More retirement-related regulatory news for plan sponsors, including links to detailed information.
Report on DOL’s fiduciary conflict-of-interest rule
The Congressional Research Service has released “Department of Labor’s 2016 Fiduciary Rule: Background and Issues.” The report explores the U.S. Department of Labor (DOL) rule as it applies to pensions, individual retirement accounts, and investments.
To download the report, click here.
IRS updates procedures for multiemployer pension suspension applications
The Internal Revenue Service (IRS) has revised the procedures for multiemployer pension plans applying to suspend benefits to avoid insolvency. IRS Revenue Procedure 2017-43 clarifies that multiemployer plans that are in critical or declining status and applying for a benefit suspension must project withdrawal liability payments as part of the projection of a plan’s available resources. It also specifies who should be provided sample notices as part of the application.
For more information, click here.