ERISA Section 4010 requires a contributing sponsor of certain single-employer pension plans, as well as the sponsor’s controlled group members, to provide controlled group, financial, and actuarial information to the PBGC each year. The requirement generally applies when one or more plans within a controlled group has a funding target attainment percentage for 4010 purposes
Retirement Plan
Self-Help: The IRS Provides Interim Guidance for Self-Correction under the SECURE Act 2.0
By Katrina McCann on
The IRS recently issued Notice 2023-43 providing new interim guidance for self-correction of plan errors. This guidance applies to corrections made prior to the anticipated issuance of revisions to the Employee Plans Compliance Resolution System (“EPCRS”). Under this guidance, provided certain conditions are satisfied, most Eligible Inadvertent Failures (defined below) may be self-corrected, though there are specific types of failures that may not be self-corrected at this time (discussed below).
Latest ERISA Developments on the IRA Rollover Fiduciary Rules, the DOL’s QPAM Exemption Amendment Proposal and the DOL’s ESG Rules
By Adam Scoll, Ira G. Bogner & Seth Safra on
In addition to the excitement of the upcoming outdoor concert season, Proskauer’s lawyers are anxiously awaiting VERY different forms of entertainment:
- the next installment of the never-ending saga of U.S. Department of Labor (“DOL”) guidance on who is considered an investment advice fiduciary, including whether the fiduciary standard applies to advice on whether to take a rollover;
- finalization of the DOL’s QPAM Exemption amendment proposal; and
- resolution of court challenges to the DOL’s final “ESG” rules.
We discussed these developments at ERISAFest 2023. If you missed it, feel free to reach out to your Proskauer contact for a recording, and be sure to sign up next year!
Seventh Circuit Affirms Discretion Over Who Gets Severance Benefits
By Seth Safra & Sydney Juliano on
A recent Seventh Circuit decision affirms the principle that an ERISA severance plan can reserve to the employer discretion over who is eligible for severance benefits. The case is Carlson v. Northrop Grumman Severance Plan, No. 22-1764, __ F.4th __, 2023 WL 3299703 (7th Cir. May 8, 2023).