The ERISA Outline Book - Current Developments
On this page we reference significant current developments, organized by chapter, that affect the 2016 Print Edition of the ERISA Outline Book (EOB). Entries that are dated before January 30, 2017, will be reflected in the 2017 Print Edition unless otherwise noted. The Online Edition of the EOB is updated on a periodic basis. The last update went live in December 2016 and reflected developments through the end of October 2016. The next update is expected by the end of April 2017.
In the entries below, you will find a link to the source material. If you link to that page, you will need to click the "back" button on your browser to return to this page. For a list of current developments that is not referenced to The EOB, click here. For an archive of the Current Developments affecting the 2015 Edition of The EOB, click here.
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Chapter 1A
- Church plan definition.
A church agency, as described in ERISA §3(33)(C)(i), may maintain but cannot establish a church plan (2 cases)
[Citation: Stapleton v. Advocate Health Care Network, 817 F.3d 517 (7th Cir. March 17, 2016)]
Text available at http://1.usa.gov/1MsgMhc
Supreme Court holds “principal purpose organization” of church may establish and maintain a church plan that is exempt from ERISA [Citation: Advocate Health Care Network v. Stapleton, ___ S.Ct. ___ (June 5, 2017)]
Text available at http://bit.ly/2s9UDEr
- Employer definition
DOL’s Wage and Hour Division issues interpretation of joint employment relationships [Citation: Administrator’s Interpretation No. 2016-1 (January 20, 2016)]
Text available at http://1.usa.gov/1ZOLGGC
Chapter 1B
- Private Letter Ruling definition
Annual update of general procedures for obtaining Employee Plans private letter rulings [Citation: Rev. Proc. 2017-4, 2017-1 I.R.B. (January 3, 2017)]
Text available at http://bit.ly/2hMvZRn
- Remedial amendment period definition, Part D
Voluntary closing agreement option available to Pre-Approved Plan sponsors who have missed April 30, 2016, restatement deadline for 20 or more clients [Citation: Umbrella Closing Agreement Program, IRS Employee Plan News, Issue No. 2016-5 (April 4, 2016)]
Text available at http://1.usa.gov/1qleUCI
IRS revamps remedial amendment period rules and amendment cycles to reflect constriction of determination letter program; 5-year cycles eliminated for individually-designed plans [Citation: Rev. Proc. 2016-37, 2016-29 I.R.B. (July 14, 2016)]
Text available at http://1.usa.gov/29bvlwg
2016 Required Amendment List issued by the IRS [Citation: Notice 2016-80, 2016-52 I.R.B. (December 26, 2016) (advance release on December 14, 2016)]
Text available at http://bit.ly/2hBptRB
Chapter 2
Chapter 3A
- Section II, Part L.1.f.
Forfeitures may be used to reduced employer’s contribution liability for QNECs, QMACs and 401(k)(12) safe harbor contributions [Citation: Prop. Treas. Reg. §§1.401(k)-1(g)(5), 1.401(k)-6, 1.401(m)-1(d)(4), and 1.401(m)-5, 82 F.R. 5477-5480 (January 18, 2017)]
Text available at http://bit.ly/2k06v4m
- Section III, Part A
IRS identifies types of compensation-based formulas under cash balance plans that may raise definitely determinable benefit issues [Citation: Memorandum for Employee Plans (EP) Employees from Lisa J. Beard, Acting Director, Employee Plans, Control No. TE/GE-04-0417-0014 (April 7, 2017)]
Text available at http://bit.ly/2on5HcY
Chapter 3B
- Section III, Part C.2.b.
Regulations make it simpler for a defined benefit plan to offer a payment option consisting of a partial annuity with lump sum remainder [Citation: Treas. Reg. §1.417(e)-1(d)(7) and (8), 81 F.R. 62359-62365 (September 9, 2016)]
Text available at http://bit.ly/2cPdbDP
Proposed regulations would update IRC §417(e)(3) regulations to incorporate PPA 2006, clarify application of stability periods to mortality assumptions and the use of mortality discounts, and eliminate outdated rules [Citation: Prop. Treas. Reg. §1.417(e)-1(d), 81 F.R. 85190-85196 (November 25, 2016)]
Text available at http://bit.ly/2gcXsvb
- Section VIII, Part B.4.
Mortality tables for post-2017 plan years; expanded availability of substitute mortality tables [Citation: Prop. Treas. Reg. §§1.430(h)(3)-1, 1.430(h)(3)-2, and 1.431(c)(6)-1, 81 F.R. 95911-95929 (December 29, 2016)]
Text available at http://bit.ly/2iuuZCF
- Section VIII, Part B.4.a.2)a)
Static mortality tables released for valuation dates occurring in 2017 [Citation: Notice 2016-50, 2016-38 I.R.B. (September 19, 2016)]
Text available at http://bit.ly/2cuyifk
- Section IX, Part A.2.g.
Cash balance plans that still use IRC §417(e) methodology to compute lump sums may use IRC §411(b)(5)(E) age discrimination test, but, for post-2016 plan years, may not rely on the safe harbor age discrimination test under IRC §411(b)(5)(A) [Citation: CCA 201617006 (March 28, 2016)]
Text available at http://1.usa.gov/1WKL3Qk
- Section IX, Part B.2.a.
IRS explains applicability of market rate of return rules to pension equity plans [Citation: Notice 2016-67, 2016-47 I.R.B. (November 21, 2016); advance release on November 7, 2016]
Text available at http://bit.ly/2fv1r5P
- Section X, Part F.7.
Final regulations regarding the approval of a proposed benefit suspension under a multiemployer defined benefit plan in critical and declining status, as permitted under IRC §432(e)(9) [Citation: Treas. Reg. §1.432(e)(9)-1, 81 F.R. 25540-25573 (April 28, 2016), and Treas. Reg. §1.432(e)(9)-1(d)(8), 81 F.R. 27011-27015 (May 5, 2016)]
Text available at http://1.usa.gov/1VWwc5K (April 28, 2016), and http://1.usa.gov/1Tp1n3B (May 5, 2016)
Procedures for requesting approval of a proposed benefit suspension under a multiemployer defined benefit plan in critical and declining status, as permitted under IRC §432(e)(9); model notice to participants provided [Citation: Rev. Proc. 2016-27, I.R.B. 2016-19 (May 9, 2016)]
Text available at http://1.usa.gov/1VV4x5m
Chapter 4
Chapter 5
Chapter 6
- Section III, Part C.3.a.2)a)ii)A)
Static mortality tables released for IRC §417(e) determinations for annuity starting dates that occur in stability periods beginning in 2017 [Citation: Notice 2016-50, 2016-38 I.R.B. (September 19, 2016)]
Text available at http://bit.ly/2cuyifk
- Section IV, Part C.4.
IRS provides relief from certain verification procedures that may be required for participant loans and hardship distributions to victims of Louisiana Storms [Citation: Announcement 2016-30, I.R.B. 2016-37 (September 12, 2016)]
Text available at http://bit.ly/2c2y6QB
IRS provides relief from certain verification procedures that may be required for participant loans and hardship distributions to victims of Hurricane Matthew [Citation: Announcement 2016-39, I.R.B. 2016-45 I.R.B. (November 7, 2016)]
Text available at http://bit.ly/2f9wfgk
IRS Examination Guidelines on substantiation of hardship distributions [Citation: Memorandum for EP Examinations Employees: Substantiation Guidelines for Safe Harbor Distributions from Section 401(k) Plans, from Thomas J. Petit, Acting Director, EP Examinations (February 23, 2017)]
Text available at http://bit.ly/2m8FLTs
- Section VII, Part C.3.
Court order that IRA benefits should be paid to trust did not make trust beneficiaries designated beneficiaries under IRC §401(a)(9) because order was entered after participant’s death [Citation: PLR 201628006]
Text available at http://bit.ly/29uxUdq
Chapter 7
- Section III, Part D
IRS addresses the IRC §72 recovery of basis rules in the context of a “phased retirement” payment under a defined benefit plan [Citation: Notice 2016-39, 2016-26 I.R.B. (June 27, 2016)]
Text available at http://1.usa.gov/1XMCiHF
- Section IV, Part C.3.d.
IRS provides self-certification alternative to applying for extension on 60-day rollover period under certain circumstances [Citation: Rev. Proc. 2016-47, I.R.B. 2016-37 (September 12, 2016)] Text available at http://bit.ly/2bo8IUv
- Section IV, Part E.1.
IRS finalizes change in designated Roth account regulations to eliminate “separate determination” rule when determining the character of partial direct rollovers of plan disbursements that include both after-tax and pre-tax amounts distributed from a designated Roth account [Citation: Treas. Reg. §1.402A-1, Q&A-5(a), 81 F.R. 31165-31166 (May 18, 2016)]
Text available at http://1.usa.gov/1st4FwG
- Section VI, Part B.1.b.
IRS issues guidance on election for de minimis error safe harbor rule not to apply to incorrect payee statements (including Form 1099-R) [Citation: Notice 2017-9, 2017-4 (January 23, 2017; advance release on January 4, 2017)]
Text available at http://bit.ly/n17-09
- Section IX, Part B.3.c.2)
IRS memorandum to exam agents allows for two interpretations of how $50,000 limit under IRC §72(p) applies to multiple loans during a 12-month period [Citation: Memorandum For EP Examinations Employees, Control No. TEGE-04-0417-0016 (April 20, 2017)]
Text available at http://bit.ly/2pYHtt5
- Section XVII, Part A.3.c.6)
Proposed regulations would modify fractions rule for real estate partnerships that include tax-exempt partners (qualified organizations) [Citation: Prop. Treas. Reg. §1.514(c)-2, 81 F.R. 84518-84526 (November 23, 2016)]
Text available at http://bit.ly/2gPZ0Nb
- Section XVIII, Part B.5.
Transfers to qualified replacement plan under IRC §4980(d) could be made in two steps due to contingent litigation liability involving the terminated defined benefit plan; termination date not affected [Citation: PLR 201626003]
Text available at http://bit.ly/2cpUpRf
Chapter 8
- Section VIII, Part B.2.
Chief Counsel of IRS confirms use of statutory entry dates for determining otherwise excludable employees; recognizes acceptability of other identification methods [Citation: CCA 201615013 (April 8, 2016)]
Text available at http://1.usa.gov/1WV366r
...
Chapter 9
- Section IV, Part C.2. Proposed regulations that would require allocation formulas or benefit formulas to reflect reasonable classification will be withdrawn [Citation: Announcement 2016-16 (April 14, 2016)]
Text available at http://1.usa.gov/1VYXvLw
- Section XI, Part P
IRS concerns about plan designs involving short service employees resurfaces; regulations must be “reasonably interpreted” to prevent discrimination in favor of HCEs [Citation: Discriminatory Plan Designs Using Short Service, IRS Employee Plan News, Issue No. 2016-5 (April 4, 2016)]
Text available at http://1.usa.gov/1MOF9Lr
Chapter 10
Chapter 11
Chapter 12
- Section X, Part A.6.
IRS could not recharacterize dividends paid to Roth IRAs through a DISC as contributions made by the owners of the Roth IRAs where transactions were structured exactly as the tax code requires [Citation: Summa Holdings, Inc. v. Commissioner, 848 F.3d 779 (6th Cir. February 16, 2017)]
Text available at http://bit.ly/2m61U2a
Chapter 13A
- Section II, Part D
DOL adds new exemption from the definition of an ERISA employee pension benefit plan for an auto-enrollment IRA savings program mandated by State law for nongovernmental employees; proposes to expand exception to allow for IRA savings programs mandated by political subdivisions of a State [Citation: DOL Reg. §2510.3-2(a) and (h), 81 F.R. 59464-59477 (August 30, 2016); Prop. DOL Reg. §2510.3-2(h), 81 F.R. 59581-59592 (August 30, 2016)]
Text available at http://bit.ly/2c5GiOL (final regulation), http://bit.ly/2bGnLJu (proposed amendment)
Joint resolution of Congress nullifies regulation to exempt mandatory IRA programs of political subdivisions from ERISA [H.J. Res. 67 (April 13, 2017)]
Text available at http://bit.ly/2ovqHi4
- Section III, Parts B, C and E
Substantial revisions of the Form 5500 series proposed for 2019 reporting year and corresponding amendments to DOL regulations proposed [Citation: Proposed Revision of Annual Information Return/Reports (Joint Release from DOL/IRS/PBGC), 81 F.R. 47534 (July 21, 2016); Prop. DOL Reg. §§2520.103-1 - 2520.103-4, 2520.103-6, 2520.103-8, 2520.103-10, 2520.103-20, 2520.104-26, 2520.104-42, 2520.104b-10, 2590.715-2715A, 2590.715-2717, 81 F.R. 47534-47681 (July 21, 2016)]
Text available at http://bit.ly/29WfUuv (Form 5500 revisions); http://bit.ly/29WfUuv (Proposed regulations); http://bit.ly/29Fdxcl (DOL Fact Sheet)
Section IV, Part B.5.
Proposed regulations would broaden and simplify the FBAR filing requirements for certain persons who only have signature or other authority over foreign accounts, but no financial interest in such accounts [Prop. FinCEN Reg. §§1010.306(c) and (e), 1010.350(a) and (f)(2) and 1010.420, 81 F.R. 12613-12622 (March 10, 2016)]
Text available at http://1.usa.gov/1QOFOZX
- Section V, Part D.2.
Final regulations incorporate statutory changes made by MAP-21 and HATFA and technical guidance issued by the PBGC with respect to such statutes; additional waivers added [Citation: PBGC Reg. §§4010.2, 4010.4, 4010.8 and 4010.11, 81 F.R. 15432-15440 (March 23, 2016)]
Text available at http://1.usa.gov/1UFSOH5
- Section V, Part F.10.
PBGC proposes to add optional participation in missing participant transfer program for most DC plans and non-covered DB plans; modify missing participant procedures for terminated Title IV-covered plans; and extends missing participant procedures to terminated multiemployer DB plans [Citation: Prop. PBGC Reg. §§4050.101-4050.407, 81 F.R. 64700-64726 (September 20, 2016)]
Text available at http://bit.ly/2dgBSZ1. Also see http://bit.ly/2coTf4S for FAQs about the proposal and http://bit.ly/2dmP5iW for a draft of the reporting forms (and instructions) that will be used.
- Section V, Part G.3.
Regulations cut penalties in half for late payment of premiums; substantially reduced penalty for plans with good premium compliance records that correct promptly upon notification by PBGC [Citation: PBGC Reg. §4007.8, 81 F.R. 65542-65545 (September 23, 2016)]
Text available at http://bit.ly/2cqNm7s
- Appendix B
Civil penalty adjustments for 2017 [Citation: DOL Federal Civil Penalties Inflation Adjustment Act Annual Adjustments for 2017, DOL Reg. 2575.3, 82 F.R. 5373-5387 (January 18, 2017)]
Text available at http://bit.ly/2jx9Qet
Civil penalty adjustments for 2017 [Citation: PBGC Federal Civil Penalties Inflation Adjustment Act Annual Adjustments for 2017, PBGC Reg. §§4071.3 and 4302.3, 82 F.R. 8813-8814 (January 31, 2017)]
Text available at http://bit.ly/2jqqe1g
Chapter 13B
- Section II, Part A.2.
Final regulations expand the definition of a fiduciary with respect to persons who provide investment advice for a fee [Citation: DOL Reg. §2510.3-21, 81 F.R. 20946-21002 (April 8, 2016)]
Text available at http://1.usa.gov/1Whtl6P
DOL issues FAQs on the conflict-of-interest exemptions issued in conjunction with the expanded definition of investment advice fiduciary [Citation: Conflict of Interest Exemptions FAQs - Part I (October 2016); Conflict of Interest Exemptions FAQs - Part II (January 2017); Consumer Protections for Retirement Investors - FAQs on Your Rights and Financial Advisers (January 2017)]
Text available at http://bit.ly/2fn686v (Part I of Conflict FAQs), http://bit.ly/2jJWoS9 (Part II of Conflict FAQs), http://bit.ly/2iosrdd (Investor FAQs)
SEC’s Division of Investment Management provides guidance on how robo-advisers meet obligations under the Investment Advisers Act of 1940 [Citation: IM Guidance Update 2017-02 (February 2017)]
Text available at http://bit.ly/2lrmGaY
DOL delays the Applicability Date of the fiduciary regulation and associated prohibited transaction exemptions, provides extended delay for requirements other than the Impartial Conduct Standards [Citation: Extension of Applicability Date of DOL Reg. §2510.3-21, PTEs 2016-01 and 2016-02, and amendments to PTEs 75-1, 77-4, 80-83, 83-1, 84-24 and 86-128, 82 F.R. 16902-16918 (April 7, 2017)]
Text available at http://bit.ly/2oJupYf
DOL adopts temporary nonenforcement policy during Transition Period under conflict of interest exemptions and issues FAQs regarding compliance during such period [Citation: Field Assistance Bulletin (FAB) 2017-02 (May 22, 2017); Conflict of Interest FAQs (Transition Period) (May 2017)]
Text available at http://bit.ly/2qLxuGY (FAB 2017-02); http://bit.ly/2qSuLdh (Transition Period FAQs)
- Section II, Part A.4.m.
Consultant did not assume fiduciary status merely by calculating participant’s projected retirement benefit upon participant’s request [Citation: Lebahn v. National Farmers Union Uniform Pension Plan, 828 F.3d 1180 (10th Cir. July 11, 2016)]
Text available at http://bit.ly/2acpcOB
- Section II, Part B.2.c.
Interpretive bulletin outlines DOL positions on proxy voting, statements of proxy voting policy, and shareholder activism [Citation: DOL Reg. §2509.2016-01 (Interpretive Bulletin 2016-1), 81 F.R. 95879-95884 (December 29, 2016)]
Text available at http://bit.ly/2iJ5yRd
- Section II, Part C.7.
DOL updates claims procedures for disability benefits to coordinate with ACA procedures [Citation: DOL Reg. §2560.503-1(b)(7), (g)(1)(v), (g)(1)(vii) and (viii), (h)(4), (i)(3)(i), (j)(4), (j)(5),(j)(6), (j)(7), (l), (m)(4), (o) and (p), 81 F.R. 92316-92343 (December 19, 2016)]
Text available at http://bit.ly/2hAGxXj
- Section II, Part E.4.e.4)
Damages award on fiduciary breach with respect to substitution of default investment fund vacated because district court failed to consider other damages calculation other than a suggested alternative mentioned by the appellate court in the earlier opinion [Citation: Tussey v. ABB, Inc., 850 F.3d 951 (8th Cir. (MO) March 9, 2017)]
Text available at http://bit.ly/2mP9dPn
- Section II, Part G.2.
Second Circuit: alleged overvaluations and alleged riskiness are two sides of the same coin; no duty for appointing fiduciary to inform appointee of private information. The Second Circuit dismissed claims in a suit regarding retention of employer stock where there were claims based on both public and private information. See In re Lehman Brothers Securities Litigation, 817 F.3d 56 (2nd Cir. March 18, 2016)
Text available at
http://bit.ly/2dSK3MB
- Section II, Part G.2.c.
Plans maintained by entity involved in securities litigation are not considered to be “affiliates” of the employer and may share in the litigation settlement [Citation: In re American International Group, Inc. Securities Litigation (Rothstein v. American Internal Group, Inc. Incentive Savings Plan, et al), 837 F.3d 195 (2nd Cir. September 20, 2016)]
Text available at http://bit.ly/2dRZCip
- Section II, Part J.2.h.
In a Q&A follow-up to SEC Release 33-4790, the SEC discusses the types of employer involvement in the offering of a brokerage window under a plan that could raise SEC registration issues. [Citation: Compliance and Disclosure Interpretations (“C&DIs”) of the SEC, Question 139.33 (September 22, 2016)]
Text available at http://bit.ly/2cT4SlM
- Section III, Part A.2.a.
Plan language was not sufficiently specific to confer discretion on the plan administrator to interpret the plan document, so de novo review of administrator’s decision was warranted [Citation: Stephanie v. Blue Cross Blue Shield of Massachusetts HMO Blue, Inc., 813 F.3d 420 (1st Cir. February 17, 2016)]
Text available at http://1.usa.gov/1Re1zEB
De novo standard of review applies when plan fails to adopt claims procedures that are in full compliance with the law, except for inadvertent and harmless deviations [Citation: Halo v.Yale Health Plan, 819 F.3d 42 (2nd Cir. April 12, 2016)]
Text available at http://1.usa.gov/1SioYZi
- Section III, Part A.2.b.
Burden of proof shifts to plan if claimant makes prima facie case of benefit entitlement, in spite of deferential standard of review with respect to plan administrator’s benefits claim denial [Citation: Estate of Bruce H. Barton v. AFT Security Services Pension Plan, 820 F.3d 1060 (9th Cir. April 21, 2016)]
Text available at http://1.usa.gov/1rqnoJj
- Section III, Part A.2.c.
Administrator’s interpretation that sign-on bonus was not part of plan compensation used to determine benefits was not arbitrary or capricious [Citation: Ingram v. Terminal Railroad Association of St. Louis Pension Plan for Nonschedule Employees, 812 F.3d 628 (8th Cir. January 29, 2016)]
Text available at http://1.usa.gov/1nQZynn
Administrator acted arbitrarily in interpreting plan language that clearly applied under the claimants’ situation regarding involuntarily termination from the controlled group [Citation: Knowlton v. Anheuser-Busch Companies Pension Plan, No. 15-3538, 849 F.3d 422 (8th Cir. February 22, 2017)]
Text available at http://bit.ly/2luQgjr
- Section III, Parts C and F
Fifth Circuit addresses procedural issues regarding fiduciary breach suits involving ESOP transactions [Citation: Perez v. Bruister, 823 F.3d 250 (5th Cir. May 3, 2016)]
Text available at http://1.usa.gov/1XcmYCg
- Section III, Part F.4.
ERISA equitable relief for retaliatory discharge under ERISA §510 may not duplicate jury award in parallel State law claim; interaction between right to jury trial under Seventh Amendment and resolution of ERISA equitable relief addressed [Citation: Teutscher v. Woodson, 835 F.3d 936 (9th Cir. August 26, 2016)]
Text available at http://bit.ly/2cLnRSC
- Section IV, Part C.2.
Company’s delivery of prospectuses regarding top hat plan put plaintiffs on notice of vesting issues that were the subject of the claim, starting the statute of limitations [Citation: Bond v. Marriott International, Inc., 813 F.3d 420 (4th Cir. January 29, 2016)]
Text of available at http://1.usa.gov/20718hn
Plan-imposed statute of limitations not applicable because denial of claim letter failed to state the plan’s limitation on bringing suit; per se prejudicial to plaintiff [Citation: Santana-Diaz v. Metropolitan Life Insurance Co., 816 F.3d 172 (1st Cir. March 14, 2016)]
Text available at http://1.usa.gov/1RNTZOi
- Section IV, Part F.1.a.
Vermont law requiring reporting of claims information preempted by ERISA [Citation: Gobeille v. Liberty Mutual Insurance Co., 136 S.Ct. 936 (March 1, 2016)]
Text available at http://1.usa.gov/1RPalJo
- Section IV, Part F.5.
Promissory estoppel claim against health insurer ruled not preempted by ERISA because medical provider did not receive valid assignment of payment and received an independent promise from insurer [Citation: McCulloch Orthopaedic Surgical Services, PLLC v. Aetna, Inc., 857 F.3d 141 (2nd Cir. May 18, 2017)]
Text available at http://bit.ly/2s4rlD5
- Section IV, Part G.4.
Beneficiaries of participant who died before annuity starting date but after his last day of work were not entitled to benefits under the guaranteed payment period under the annuity; release from claims signed by participant to receive early retirement incentive precluded equitable relief claim by beneficiaries [Citation: O’Shea v. UPS Retirement Plan, 837 F.3d 67 (1st Cir. September 13, 2016)]
Text available at http://bit.ly/2cEJssb
Chapter 14
- Section II, Part E
New class exemptions and modifications to existing exemptions coordinate with final investment advice fiduciary regulations [Citation: Best Interest Contract Exemption, 81 F.R. 21002-21089 (April 8, 2016), Class Exemption for Principal Transactions in Certain Assets between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs, 81 F.R. 21089-21139 (April 8, 2016), Amendments to Class Exemptions 75–1, 77–4, 80–83 and 83–1, 81 F.R. 21208-21221 (April 8, 2016), Amendment to and Partial Revocation of PTE 86–128 and Amendment to and Proposed Partial Revocation of PTE 75–1, 81 F.R. 21181-21208 (April 8, 2016), Amendment to PTE 75-1, Part V, 81 F.R. 21139-21147 (April 8, 2016), and Amendment to and Partial Revocation of PTE 84-24, 81 F.R. 21147-21181 (April 8, 2016)]
Text available at http://1.usa.gov/1PYn2NS (Best Interest Contract Exemption), http://1.usa.gov/1oIwjDG (Principal Transactions Exemption), http://1.usa.gov/1PYmHe6 (Modifications to PTE 75-1, PTE 77-4, PTE 80-83 and PTE 83-1), http://1.usa.gov/1S1cEcF (Modifications to PTE 86-128 and PTE 75-1), http://1.usa.gov/1S1cAtD (Modifications to PTE 75-1, Part V), and http://1.usa.gov/1qxO1vc (Modifications to PTE 84-24)
Clarifications adopted to the Best Interest Contract Exemption and the Principal Transactions Exemption [Citation: Technical corrections to the Best Interest Contract Exemption, 81 F.R. 44773-44784 (July 11, 2016); Technical corrections to the Principal Transactions Exemption, 81 F.R. 44784-44792 (July 11, 2016)]
Text available at http://bit.ly/29Niorx (Best Interest Contract Exemption) and http://bit.ly/2adxDgm (Principal Transactions Exemption)
DOL issues FAQs on the conflict-of-interest exemptions issued in conjunction with the expanded definition of investment advice fiduciary [Citation: Conflict of Interest Exemptions FAQs - Part I (October 2016); Conflict of Interest Exemptions FAQs - Part II (January 2017); Consumer Protections for Retirement Investors - FAQs on Your Rights and Financial Advisers (January 2017)]
Text available at http://bit.ly/2fn686v (Part I of Conflict FAQs), http://bit.ly/2jJWoS9 (Part II of Conflict FAQs), http://bit.ly/2iosrdd (Investor FAQs)
DOL proposes delay of the fiduciary regulation and associated prohibited transaction exemptions to June 9, 2017 [Citation: Extension of Applicability Date of DOL Reg. §2510.3-21, PTEs 2016-01 and 2016-02, and amendments to PTEs 75-1, 77-4, 80-83, 83-1, 84-24 and 86-128, 82 F.R. 12319-12326 (March 2, 2017)]
Text available at http://bit.ly/2mAub4E
DOL delays the Applicability Date of the fiduciary regulation and associated prohibited transaction exemptions, provides extended delay for requirements other than the Impartial Conduct Standards [Citation: Extension of Applicability Date of DOL Reg. §2510.3-21, PTEs 2016-01 and 2016-02, and amendments to PTEs 75-1, 77-4, 80-83, 83-1, 84-24 and 86-128, 82 F.R. 16902-16918 (April 7, 2017)]
Text available at http://bit.ly/2oJupYf
DOL adopts temporary nonenforcement policy during Transition Period under conflict of interest exemptions and issues FAQs regarding compliance during such period [Citation: Field Assistance Bulletin (FAB) 2017-02 (May 22, 2017); Conflict of Interest FAQs (Transition Period) (May 2017)]
Text available at http://bit.ly/2qLxuGY (FAB 2017-02); http://bit.ly/2qSuLdh (Transition Period FAQs)
Chapter 15
- Section I
Annual update of user fees for Employee Plans private letter ruling requests, determination letter applications, and VCP submissions [Citation: Rev. Proc. 2017-4, 2017-1 I.R.B. (January 3, 2017)]
Text available at http://bit.ly/2hMvZRn
- Section I, Part A.8.
IRS guidance on user fee waiver for certain small employers that submit for determination letters after 2016 [Citation: Notice 2017-1, 2017-2 I.R.B. (January 9, 2017) (advance release on December 19, 2016)]
Text available at http://bit.ly/2i8MfwC
- Section II
IRS posts initial Operational Compliance List on its website [Citation: Operational Compliance List (February 27, 2017), www.irs.gov]
Text available at http://bit.ly/2mLabbv
- Section III, Part A
Annual update of Employee Plans determination letter application procedures [Citation: Rev. Proc. 2017-4, 2017-1 I.R.B. (January 3, 2017)]
Text available at http://bit.ly/2hMvZRn
IRS memorandum sets forth revised criteria for mandatory review of determination letter cases [Citation: Memorandum on Changes in Tax Exempt Quality Management System and Mandatory Review Standards, TE/GE-07-0417-0018 (April 28, 2017)]
Text available at http://bit.ly/2oYeNAz
- Section VI, Part B
Latest update of the EPCRS procedure incorporates the changes made by Rev. Procs. 2015-27 and 2015-28, revises the procedure to incorporate the contraction of the determination letter program, modifies the sanction process under Audit CAP [Citation: Rev. Proc. 2016-51, 2016-42 I.R.B. (October 17, 2016), advance release by IRS on September 29, 2016)]
Text available at http://bit.ly/2dFrZBm
Chapter 16
- Section II, Part B
Employees of LLC that is a disregard entity and owned solely by a tax-exempt organization are eligible to participate in a 403(b) plan; must be taken into account under universal availability rule [Citation: CCA 201634021 (July 11, 2016)]
Text available at http://bit.ly/2bSC0uX
- Section II, Part H.7. Remedial amendment period for section 403(b) plans announced [Rev. Proc. 2017-18, 2017-5 I.R.B. (January 30, 2017; advance release on January 13, 2017)]
Text available at http://bit.ly/2jh22gQ
- Section III, Parts A through C
Proposed amendments to IRC §457 regulations would update the regulations for law changes enacted since the publication of the 2003 regulations, address exceptions under IRC §457(e) and provide clarifications of the 2003 regulations [Citation: Prop. Treas. Reg. §§1.457-1, 1.457-2, 1.457-4, 1.457-6, 1.457-9, 1.457-10, 1.457-11, 1.457-12 and 1.457-13, 81 F.R. 40548-40569 (June 22, 2016)]
Text available at http://1.usa.gov/28QTOqE
- Section IV, Part B
Proposed regulations under IRC §409A would modify certain sections of the 2007 final regulations dealing with the definition of deferred compensation, deferral elections and permissible payments, and replace part of the 2008 proposed regulations on income inclusion under IRC §409A(a) [Citation: Prop. Treas. Reg. §§1.409A-1(a)(4), (b)(1), (b)(3), (b)(4), (b)(5), (b)(9), (b)(11), (b)(13), (h)(4), (h)(5), (q), 1.409A-2(b)(2)(i), 1.409A-3(b), (d), (i)(5), (j)(1), (j)(2), (j)(4)(iii)(B), (j)(4)(ix), (j)(4)(xiii), 1.409A-4(a)(1)(ii)(B), and 1.409A-6(b), 81 F.R. 40569-40584 (June 22, 2016)]
Text available at http://1.usa.gov/28Ny63V
- Section IV, Part B.1.b.
25% match added to electively-deferred salary was of material value resulting in recognition of the substantial risk through the elected date of payment [Citation: CCA 201645012]
Text available at http://bit.ly/2eM9CNk
Chapter 17
- Section II
Adjusted dollar limits for 2017 [Citation: Notice 2016-62, 2016-46 I.R.B. (November 14, 2016) (advance release on October 27, 2016)]
Text available at http://bit.ly/2dRpxLJ
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