PBGC has launched its new and improved e-Filing Portal. Key changes include a new, more secure, login process and a streamlined look and feel across all applications (e.g., 4010 and reportable event filings, certain multiemployer plan filings, SFA applications). For additional information, including information about who to contact with questions, please see: e-Filing Portal Login.gov FAQs andPBGC"s e-Filing Portal User Guide.  MORE >>

44 pages; Jan. 31, 2024. "What's New: [1] Compensation limits for 2023 and 2024.... [2] Elective deferral limits for 2023 and 2024.... [3] Defined contribution limits for 2023 and 2024.... [4] Defined benefit limits for 2023 and 2024.... [5] SIMPLE plan salary reduction contribution limits for 2023 and 2024.... [6] Catch-up contribution limits for 2023 and 2024 ... [7] Required minimum distributions (RMDs)."  MORE >>

"The updated regulations make it easier for a plan to change the lookback month or stability period as needed.... If a plan has employee contributions, an amendment will likely be needed to satisfy the requirement that no mortality be taken into account for the employee-derived portion of the accrued benefit.... If a plan has a Social Security level income option that does not already satisfy the minimum present value requirements, then the plan will need to be amended so that either the entire option satisfies the present value requirements or the plan provisions satisfy the implicit bifurcation rule."  MORE >>

"Compliance with the proposed regulations should allow plan fiduciaries to consider participation in these programs without concern about potential fiduciary liability. However, offering these programs is not required -- plan sponsors will need to determine whether the burden of these programs outweighs their benefits."  MORE >>

"While the general rule in ERISA and the Code is that compensation cannot be more than a reasonable amount, the PTE has additional limitations."  MORE >>

"The You Earned It, You Keep It Act [HR 7084] would end federal income tax on Social Security benefits while phasing out the payroll tax cap. Retirement planning experts say the fundamentals of the proposal are sound but a broader approach may ultimately be needed. While passage in the short term appears unlikely, the legislation could serve as a stepping stone in future Congresses."  MORE >>

33 pages. "PBGC has an effective security program; however, some individual metric questions were rated below managed and measurable. It is important for PBGC to continue to focus on remediating its cybersecurity deficiencies to maintain its effective rating."  MORE >>

"During December, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process decreased from 101.8% of a plan's accounting liabilities (accumulated benefit obligation, or ABO) to 100.5% of those liabilities.... During the same time period, the average annuity purchase cost across all insurers in our index also decreased, from 103.9% to 103.1%."  MORE >>

"In order to administer these programs in the most accurate manner, governmental plans need access to the most complete sources of death verification data. ... In order for public plans to be eligible for the full [Death Master File, the Social Security Act] would have to be amended.... Likewise, by statutory law, the U.S. Treasury Department's Do-Not-Pay (DNP) service may provide access only to federally funded, state-administered programs.... The vital records divisions of all 50 states, five territories, New York City, and the District of Columbia participate in NAPHSIS, but each jurisdiction has a different set of conditions on the use of their data."  MORE >>

"[FEMA] issued a disaster declaration on January 30, 2024, for West Virginia severe storms, flooding, landslides, and mudslides, for the incident period of August 28, 2023-August 30, 2023.... Employers with qualified retirement plans may allow participants to take hardship distributions if they have incurred expenses and losses because of a FEMA-declared disaster, and their principal residence or place of employment at the time of the disaster is located in an area designated by FEMA as eligible for individual disaster assistance."  MORE >>

"[FEMA] issued a disaster declaration on January 30, 2024, for Maine severe storms and flooding, for the incident period of December 17, 2023-December 21, 2023.... Employers with qualified retirement plans may allow participants to take hardship distributions if they have incurred expenses and losses because of a FEMA-declared disaster, and their principal residence or place of employment at the time of the disaster is located in an area designated by FEMA as eligible for individual disaster assistance."  MORE >>