SAL TRIPODI - TRI Pension Services
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Pension News in 2013

The following list tracks important guidance that was released during 2013. 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.

Legislative Developments

Treasury Regulations

  • Regulations permit a company to suspend or reduce the safe harbor contribution before the end of the year if the company is operating at an economic loss or provides advance notice to employees of possibility of suspension or reduction [Citation: Treas. Reg. §§1.401(k)-3(g) and 1.401(m)-3(h) (November 15, 2013)]
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  • Indian tribal fishing rights income under IRC §7873 included in section 415 compensation definition [Citation: Prop. Treas. Reg. §1.415(c)-2, 78 F.R. 68780-68782 (November 15, 2013)]
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IRS Guidance

DOL Regulations

DOL Formal Guidance/Prohibited Transaction Exemptions

  • DOL proposes to grant temporary exemption for certain indemnification/cross-collateralization agreements involving certain investment arrangements [Citation: Notice of Proposed Amendments to PTE 80-26, 78 F.R. 31584 (May 24, 2013)]
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  • DOL proposes amendments to six class exemptions to eliminate reference to credit ratings, as required by the Dodd-Frank financial reform legislation [Citation: Proposed Amendments to Class Prohibited Transaction Exemptions to Remove Credit Ratings Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, 78 F.R. 37572-37583 (June 21, 2013)]
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PBGC regulations and other guidance

  • Extension of interim guidance on reportable events for the 2013 plan year and subsequent years [Citation: PBGC Technical Update 13-1 (January 30, 2013)]
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  • Reproposed regulations to revise reportable event rules would create new safe harbors based on the financial status of the contributing sponsor, simplify small plan waivers and other waivers, and eliminate certain automatic waivers and extensions under current regulations [Citation: Prop. PBGC Reg. §§4043.1-4043.9, 4043.20-4043.35, 4043.61-4043.68, 4043.81, 78 F.R. 20039 (April 3, 2013)]
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  • PBGC issues request for information regarding implementation of missing participant program to DC plans [Citation: Missing Participants in Individual Account Plans - Request for Information, 78 F.R. 37598 (June 21, 2013)]
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  • PBGC proposes to simplify premium payment due dates, add variable rate premium exemptions for new plans and standard termination plans, codify 7-day grace period for premium penalty waivers [Citation: Prop. PBGC Reg. §§4006.2-4006.6 and 4007.2, 4007.3, 4007.8, 4007.11, 4007.12, 4007.13, Appendix to Part 4007, 78 F.R. 44056-44069 (July 23, 2013)]
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EBSA Advisory Opinions, Field Assistance Bulletins and other informal guidance

  • DOL clarifies application of ERISA fiduciary and prohibited transaction rules to “cleared swap” transactions conducted pursuant to the Dodd-Frank Act [Citation: Advisory Opinion 2013-01A]
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  • DOL updates its interim guidance on the annual funding notice requirements to reflect MAP-21 [Citation: Field Assistance Bulletin 2013-01]
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  • Revenue sharing payments not plan assets until used to pay expenses or credited to the plan [Citation: DOL Advisory Opinion 2013-03A (July 3, 2013)]
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  • DOL issues nonenforcement policy that will permit plans to “reset” the annual fee disclosure deadline in 2013 or 2014 [Citation: Field Assistance Bulletin 2013-02 (July 22, 2013)]
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ERISA Litigation

Miscellaneous Guidance

Pension News Quick Links


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