Regulatory roundup

More retirement-related regulatory news for plan sponsors, including links to detailed information.

Modifications to 2020 Form 5500 Series proposed

The Pension Benefit Guaranty Corporation (PBGC) requested that the Office of Management and Budget (OMB) extend approval (with modifications) of its collection of information for annual reporting. PBGC is proposing modifications to the 2020 Schedule R (Retirement Plan Information) and its related instructions. The proposed modifications to Schedule R affect multiemployer defined benefit (DB) plans covered by Title IV of ERISA. PBGC is also proposing minor modifications to the Form 5500 Series to improve the accuracy of reported information.

For more information, click here.

IRS extends temporary nondiscrimination relief for closed DB plans through 2020

The Internal Revenue Service (IRS) issued Notice 2019-49, which extends the temporary nondiscrimination relief for closed DB plans that is provided in Notice 2014-5, 2014-2 I.R.B. 276, by making that relief available for plan years beginning before 2021 if the conditions of Notice 2014-5 are satisfied.

The IRS and the Department of the Treasury expect that the final regulations making amendments to the § 401(a)(4) regulations will include a number of significant changes in response to comments received.

However, it is anticipated that the final regulations will not be published in time for plan sponsors to make plan design decisions based on the final regulations before expiration of the relief provided under Notice 2014-5 (as last extended by Notice 2018-69). Accordingly, the IRS and the Treasury have determined that it is appropriate to extend the relief provided under Notice 2014-5 for an additional year.

For more information, click here.

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