Retirement Practice Legal Consulting & Compliance Quarterly Update - Q1 2019 (US)

The newsletter above is Aon's Q1 2019 Quarterly Update from Retirement Legal Consulting & Compliance. Download the full update above to learn more. 


This issue begins with an article about cybersecurity risks for retirement plans. We've developed a questionnaire to assist plan fiduciaries with evaluating whether an ERISA-covered plan is a good candidate for cybersecurity risk assessment. Please see the article for more information and to obtain a copy of the questionnaire. 

The retirement plan community is buzzing about recent lawsuits filed against plan sponsors and fiduciaries of pension plans challenging the actuarial equivalence factors used for converting benefits into optional forms and for early retirement reductions. While the IRS has provided specific factors to be used for some purposes such as calculating lump sums, plan sponsors aren't required to use those factors for the purposes described in the lawsuits. Since these lawsuits are at the initial filing stage, the merits of the claims have not yet been addressed. While we haven't seen any responses or defenses asserted by the plan sponsors or fiduciaries as we go to press, we will be following these cases closely in the coming weeks. 

Plans covered under Section 403(b) of the Internal Revenue Code (relating to plans of certain tax-exempt organizations) have been getting more attention lately. In this issue we discuss how the proposed hardship regulations apply differently to these plans than to other defined contribution plans. We also cover the relief granted by the Internal Revenue Service for plan sponsors that may have misinterpreted the rules that apply to excluding part-time employees from participation. This should be very helpful to plan sponsors. 

Each year we publish a Compliance Calendar that lists the significant compliance milestones and due dates that apply to qualified retirement and health and welfare plans having a calendar year plan year. Feedback on the calendar has been very positive as many plan sponsors rely upon it to make sure not to miss compliance deadlines. We have published an article about the Compliance Calendar that includes a link that can be followed to obtain a copy. 

Download the full Quarterly Update above to learn more. 

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Retirement Practice Legal Consulting & Compliance Quarterly Update - Q2 2019 (US)
Retirement Practice Legal Consulting & Compliance Quarterly Update - Q2 2019 (US)

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