No changes from the Spring 2022 PBGC Regulatory Agenda.

Proposed Rules

• Valuation Assumptions and Methods: Interest and Mortality Assumptions for Asset Allocation in Single-Employer Plans and Mass Withdrawal Liability Determination in Multiemployer Plans
• Multiemployer Plan Guaranteed Benefits
• Improvements to Rules on Recoupment of Benefit Overpayments
• Penalties for Failure to Provide Certain Notices or Other Material Information
• Actuarial Assumptions for Determining an Employer's Withdrawal Liability

Final Rules

• Benefit Payments and Allocation of Assets
• Examination and Copying of PBGC Records
• Adjustment of Civil Penalties
• Special Financial Assistance by PBGC

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"This insight focuses on the provisions of SECURE 2.0 that are of interest to large and medium-sized employers and plans: [1] Required minimum distribution provisions affecting all retirement plans; [2] Corrections that apply to all retirement plans; [3] Provisions that affect only DC plans; [4] Exceptions to the early withdrawal penalty; [5] Provisions that affect only DB plans; [6] Miscellaneous provisions that affect all retirement plans."  MORE >>

"The SECURE 2.0 Act will allow some individuals, starting in 2024, to move money from their 529 plans directly into a Roth IRA. However, special conditions apply ... The SECURE 2.0 Act also includes provisions that aim to improve access to retirement plans for part-time workers and gig economy workers."  MORE >>

"[1] Giving a QNEC or QMAC to all eligible NHCEs ... [2] Using the one-to-one correction method ... [3] Adopting the prior year testing method ... [4] Encourage NHCEs to enroll in their plans and/or increase their contribution rates ... [5] Amending the plan to implement an HCE contribution limit ... [6] Amending the plan to be a safe harbor plan"  MORE >>

"[A]mong employers, 47% cite fiduciary concerns as a major reason for not adding annuities.... Most (44%) of employer respondents are waiting to see how the market evolves, and an equal percentage cite difficulty with participant communication.... 12% of employers already have annuities in their defined contribution plan ... 87% reported being very or moderately likely to expand their financial wellbeing program in 2023."  MORE >>

Benefits-related items from EBSA and from the Wage and Hour Division (WHD) (changes from the Fall 2021 DOL Regulatory Agenda are noted):

Prerule Stage

• Requirements Related to Advanced Explanation of Benefits and Other Provisions Under the Consolidated Appropriations Act, 2021
• Improving Participant Engagement and Effectiveness of ERISA Retirement Plan Disclosures
• Pooled Employer Plans

Proposed Rules

• Improvement of the Form 5500 Series and Implementing Related Regulations Under ERISA
• Definition of the Term 'Fiduciary'
• Provider Nondiscrimination Requirements for Group Health Plans and Health Insurance Issuers in the Group and Individual Markets
• Mental Health Parity and Addiction Equity Act and the Consolidated Appropriations Act, 2021
• Short-Term Limited Duration Insurance; Update
• Coverage of Certain Preventive Services Under the [ACA]
• Definition of 'Employer' under Section 3(5) of ERISA -- Association Health Plans (New)
• Independent Dispute Resolution Operations (New)

Final Rules

• Pension Benefit Statements -- Lifetime Income Illustrations
• Implement SECURE Act and Related Revisions to Employee Benefit Plan Annual Reporting on the Form 5500
• Amendment of Abandoned Plan Program
• Prohibited Transaction Exemption Procedures
• Requirements Related to Air Ambulance Services, Agent and Broker Disclosures, and Provider Enforcement (New)

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Partial list of benefit-related provisions (changes from the Spring 2022 IRS Regulatory Agenda are noted):

Proposed Rules

• Reporting and Notice Requirements for Deferred Vested Benefits Under Section 6057
• Nondiscrimination Relief for Closed Defined Benefit Plans
• Provider Nondiscrimination Requirements for Group Health Plans and Health Insurance Issuers in the Group and Individual Markets
• Mental Health Parity and Addiction Equity Act and the Consolidated Appropriations Act, 2021
• Requirements in Connection With Coverage of Certain Preventive Services
• Requirements Related to Advanced Explanation of Benefits and Other Provisions Under the Consolidated Appropriations Act, 2021
• Trust Arrangements That Utilize Cash Value Insurance Policies to Provide Welfare Benefits (New)
• Certain Trust Arrangements Seeking to Qualify for Exception for Collectively Bargained Welfare Benefit Funds under Section 419A(f)(5) (New)
• Independent Dispute Resolution Operations

Final Rules

• Update to Minimum Present Value Requirements for Defined Benefit Plan Distributions
• Application of Normal Retirement Age Regulations to Governmental Plans
• Additional Rules Regarding Information Reporting of Minimum Essential Coverage
• Withholding on Certain Retirement Plan Distributions Under Section 3405(a) and (b)
• MEPs and the Unified Plan Rule
• Guidance on 401(a)(9) Required Minimum Distributions
• Information Reporting of Health Insurance Coverage and Other Issues Under Sections 6055 and 6056
• Requirements Related to Air Ambulance Services, Agent and Broker Disclosures, and Provider Enforcement

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"This White Paper highlights some of the principal annual or quarterly reporting requirements for employee stock plans that multinational companies most commonly encounter when offering these programs to their employees in selected jurisdictions worldwide. A chart summarizing these items appears at the end.  MORE >>