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Table
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Current Developments
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TRI Pension Services
The ERISA Outline Book
Current Developments By Chapter
In this section we reference significant current developments, organized by chapter, that affect sections of that chapter in the 2010 Edition of the ERISA Outline Book. For other new developments, visit the What's New page.
In parentheses next to each item in the list below, we note the date we posted the item as well. Subscribers to eRISA Update, one of our quarterly newsletter, contains summaries of the new developments cited. For ordering information, Click here and follow the instructions to print out an order form.
Chapter 1A
Chapter 1B
- QDRO definition, Part A.7. Final regulations have been issued implementing the PPA 2006 directive to clarify status of QDROs without regard to timing or that a prior QDRO already exists. See DOL Reg. §2530.206, 75 F.R. 32846 (June 12, 2010). The 2010 Edition reflects the interim regulations.
- Remedial amendment period definition, Part D.2.c.1). Announcement 2010-20 prescribes the 2-year restatement and determination letter application window for the EGTRRA remedial amendment cycle for pre-approved defined benefit plans. The 2-year window runs from May 1, 2010, through April 30, 2012.
Chapter 2
Chapter 3A
- Sec. III, Part E.2.e. Final regulations have been issued under IRC §401(a)(35), effective for post-2010 plan years. See Treas. Reg. §1.401(a)(35)-1, 75 F.R. 27927 (May 19, 2010). The 2010 Edition reflects the proposed regulations.
Chapter 3B
- Section VII, Part I. IRS provides guidance on HEART Act issues affecting retirement plans, including differental wage payments, survivor rights with respect to deceased military servicemembers, deemed severance from employment, qualified reservist distributions, and optional crediting of make-up benefits [Citation: Notice 2010-15, I.R.B. 2010-6 (February 4, 2010)]. Notice 2010-15 provides some helpful clarifications regarding how to apply nondiscrimination testing when contributions or benefits are providing with respect to differential wage payments. It also discusses how vesting credits should be determined for participants who die while in qualified military service, and how the deemed severance rule works for participants who are on active duty for a period of 30 or more days.
- Section VIII, Part B.1.b.4). The Pension Relief Act of 2010 allow for alternative amortization schedules to be elected for shortfalls occurring with respect to certain plan years.
- Section VIII, Part K.1. The Pension Relief Act of 2010 expands the lookback year rule with respect to certain restrictions under IRC §436.
Chapter 4
Chapter 5
Chapter 6
Chapter 7
- Section III, Part H.1.b.2)a). Minimum distributions from an IRA to a Canadian resident qualify as pension payments subject to the 15% tax rate under the U.S.-Canada tax treaty. See PLR 201009012.
Chapter 8
Chapter 9
Chapter 10
Chapter 11
Chapter 12
Chapter 13A
- Section II, Part D.2.a.2) and 2.a.3). DOL clarifies Form 5500 reporting relief published in Field Assistance Bulletin 2009-02 with respect to certain pre-2009 individually-owned contracts or custodial accounts held by section 403(b) plans [Citation: Field Assistance Bulletin (FAB) 2010-01, available at www.dol.gov/ebsa]
- Section III, Part A.2.a.3). The DOL has posted additional FAQs at its website regarding EFAST2 (mandatory electronic filing system), including new FAQ-33A which provides a procedure for third party service providers to sign electronically-filed Form 5500s on behalf of their clients if certain requirements are satisfied. Go to http://www.dol.gov/ebsa/faqs/faq-EFAST2.html.
- Section III, Part A.2.a.4)a), Part A.4.f.2) DOL provides additional guidance on Title I "safe harbor" exemption under DOL Reg. §2510.3-2(f). [Citation: Field Assistance Bulletin (FAB) 2010-01, available at www.dol.gov/ebsa]
- Section III, Part B.2.e. Prop. FinCEN Reg. §103.24, 75 F.R. 8844 (February 26, 2010) (issued by the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department) would revise the FBAR regulations to provide clarification of filing requirements, and would revise the FBAR instructions to reflect the new regulations. Notice 2010-23 and Announcement 2010-16 provide an additional reporting extension for certain persons to file foreign bank account reports (FBARs) for pre-2010 years and provide further clarification of the "commingled funds" definition; reporting relief is also granted to nondomestic persons
Chapter 13B
Chapter 14
- Section II, Part C.2.b. Interim final regulations issued on fee disclosure requirements for certain service providers. See DOL Reg. §2550.408b-2, 75 F.R. 41600 (July 16, 2010). The regulations are effective July 16, 2011. The text in the 2010 Edition reflects the proposed regulations issued in 2007. The interim regulations are substantially different from the proposed regulations. The Summer 2010 Issue (Issue #58) of ERISA Views, an electronic quarterly newsletter available from TRI Pension Services, has a complete explantion of the regulations. To order a subscription to ERISA Views, which will include this latest issue, click here.
- Section II, Part E.14. Proposed regulations prescribe requirements for statutory exemption under ERISA §408(b)(14) and IRC §4975(d)(17) with respect to investment advice rendered by a fiduciary adviser, replacing withdrawn regulations issued by the prior Administration [Citation: Prop. DOL Reg. §§2550.408g-1 and 2550.408g-2, 75 F.R. 9360 (March 2, 2010)]. The discussion in the text refers to the withdrawal of the prior Administration's regulations, but was written before the publication of the reproposed regulations. There are some clarifications regarding the fee leveling method, and limitations on a computer model's reliance on historical return information. Otherwise the reprosed regulations are substiantially the same as the withdrawn regulations.
- Section III, Part B.2.f. Amendments have been adopted to the class exemption for release of claims and extensions of credit in connection with litigation to expand the transactions covered by the exemption. See Amendments to PTE 2003-39, 75 F.R. 33830 (June 15, 2010). The text of the 2010 Edition reflects the proposed amendments.
Chapter 15
Seminars
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