Pension News - What's New in 2022?

The following list tracks important guidance that are released during 2022. Except where noted, these items are summarized in detail, with appropriate commentary, in our quarterly newsletter, eRISA Update. See our Newsletters page to sign up for eRISA Update.

Last Updated: April 21, 2022

Legislative Developments

• None

Treasury Regulations

• Proposed regulations would incorporate SECURE Act changes into RMD regulations, including post-death distribution rules under IRC §401(a)(9)(H), the new eligible designated beneficiary definition, and the transition to age 72 mandatory commencement age; update of rules relating to rollovers, 403(b) plans and governmental 457(b) plans and other clarifications [Citation: Prop. Treas. Reg. §§1.401(a)(9)-1 through 1.401(a)(9)-8, 1.402(c)-2, 1.403(b)-6(e), 1.408-8, and 54.4974-1, 87 F.R. 10504 (February 24, 2022)]
  Text available at: https://www.govinfo.gov/content/pkg/FR-2022-02-24/pdf/2022-02522.pdf
• IRS proposes to increase renewal user fee for ERPAs from $67 to $140 [Citation: Prop. Treas. Reg. §300.6, 87 F.R. 11366 (March 1, 2022)]
  Text available at https://www.govinfo.gov/content/pkg/FR-2022-03-01/pdf/2022-04303.pdf
• Proposed regulations would provide qualification protection for MEPs where a participating employer’s actions might otherwise disqualify the entire plan [Citation: Prop. Treas. Reg. §1.413-2(a)(2), (a)(3)(iv), (a)(4), and (c), and 1.413-3, 87 F.R. 17225 (March 28, 2022)]
  Text available at: https://www.govinfo.gov/content/pkg/FR-2022-03-28/pdf/2022-06005.pdf

IRS Guidance

• 2022 annual update of general procedures for obtaining Employee Plans private letter rulings, determination letters and opinion letters, and setting user fees for these rulings and letters as well VCP submissions [Citation: Rev. Proc. 2022-4, 2022-1 I.R.B. (January 3, 2022)]
  Text available at https://www.irs.gov/pub/irs-irbs/irb22-01.pdf#page=164
• IRS issues 2022 covered compensation table [Citation: Rev. Rul. 2022-2, 2022-4 I.R.B. (January 24, 2022)]
  Text available at https://www.irs.gov/pub/irs-drop/rr-22-02.pdf
• IRS revises calculation methods for “substantially equal payments” under IRC §72(t)(2)(A)(iv) to incorporate new RMD life expectancy tables [Citation: Notice 2022-6, 2022-5 I.R.B. (January 31, 2022; advance release on January 18, 2022)]
  Text available at: https://www.irs.gov/pub/irs-drop/n-22-06.pdf
• 2022 Cumulative List issued for review of 403(b) pre-approved plans submitted for Cycle 2 approval [Citation: Notice 2022-8, 2022-7 I.R.B. (February 14, 2022); advance release on January 28, 2022]
  Text available at: https://www.irs.gov/pub/irs-drop/n-22-08.pdf
• Form 8915-F issued to handle all qualified disaster distribution reporting after 2020 [Form 8915-F/Instructions for Form 8915-F (Rev. January 2022)]
  Text available at:
  https://www.irs.gov/pub/irs-prior/f8915f--2022.pdf (Form 8915-F)
  https://www.irs.gov/pub/irs-prior/i8915f--2022.pdf (Instructions to Form 8915-F)
• IRS temporarily suspends its IRA pre-approval program [Citation: Announcement 2022-6, 2022-13 I.R.B. (March 28, 2022) (advance release on March 14, 2022)]
  Text available at: https://www.irs.gov/pub/irs-drop/a-22-06.pdf

DOL Regulations

• Civil penalty adjustments for 2022 [Citation: DOL Federal Civil Penalties Inflation Adjustment Act Annual Adjustments for 2022, DOL Reg. §2575.3, 87 F.R. 2328 (January 14, 2022)]
  Text available at https://www.govinfo.gov/content/pkg/FR-2022-01-14/pdf/2022-00144.pdf
• DOL proposes changes to procedures for requesting class and administrative exemptions from the prohibited transaction rules [Citation: Prop. DOL Reg. §§2570.30 - 2570.52, 87 F.R. 14722 (March 15, 2022)]
  Text available at: https://www.govinfo.gov/content/pkg/FR-2022-03-15/pdf/2022-04963.pdf

DOL Formal Guidance/Prohibited Transaction Exemptions

• DOL finalizes amendments to several class exemptions to eliminate references to credit ratings, as required by the Dodd-Frank financial reform legislation [Citation: Amendments to Class Prohibited Transaction Exemptions to Remove Credit Ratings Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, 87 F.R. 12985 (March 8, 2022)]
  Text available at: https://www.govinfo.gov/content/pkg/FR-2022-03-08/pdf/2022-04866.pdf

PBGC Regulations and Other Guidance

• Civil penalty adjustments for 2022 [Citation: PBGC Adjustment of Civil Penalties for Inflation, PBGC Reg. §§4071.3 and 4302.3, 87 F.R. 2340 (January 14, 2022),]
  Text available at https://www.govinfo.gov/content/pkg/FR-2022-01-14/pdf/2022-00778.pdf

EBSA Advisory Opinions, Field Assistance Bulletins and other informal guidance from the DOL

• DOL cautions extreme care before considering a cryptocurrency option in a 401(k) plan’s investment menu [Citation: Compliance Assistance Release No. 2022-01, 401k Plan Investments in Cryptocurrencies (March 10, 2022)]
  Text available at:
  https://www.dol.gov/sites/dolgov/files/ebsa/employers-and-advisers/plan-administration-and-compliance/compliance-assistance-releases/2022-01.pdf

ERISA Litigation

• Pleading sufficient to try ERISA §502(a)(3) claim seeking recovery from employer-fiduciary for alleged misleading statements regarding life insurance benefit elections made by a now-deceased participant [Citation: Delker v. MasterCard International, Inc., No. 20-3600, ___ F.3d ___ (8th Cir. January 5, 2022)]
  Text available at: https://ecf.ca8.uscourts.gov/opndir/22/01/203600P.pdf
• Supreme Court vacates Seventh Circuit rejection of plaintiffs’ claims in excessive fee case because it did not consider the Tibble holding that failure to prudently monitor investment options and plan expenses is not excused by offering a sufficient number of prudent investment options [Citation: Hughes v. Northwestern University, No. 19-1401, 595 U.S. ___ (Sup.Ct. January 24, 2022)]
  Text available at: https://www.supremecourt.gov/opinions/21pdf/19-1401_m6io.pdf

Miscellaneous Guidance

• None