protect participants’ retirement savings. It also will assist the DOL in preparing any analyses that it may need to perform pursuant to Executive Order 12866, the Paperwork Reduction Act, and the Regulatory Flexibility Act.
To read the entire Request for Information, click here.
IRS updated Forms 8717 and 8717-A for determination letters
The Internal Revenue Service (IRS) issued a new version of Form 8717, User Fee for Employee Plan Determination Letter Request, reflecting increases in some fees for 2014. It also updated Form 8717-A, User Fee for Employee Plan Opinion or Advisory Letter Request.
The updated user fee schedule on the form is effective for all determination letter applications postmarked after Jan. 31. The revised form must be used after July 1, the IRS said on the form’s instructions.
IRS issues revenue ruling stating some Puerto Rican retirement plans qualify as group trusts
The IRS issued Revenue Ruling 2014-24 stating that certain retirement plans qualified only under Puerto Rico’s tax code may be included on the list of group trust retiree benefit plans eligible to participate in 81-100 group trusts.
Revenue Ruling 2014-24 will be published in the Internal Revenue Bulletin on September 8, 2014.
To read a copy of Revenue Ruling 2014-24, click here.
Bureau of Labor Statistics issues annual health and retirement plan provisions survey
The Bureau of Labor Statistics has issued the National Compensation Survey: Health and retirement plan provisions in private industry in the United States, 2013. The National Compensation Survey (NCS) provides comprehensive measures of compensation cost trends, the incidence of benefits, and detailed benefit provisions. This bulletin presents estimates of the detailed provisions of employer-provided health and retirement plans in private industry in 2013.
To read the entire survey, click here.