More retirement-related regulatory news for plan sponsors, including links to detailed information.
PBGC’s 2019 Annual Report of the Participant and Plan Sponsor Advocate
The Pension Benefit Guaranty Corporation (PBGC) published the “2019 Annual Report of the Participant and Plan Sponsor Advocate.” By law, the Office of the Advocate must submit a report, no later than December 31 of each calendar year, to certain statutorily designated Congressional committees detailing the fiscal year activities of the OPPSA ending during such calendar year.
The annual report summarizes participant and plan sponsor assistance requests, as well as the activities and effectiveness of the Advocate during the preceding year. The report also details significant problems identified by the Advocate and specific legislative and regulatory changes to address the problems.
To read the 2019 annual report, click here.
Updated Revenue Procedures for employee plans and exempt organizations released
The IRS has published Internal Revenue Bulletin 2020-1, which includes the various revenue procedures, revised for 2020, for issuing letters, rulings, determination letters, and technical advice on specific issues related to employee benefits. The documents are Rev. Proc. 2020-1, Rev. Proc. 2020-2, Rev. Proc. 2020-3, and Rev. Proc. 2020-4.
For an electronic version of Internal Revenue Bulletin 2020-1 containing these revenue procedures and user fee schedules, click here.
2020 W-4 issued
The IRS has issued 2020 Form W-4. The new design reduces the form’s complexity and increases the transparency and accuracy of the withholding system. While it uses the same underlying information as the old design, it replaces complicated worksheets with more straightforward questions that make accurate withholding easier for employees.
To download a copy of the 2020 Form W-4, click here.