SAL TRIPODI - TRI Pension Services
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Pension News - What's New in 2021?

The following list tracks important guidance that are released during 2021. 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: September 29, 2021

Legislative Developments

Treasury Regulations

  • Regulations define qualified plan loan offsets eligible for extended rollover period [Citation: Treas. Reg. §1.402(c)-3, 86 F.R. 464 (January 6, 2021)]
    Text available at https://www.govinfo.gov/content/pkg/FR-2021-01-06/pdf/2020-27151.pdf
  • Final regulations clarify how extensions under IRC §7508A are applied, implement IRC §7508A(d), and eliminate ambiguity in legislative language referring to disaster declarations [Citation: Treas. Reg. §§1.165-11(b)(1) and (h) and 301.7508A-1(g) and (h), 86 F.R. 2607 (June 11, 2021)]
    Text available at https://www.govinfo.gov/content/pkg/FR-2021-01-13/pdf/2021-00185.pdf
  • IRS proposes to reduce the minimum return requirement from 250 to 10 for mandatory electronic filing on many plan-related reporting forms, effective in 2023 [Citation: Prop. Treas. Reg. §§54.6011-3, 301.6011-2, 301.6011-10, 301.6033-4, 301.6057-3, 301.6058-2, 301.6059-2, 301.6721-1, 86 F.R. 39910 (July 23, 2021)]
    Text available at: https://www.govinfo.gov/content/pkg/FR-2021-07-23/pdf/2021-15615.pdf

IRS Guidance

  • 2021 annual update of general procedures for obtaining Employee Plans private letter rulings and determination letters, user fees for Employee Plans submissions, including VCP [Citation: Rev. Proc. 2021-4, 2021-1 I.R.B. (January 4, 2021)]
    Text available at https://www.irs.gov/pub/irs-irbs/irb21-01.pdf
  • IRS issues 2021 covered compensation table [Citation: Rev. Rul. 2021-3, 2021-5 I.R.B. (February 1, 2021; advance release on January 15, 2021)]
    Text available at https://www.irs.gov/pub/irs-drop/rr-21-03.pdf
  • IRS guidance on legislative changes applicable to cafeteria plans [Citation: Notice 2021-15, 2021-10 I.R.B. (March 8, 2021); advance publication on February 18, 2021)]
    Text available at: https://www.irs.gov/pub/irs-drop/n-21-15.pdf
  • IRS website provides FAQs regarding the partial termination relief enacted as part of Consolidated Appropriations Act [Citation: Partial Termination of a Qualified Retirement Plan Under Section 209 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, Coronavirus-related relief for retirement plans and IRAs questions and answers, www.irs.gov (April 27, 2021)]
    Text available at:
    https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-answers#partial-termination
  • Temporary relief that waives physical presence requirement for spousal consent if certain conditions are met is extended to June 30, 2022 [Citation: Notice 2021-40, 2021-?, modifying Notice 2021-03, 2021-2 (January 11, 2021; advance notice on December 22, 2020), and Notice 2020-42, 2020-26 I.R.B. (June 22, 2020)]
    Text available at: https://www.irs.gov/pub/irs-drop/n-21-40.pdf
  • Latest update of EPCRS procedure allows for expanded SCP to increase benefits, rights, and features, extends SCP correction period for significant failures to 3 years, extends the special 9-1/2 month correction rule for Elective Deferral Failures under auto-enrollment plans through December 31, 2023, raises de minimis failure threshold to $250, and replaces Anonymous VCP submissions in 2022 with pre-submission no-fee conference option [Citation: Rev. Proc. 2021-30, 2021-31 (August 2, 2021; advance release July 16, 2021)]
    Text available at https://www.irs.gov/pub/irs-drop/rp-21-30.pdf
  • IRS guidance on the pension provisions in the American Rescue Plan Act provide funding relief for single-employer pension plans [Citation: Notice 2021-48, 2021-33 I.R.B. (August 16, 2021; advance release on July 30, 2021)]
    Text available at: https://www.irs.gov/pub/irs-drop/n-21-48.pdf
  • Cycle 2 opinion letter procedures for §403(b) Pre-approved Plans; procedure modified to more closely resemble procedures for pre-approved qualified plans [Citation: Rev. Proc. 2021-37, 2021-38 I.R.B. (September 21, 2021; advance release on September 1, 2021)]
    Text available at: https://www.irs.gov/pub/irs-drop/rp-21-37.pdf
  • Interim amendment deadlines for Pre-approved Plans modified to adopt uniform deadline no longer linked to adopting employer’s tax return due date [Citation: Rev. Proc. 2021-38, 2021-38 I.R.B (September 21, 2021; advance release on September 1, 2021)]
    Text available at: https://www.irs.gov/pub/irs-drop/rp-21-38.pdf

DOL Regulations

DOL Formal Guidance/Prohibited Transaction Exemptions

PBGC Regulations and Other Guidance

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

ERISA Litigation

Miscellaneous Guidance

Pension News Quick Links

 


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