Subscribe: Ret plans - admin (BenefitsLink.com)
http://www.benefitslink.com/rdf/benefitslink-retplanadministration.rdf
Added By: Feedage Forager Feedage Grade B rated
Language: English
Tags:
benefit  benefitslink message  guidance  hurricane irma  hurricane  irma  irs  message boards  pbgc  plan  plans  relief  year 
Rate this Feed
Rate this feedRate this feedRate this feedRate this feedRate this feed
Rate this feed 1 starRate this feed 2 starRate this feed 3 starRate this feed 4 starRate this feed 5 star

Comments (0)

Feed Details and Statistics Feed Statistics
Preview: Ret plans - admin (BenefitsLink.com)

Ret plans - admin (BenefitsLink.com)



Headlines re Ret plans - admin, gathered by BenefitsLink.com



 



Is It Time to Ditch Some Retirement Plan Disclosures?
"The summary annual report for defined contribution plans ... is required to be sent out to participants by Sept. 30 each year ... During meetings of the Labor Department's ERISA Advisory Council this year, representatives from the financial services industry and employer groups all advocated for the elimination of the requirement, calling it ineffective." (Bloomberg BNA)



HIPAA Compliance: Protecting Employee Information
"Document employee training.... Procedures should affect every department.... Audit all subcontractors.... Make areas with private information secure.... Use shredders.... Make privacy a workplace culture.... Shut off the auto-complete option.... Protect employee files.... Ask for outside help." (Lindquist LLP)



[Discussion]Question on 401(a)(31)(B), $1k Ceiling/threshold, $5k Ceiling/threshold
"Bumppo23 Registered 0 133 posts Report post (IP: 209.6.182.67) Posted 32 minutes ago Does one include Roth accounts in the $1K threshold for 401(a)(31)(B)? Does one treat Roth amounts separately for the $1K threshold?" (BenefitsLink Message Boards)



[Opinion] Text of Comment Letters to DOL on Disclosures and Coverage of Treatment for Eating Disorders Under MHPAEA
The 23 letters posted to the DOL website as of Sept. 18, 2017 were submitted to DOL in response to its request for comments on disclosures and on coverage for eating disorders, in ACA FAQ Part 38 (June 16, 2017). Deadline for submission of comments was Sept. 13, 2017. (Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL])



The Perils of a Multi-Vendor 403(b) Plan (PDF)
"The primary issues prevalent in multi-vendor 403(b) environment include: a lack of oversight from a vendor due diligence perspective, use of proprietary investment products, and pricing inefficiencies. This white paper intends to provide a brief history of 403(b) plans, highlight each of the aforementioned issues and equip plan sponsors with examples of actions committees can take moving forward." (Arthur J. Gallagher & Co.)



[Discussion]Who Prepares Form 990-T?
"Are TPAs preparing Form 990-T for the retirement plans of their clients, or are they deferring to the client's CPA? and If a K-1 (1065) has an attachment for Part III, Item 20 (Other Information), letter 'V" (UBTI), does the figure on the attachment reflect the net UBTI or the gross UBTI?" (BenefitsLink Message Boards)



[Discussion] Reporting of Deceased Participants on Form 8955-SSA
"Are deceased participants included in the 8955-SSA filing? The instructions are not clear to me. For example, if a participant dies while active, there is a benefit owed to the estate/beneficiary, but at this point is not owed to them, the SSN on the form. The same is true of those who terminated in the past and were reported on an SSA, but died in the plan year. Their estate/beneficiary is paid out at this point, so should they be a "D" on the form with their SSN?" (BenefitsLink Message Boards)



[Discussion]Terminating Plan with J&s
"PS plan terminating with merged MPP assets subject to J&S. If MPP portion is >5K and participant is missing or unresponsive, can we roll their funds to an IRA or must we purchase an annuity?" (BenefitsLink Message Boards)



[Discussion]Controlled Group with Different Eligibility
"if you have a controlled group. plan a has no service requirements immediate eligibility deferral and safe harbor match. Group b has 1 year of service and monthly entry. The plans must be aggregated to pass coverage and we have to test on statutory exclusions The plans are not top heavy single or aggregated Is the plan really satisfying safe harbor? it seems like there would be a problem if one group is immediately eligible to defer and receive shmc when the other group has to wait 1 year and dual entry Are there any additional testing requirements that are needed when you have a controlled group and vastly different eligibility requirements?" (BenefitsLink Message Boards)



[Discussion] Continuing Education Credits for ERPA Designation: 16 Hours Required Each Year?
"I spoke with an IRS agent in the Enrolled Agent department about my belief that an ERPA must must earn 72 hours of continuing education during a 3-year cycle in which a minimum of 16 hours is required each year (including 2 hours of ethics). The agent says there actually is no 16-hour annual requirement, just that I get the 72 hours some time during the 3 years. My current cycle is 4/1/2016 through 4/1/2019. I plan to attend a conference in November that will will give me over 72 hours of credit, meaning all I will need during 2018-2019 is a few hours of ethics. Is that how it works?" (BenefitsLink Message Boards)



[Discussion] Using Prior Year Testing Method with No Matching Contributions, So HCEs Can't Get Matches in Current Year?
"I have a plan that uses prior year testing method for deferrals and match. Client did not make a matching contribution in 2015. Is it correct to say that the match percentage applied to the HCEs for the 2016 year is 0%, so that any HCE who receives a match in 2016 must forfeit the entire match amount?" (BenefitsLink Message Boards)



[Official Guidance] Text of PBGC Disaster Relief 17-13 in Response to Hurricane Irma in Georgia
"[PBGC] is waiving certain penalties and extending certain deadlines in response to Hurricane Irma that began on September 7, 2017, in Georgia.... The disaster area consists of any of the 159 counties in Georgia." (Pension Benefit Guaranty Corporation [PBGC])



Comments May Enhance ERISA Advisory Council's Attempt to Streamline Disclosures to Participants
"[M]ost respondents agree that the SAR for 401(k) plans adds little to no value. However, one commenter stated that the SAR should be eliminated for most defined contribution (DC) plans but maintained for employee stock ownership plans (ESOPs) and money purchase pension plans. Most commenters agreed that the notices should be given out all at one time or based on life events. Participants become numb to the flood of plan notices they receive each year, and may delete or toss them upon receipt.... Comments regarding SPDs were mixed, with some commenters stating these should stay as they are, and others saying that SPDs have become overly complicated and should be simplified." (HR Daily Advisor)



Avaya Retiree's Widow Loses Bid to Secure Pension Payments
"The survivor benefit ... received by the widow is an unsecured debt and not a 'retiree benefit' as defined by the code, [the bankruptcy court for the Southern District of New York] held Sept. 18. The benefit is based on the widow's right to receive her late husband's deferred compensation, and Avaya's obligation to make those payments doesn't convert a pension payment into a 'retiree benefit' protected by the code, he said." [In re Avaya Inc., No. 17-10089 (Bankr. S.D.N.Y. Sept. 18, 2017)] (Bloomberg BNA)



Selecting a DC Plan Recordkeeper: Is Cheaper Always Better? (PDF)
"While the DOL has provided guidance on the overall responsibilities of plan sponsors, these guidelines fall short of speaking to best practices when dealing with recordkeepers.... [It] is essential to periodically assess if all contractual obligations are being met (not just fees).... [This paper describes] five core components to consider in order to both meet your fiduciary duties and get the most value from your retirement plan recordkeeper: Fees, Hidden Expenses, Plan Demographics, Service Quality and Technology." (Portfolio Evaluations, Inc.)



Managing Benefits: To Outsource or Not to Outsource?
"Make sure when researching firms, you ask the right questions, such as: What is your benefits strategy today? In the next three years? Do you work directly with my employees or solely through my HR department? What specific dynamics are most important to you across HR and your organization?" (Hodges-Mace)



[Discussion] Loan VCP for Owner of Plan Sponsor
"Can people share success rates for a Voluntary Compliance Procedure correction of an owner's loan (he owns 50% of the business)? The participant did not make the majority of payments in the first year, so he's 'way behind.' (BenefitsLink Message Boards)



Keep Your 401(k) Safe from Cybercrime: Don't Delegate Fiduciary Responsibilities
"Within the 401(k) plan fiduciary hierarchy, there are only two fiduciary roles that can direct the Custodian to transfer or distribute plan assets: [1] ERISA 403(a) Trustee -- is named in a 401k plan or trust document and has exclusive authority and discretion to manage and control plan assets. [2] ERISA 3(16) Plan Administrator -- is basically responsible for any fiduciary responsibility not assumed by the ERISA 403(a) Trustee. These roles are often a 401(k) plan's last line of defense when a cybercriminal attempts to steal its assets." (Employee Fiduciary)



IRS Revises Procedures for Multiemployer Plan Benefit Suspensions (PDF)
"Revenue Procedure 2017-43 modifies the submission and notice requirements for suspension of benefits applications. Under the revised procedures, if the IRS identifies an error in the application after it is submitted, it will ask for additional materials to correct the error, instead of rejecting the application. The latest guidance also includes [additional] changes[.]" (Prudential)



The Future of Plan Sponsor Site Messaging
"[C]ertain messaging features can be particularly useful in the retirement space and add to the overall effectiveness of the digital plan sponsor experience.... Increasing employee engagement with company retirement plans and improving participants' retirement readiness are tasks central to the plan sponsor role but difficult to accomplish. One way recordkeepers can help plan sponsors in this area is to allow them to broadcast messages to participant sites." (Corporate Insight)



[Discussion] Handing Missed Deferrals and Matching Contributions Under a Safe Harbor 401(k) Plan
"Under a safe harbor 401k plan, the plan sponsor failed to withheld deferrals on bonus checks. They realized the error the next week. Because it was caught so early, are they allowed to just let participants make up their missed deferrals on the next check? And if a participant chooses not to make it up, should the employer get something in writing from the participant? Would the employer have to fund the match that would have been been for the deferral by such a participant?" (BenefitsLink Message Boards)



Review Your 401(k) Providers Regularly: Here's How
"Start with your investment advisor ... The recordkeeper RFP/RFI ... RFP/RFI evaluation ... The last step -- Conversion ... [T]he vast majority of 401k plans have December 31 year-ends and most plan sponsors like to convert to new providers effective with the new plan year beginning January [1] If your plan year ends December 31, there are good reasons not to run with the crowd: ..." (Lawton Retirement Plan Consultants)



Pension Risk Strategies Accelerate with Changing Dynamics
"80% of plan sponsors have accelerated funding, largely due to increasing [PBGC] fees and the prospect of lower corporate taxes ... A majority of respondents say they now have a dynamic de-risking investment strategy in place and are moving forward with risk transfer projects ... Almost 60% of respondents claim they are considering plan termination within the next ten years. In the 2017 survey findings, about 59% indicated their timeline to consider termination was 10 years or less, whereas the 2015 survey results revealed only about 46% made such considerations." (Mercer)



New Concerns for Employers and HR Departments Post-Equifax Cyber Breach
"Recent high-profile breaches, including the Equifax hack, have placed plan fiduciaries on notice that the risk of a cyber-attack is real. To combat this risk, ... plan fiduciaries [should take specific] steps to protect plan assets from cyber-attacks ... Plan fiduciaries should document any measures taken to improve data security, including all interactions with service providers and any changes implemented as a result of such interactions. Plan sponsors should also consider communicating security tips to plan participants." (Holland & Hart LLP)



[Guidance Overview] More Hurricane Relief and Expansion of DOL Relief for Irma Victims
"Leave donation program was extended [by IRS] to assist victims of Hurricane Irma ... [The DOL] extended the Harvey guidance to victims of Hurricane Irma ... Deposit of payroll deductions ... Blackout notice requirement relief ... ERISA plan claim procedure deadlines and COBRA election deadlines." (Winstead PC)



[Discussion] Failure to Stop Auto-enrolled Salary Deferrals
"Plan auto-enrolls at 5%. Participant completes the online process with the vendor to opt out. Plan sponsor does not stop withholding for 6 months. Participant wants the money back. Vendor says 'Too late, you can't have the money back,' because too much time has passed. I don't think their answer is valid. EPCRS does not have an example of this nature, but I'd like to know if you agree with me that it's reasonable to return the deferrals and forfeit the match using the logic in EPCRS, which states: '[1] Restoration of benefits. The correction method should restore the plan to the position it would have been in had the failure not occurred, including restoration of current and former participants and beneficiaries to the benefits and rights they would have had if the failure had not occurred.' " (BenefitsLink Message Boards)



[Discussion] Audit-Related Fees Payable from Plan Assets?
"Client's plan is being audited by IRS. We provide support services to the client/plan in connection with the audit and charge a fee. Is that fee eligible to be paid from plan assets?" (BenefitsLink Message Boards)



[Discussion] Actuarial Adjustment of QPSA Benefit Due to Missed Payments
"We have a plan that has not been able to locate the surviving spouse of a deceased terminated-vested participant for a number of years. The TV participant would have turned 65 in 2015 (when QPSA payments would have started) and we are wanting to begin distribution of the QPSA for the spouse soon. The plan does not allow for retroactive payments. Would the QPSA benefit due to the spouse be actuarially increased to 2017 based on the participant's lifetime or the spouse's lifetime?" (BenefitsLink Message Boards)



Appeals Office to Resume In-Person Conferences
" 'Step one is going to be for field cases to turn the decision back over to taxpayers,' Andy Keyso, acting deputy chief at the [IRS] Office of Appeals, said ... 'Do you want an in-person conference? If so, you'll get it.' Step two is to include campus cases. Currently, Appeals is unable to offer in-person conferences for smaller cases that are worked out of the IRS campuses, Keyso said. Field cases include audits by a field revenue agent or office examiner, while campus cases include correspondence exam cases[.]" (Bloomberg BNA)



[Official Guidance] Text of PBGC Notice of Intent to Request Extension of OMB Approval of Form 5500, with Modifications
"With regard to the Schedule MB instructions, PBGC is proposing to change the instructions to require new attachments in two situations ... With regard to the Schedule SB instructions, PBGC is proposing to change the instructions related to an attachment that is currently required of plans for which the IRS has granted permission to use a substitute mortality table.... If the [IRS] regulations are not effective on 1/1/2018, then the proposed changes to the Schedule SB will be deleted from the final Form 5500 instructions. PBGC is proposing to require plans to report additional information (consistent with the amended regulation) as part of the item 23 attachment. The addition of information will allow PBGC to reconstruct the substitute table for which the plan has sought IRS approval." (Pension Benefit Guaranty Corporation [PBGC])



[Official Guidance] Text of PBGC Technical Update 17-1: Active Participant Reduction Reportable Events
"PBGC is providing an alternative method for determining whether reporting an attrition event to PBGC is required under Section 4043.23(a)(2) to avoid possible duplicative reporting.... To determine whether reporting is required for an attrition event for a plan year, a potential filer may disregard any cessations of active participant status reported to PBGC for single-cause events during the plan year or preceding plan year." (Pension Benefit Guaranty Corporation [PBGC])



[Discussion] Failure to Stop Deducting 401(k) Deferrals
"An employee submitted an election to stop making 401(k) contributions shortly before her hardship distribution. Payroll continued to withhold the 401(k) and did stop it until about 2 months later. How to correct?" (BenefitsLink Message Boards)



[Discussion] Controlled Group Involving Non-Profit Org and Two For-Profit Companies
"We provide services to a non-profit establishing a safe harbor 401(k) plan. The main director of the non-profit owns 100% of two for-profit corporations with employees. Because the main director of the non-profit essentially represents the other organizations by virtue of owning them and acting as their president, I am thinking this is a controlled group situation among the three organizations. But the for-profit companies don't have any direct control over or other involvement with the non-profit, so my client disagrees. Am I right?" (BenefitsLink Message Boards)



[Official Guidance] DOL Extends Hurricane Harvey Compliance Guidance and Relief to Employee Benefit Plans Impacted by Hurricane Irma
"The Department understands that plan fiduciaries, employers, labor organizations, service providers, and participants and beneficiaries may encounter issues complying with [ERISA] over the next few months as the implications of Hurricanes Irma and Harvey unfold. The guidance provided in this statement generally applies to employee benefit plans, plan sponsors, employers and employees, and service providers to such employers who were located in a county identified for individual assistance by the Federal Emergency Management Agency (FEMA) because of the devastation caused by Hurricane Irma or Hurricane Harvey." (Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL])



[Discussion] Timing of Corrective Amendment for 2016 and Going Forward for 2017
"We have a client that has allowed participants into the match portion of the plan earlier than the document allows. We are doing a corrective amendment for 2016, but can we also do a corrective amendment now for 2017? My concern is that I thought that a corrective amendment was only available after the plan year ended. Client has changed the entry conditions for match to tie to those of the deferral with an amendment effective August 1, 2017. But there is still the issue of the period from 1/1/17 to the date of amendment." (BenefitsLink Message Boards)



Assessing Americans' Financial and Retirement Security
16 pages. "45 percent of U.S. households are financially secure and on track for a secure retirement. 20 percent need to take some modest actions to be financially secure. 35 percent of Americans need to significantly improve their financial security.... [S]mall, consistent actions by households can dramatically improve their financial and retirement security in a matter of years." (American Council of Life Insurers [ACLI])



[Guidance Overview] Hurricane Irma Relief; Harvey Relief Expanded
"The IRS has provided the same relief to those affected by Irma as it gave to Harvey's victims, and has announced new defined benefit funding relief for the victims of both disasters. This article ... explain[s] the new announcements, and [notes] that the deadline to contribute 401(k) safe harbor employer contributions is not extended." (S. Derrin Watson, via FIS Relius)



[Discussion] Excess Safe Harbor Matching Contribution for One Participant: Where Does It Go?
"Small SH 401K, member of an LLC maxed out his deferrals/match and after year end, it was determined that his compensation was below 401(a)(17), which resulted in an excess SH match of under $1,300. Does this money go back to the plan sponsor or is it forfeited? If it is forfeit/suspense account, how can it be used in the future? Perhaps Profit Sharing? Plan expenses?" (BenefitsLink Message Boards)



The Importance of an ESOP Distribution Policy
"The plan document typically will include the form, method and timing options the plan will allow -- cash vs. stock, lump sum vs. installments. A distribution policy will specify how distributions will be paid. For example, a distribution policy may read: 'Upon death, disability, or retirement, distributions will be paid out lump sum in cash and commence no later than one year following the event.' There are many things to consider when drafting a distribution policy -- repurchase liability, cash flow projections, future transactions, corporation status, benefit levels and compliance testing issues. All of these will impact how you structure your policy to meet your company's objectives." (Blue Ridge ESOP Associates)



[Discussion] Election to Apply Balances
"Does an election to apply the balances to the required minimum or quarterly need to specify the amount applied? Specifically, Plan year ends May 31. The minimum as of June 1, 2016 is $700,000. Prefunding Balance as of 6/1/2017 is $150,000. Plan was frozen 6/1/2017. The 6/1/2017 valuation is not complete yet, but the minimum will surely be much less than $700,000 since there is no target normal cost. It will probably be about $300,000. Therefore, the 9/15/2017 quarterly will probably be about $67,500 ($300,000 * 90% * 25%). Can the plan sponsor just elect to apply whatever is needed to cover the quarterly? Should it elect to apply the whole $150,000?" (BenefitsLink Message Boards)



Three Participant Loan Errors That Might Be Occurring in Your Retirement Plan Right Now
"Failing to administer the proper payment frequency ... Failure to administer the maximum loan limit correctly ... Failure to administer loan repayments properly during and after an employee's unpaid leave of absence." (Cammack Retirement Group)



[Official Guidance] Text of PBGC Interest Rate Update for Benefits Payable in Terminated Single-Employer Plans, October and Fourth Quarter 2017
"The fourth quarter 2017 interest assumptions under the allocation regulation will be 2.34 percent for the first 20 years following the valuation date and 2.63 percent thereafter.... The October 2017 interest assumptions under the benefit payments regulation will be 0.75 percent for the period during which a benefit is in pay status and 4.00 percent during any years preceding the benefit's placement in pay status." (Pension Benefit Guaranty Corporation [PBGC])



[Guidance Overview] Hardship and Loan Relief Extended to Hurricane Irma, Along with Relief for Single Employer DB Plans
"[E]mployers who sponsor 401(k), 403(b) and 457(b) plans may receive these requests [for hardship withdrawals] and can choose to provide this relief even though the employer and its plan are not located in one of the affected areas, because the relief is extended to employees and former employees who have lineal ascendants... who had a principal residence or place of employment in one of the designated counties. For a hardship distribution provided under this relief, the employer is not required to stop the employee receiving the hardship distribution from making elective deferrals for six months as is required for other hardship withdrawals." (Winstead PC)



[Guidance Overview] Retirement Plan and Leave Donation Programs During States of Emergencies
"Employers can offer retirement plans and leave donation programs with features that allow access to retirement funds or paid time off to employees in need. These features can be added using standard plan operational procedures.... [W]hile this relief permits employers to roll out features more quickly, it may come with a potential cost of additional administrative requirements." (Carlton Fields)



[Guidance Overview] IRS Preapproved Plan Program Gets a Makeover (PDF)
"Plan sponsors of individually designed plans may want to consider this guidance if they are considering moving to a pre-approved plan document. And plan sponsors who already use pre-approved plans may want to review the guidance to see what changes will be coming. Of course, these new defined contribution documents will not be available for a few more years." (Groom Law Group, via TAXES The Tax Magazine)



Fiduciaries: 'Can Someone Just Tell Me What to Do?'
"Eight of ten employers say they're concerned about an increase in fiduciary litigation. And more than a quarter listed fiduciary liability and litigation as their top 401(k) concern.... So where should a concerned fiduciary start? Set the checklist aside for now and begin with a higher level of review." (Manning & Napier)



7,000 Insurance Agents Held to Be Employees for ERISA Purposes
"[T]he Court concluded that the evidence supported both sides but that the amount of control American Family exercised (or could have exercised) tipped the scales in favor of employee status. At the same time, the Court noted that prior case law has been 'nearly unanimous' in finding insurance agents to be independent contractors and that the resolution of damages will be 'unusually complicated.' " [Jammal v. American Family Ins. Group, No. 13-437 (N.D. Ohio Aug. 1, 2017)] (Vorys, Sater, Seymour and Pease LLP)



[Discussion] Encouraging Deferred Vested Participants Who Are Past Normal Retirement Date to Start Receiving Payments
"We have a non-trivial amount of deferred vested participants who are well past their NRD. The terms of the plan technically require commencement at NRD (at least as has been explained to me, but that's not really the issue at hand). Ignoring any ramifications of RMDs, have you seen any creative ways to encourage these participants to begin their pension and move into pay status? Letters reminding them of their pension, mailing unsolicited election kits, something else? This is attractive from a potential annuitization/termination perspective because deferred lives are more costly to place with an insurance carrier than an in-pay life. We have made multiple lump sum window offerings without much luck and we have good addresses for substantially all of them." (BenefitsLink Message Boards)



[Guidance Overview] Retirement Plan-Related Relief for Victims of Hurricane Irma
"The Internal Revenue Code and IRS regulations impose significant limitations on when participants may access assets from retirement plan accounts through loans and distributions while actively employed. In addition, many plans provide for additional limitations. The IRS has provided limited relief from these restrictions for certain participants affected by Hurricane Irma.... It is important to note that the IRS relief does not provide relief from the additional 10% tax on early distributions for eligible individuals who obtain distributions." (Mazursky Constantine LLC)



[Official Guidance] Text of IRS Notice 2017-50: Weighted Average Interest Rates, Yield Curves, and Segment Rates Applicable for September 2017 (PDF)
"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under Section 417(e)(3), and the 24-month average segment rates under Section 430(h)(2) ... In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under Section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under Section 431(c)(6)(E)(ii)(I)." (Internal Revenue Service [IRS])



[Official Guidance] Web Page of IRS Help and Resources for Victims of Hurricane Harvey
The IRS has published a web page containing a comprehensive list of disaster relief for victims of Hurricane Harvey. Also posted are IRS news releases, legal guidance, and links to other disaster relief resources. (Internal Revenue Service [IRS])



[Official Guidance] Web Page of IRS Help and Resources for Victims of Hurricane Irma
The IRS has published a web page containing a comprehensive list of disaster relief for victims of Hurricane Irma. Also posted are IRS news releases, legal guidance, and links to other disaster relief resources. (Internal Revenue Service [IRS])



[Official Guidance] Text of PBGC Disaster Relief Announcement 17-12 in Response to Hurricane Irma in Puerto Rico
"This Disaster Relief Announcement provides relief relating to PBGC deadlines ... [to] any person ... located in the disaster area for which the [IRS] has provided relief in PR-2017-01 ... The relief generally extends from September 5, 2017 through January 31, 2018. The disaster area consists of the municipalities of Culebra and Vieques." (Pension Benefit Guaranty Corporation [PBGC])



[Guidance Overview] IRS Extends Frozen Defined Benefit Plan Relief Through 2018
"Under the extended relief, if the defined benefit plan cannot pass Code Section 410(b) coverage testing on its own, it can be aggregated with nonelective contributions provided under defined contribution plan(s) maintained by the plan sponsor. Plans that are aggregated for coverage testing must also be aggregated for nondiscrimination testing under Code Section 401(a)(4) with respect to the benefits provided to participants covered by the aggregated plans." (Morgan Lewis)



[Official Guidance] Text of PBGC Disaster Relief Announcement 17-11 in Response to Hurricane Irma in Florida
"This Disaster Relief Announcement provides relief relating to PBGC deadlines ... [to] any person ... located in the disaster area for which the [IRS] has provided relief in FL-2017-04 ... The relief generally extends from September 4, 2017 through January 31, 2018. The disaster area consists of Broward, Charlotte, Clay, Collier, Duval, Flagler, Hillsborough, Lee, Manatee, Miami-Dade, Monroe, Palm Beach, Pinellas, Putnam, Sarasota and St. Johns Counties." (Pension Benefit Guaranty Corporation [PBGC])



[Official Guidance] Text of IRS Information Release IR-2017-150: Tax Relief for Victims of Hurricane Irma; Additional Relief Planned
"Hurricane Irma victims in parts of Florida and elsewhere have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments ... This includes an additional filing extension for taxpayers with valid extensions that run out on Oct. 16, and businesses with extensions that run out on Sept. 15.... The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA), as qualifying for individual assistance. Parts of Florida, Puerto Rico and the Virgin Islands are currently eligible, but taxpayers in localities added later to the disaster area, including those in other states, will automatically receive the same filing and payment relief.... [A]ffected individuals and businesses will have until Jan. 31, 2018, to file returns and pay any taxes that were originally due during this period." (Internal Revenue Service [IRS])



[Official Guidance] Text of IRS Notice 2017-49: Hurricane Harvey and Hurricane Irma Disaster Relief for Defined Benefit Plans (PDF)
10 pages. "The [IRS, EBSA and PBGC] are providing relief in connection with certain employee benefit plans because of damage caused by Hurricane Harvey and Hurricane Irma. The relief provided by this notice is in addition to any relief already provided by the IRS, EBSA, and PBGC to victims of Hurricanes Harvey and Irma.... [1] Relief for Single-employer Defined Benefit Plans.... [2] Relief for Multiemployer Defined Benefit Plans.... [3] Relief Related to Funding Waivers." [Additional description from PBGC website: "Among other things, this notice extends the contribution due date for affected defined benefit plans. As a result, contributions made more than 8-1/2 months after the end of the prior plan year may, in certain instances, be designated as being for the prior plan year. The relief in [IRS] Notice 2017-49 applies to PBGC requirements that key off the contribution due date (e.g., whether a contribution is timely, whether that contribution is included in market value of assets). This relief is in addition to PBGC-provided disaster relief related to waiving certain penalties and extending certain deadlines for affected plans."] (Internal Revenue Service [IRS])