SAL TRIPODI - TRI Pension Services
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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

DOL Regulations

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

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

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

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