More retirement-related regulatory news for plan sponsors, including links to detailed information.
DOL release proposed rule on association retirement plans and other multiemployer plans
The Department of Labor (DOL) proposed a regulation to expand access to affordable quality retirement saving options by clarifying the circumstances under which an employer group or association or a professional employer organization may sponsor a workplace retirement plan.
To read the entire proposed rule, click here.
PBGC issues maximum monthly guarantees for 2019
The Pension Benefit Guaranty Corporation (PBGC) announced that the guarantee limits for single-employer plans that fail in 2019 will be 3.46% higher than the limits that applied for 2018. A table showing the single-employer plan guarantee limits for various ages and payment forms is available on PBGC’s website. The guarantee limits for multiemployer plans are not indexed and therefore have not changed.
Reportable event reference sheet for small plans
The PBGC issued a quick checklist to help identify possible reportable events for small plans (i.e., plans with 100 or fewer participants).
To download the checklist, click here.
DOL provides compliance assistance resources to secure employee benefits
The DOL’s Employee Benefits Security Administration (EBSA) has developed compliance assistance resources to help protect employee benefits. EBSA’s goal is to help workers by restoring plan assets and securing the payment of promised benefits, and to help employee benefit officials understand the law. These tools give employee benefit plans the ability to self-correct violations, and further the goals of the DOL’s recently announced Office of Compliance Initiatives (OCI) to encourage and facilitate compliance.
For more information, click here.