More retirement-related regulatory news for plan sponsors, including links to detailed information.
Standard and distress termination forms and instructions posted
The Pension Benefit Guaranty Corporation (PBGC) published standard and distress terminations forms and instructions. Key changes include a new option for submitting these filings by email and the ability to request a prefiling consultation to determine whether a distress filing application is warranted. In addition, because the rules related to missing participants differ depending on whether the date of plan termination is before January 1, 2018, the post-distribution certifications (i.e., Forms 501 and 602, for standard and distress terminations, respectively), have been modified slightly so that they can be used for both pre-2018 and post-2017 terminations.
The new forms and instructions can be found here.
House approves bill for IRS Form 1099 Series Internet platform
The U.S. House of Representatives approved the “21st Century IRS Act” (H.R. 5445), which aims to improve cybersecurity and taxpayer identity protection. It also aims to modernize information technology at the Internal Revenue Service (IRS). The bill includes a provision to develop an internet platform that would allow persons to prepare, file, and distribute IRS Form 1099 series (Information Return), including 1099-R (Distributions From Pensions, Annuities, Retirement, etc.), by January 1, 2023. The bill requires Senate approval.