Multiemployer Pension Plans Could See Significant Change
Major changes in the operation and management of multiemployer pension plans may be coming. On November 20th, U.S. Senators Chuck Grassley (R-IA) and Lamar Alexander (R-TN), released a white paper on a proposal that if passed, would dramatically change the […]
Transparency Rules Could Shake Up Hospitals and Carriers
The Trump Administration is pushing ahead with rules requiring hospitals to disclose their contracted rates with insurance carriers and Preferred Provider Organizations (PPOs) for 300 “common” services, effective January 1, 2021. The administration’s push for transparency in healthcare pricing will […]
Is it Time to Restate Your Defined Benefit Pension Plan?
If you sponsor a frozen defined benefit pension plan, a mostly “vanilla” individually designed defined pension plan or a defined benefit pension plan already on a pre-approved format, you will want to think about restating your plan now in the […]
Proposed E-Delivery Safe Harbor Recognizes Online Reality
On October 22, 2019, the DOL announced new guidance that should go a long way toward bringing the delivery of ERISA-required disclosures and notices into the 21st Century. It should also provide significant cost savings for plan sponsors. This e-delivery […]
Employee Benefit Plan Limits for 2020
Findley is pleased to provide you the following 2020 limits (and comparable 2019 figures) for various employee benefit plans and Social Security. Employee Benefit Plans 2019 2020 401(k) elective deferral dollar limit $ 19,000 $ 19,500 403(b) elective deferral dollar […]
Is Your Voluntary Benefits Program Really Exempt from ERISA?
Employers have a lot to think about when it comes to their employee benefit programs and legal compliance. ERISA’s safe harbor exemption for a certain group or group-type insurance programs allows employees to access all kinds of benefits without their […]
Pension Strategy Driver – 2020 PBGC Premium Rates Announced
For many sponsors of single-employer pension plans, the minimum cash funding requirement is no longer the most important number discussed with their actuaries every year. Instead, pension plan sponsors have shifted their focus to managing their PBGC premiums. PBGC Premiums […]
Pension Mortality Updates May Decrease Liabilities
The Society of Actuaries’ (SOA) new Scale MP-2019 mortality improvement rates will lead to lower liabilities compared to the previous versions. Along with the improvement scale, the SOA’s Retirement Plans Experience Committee (RPEC) also released a set of new mortality […]
Minimum Participation Rule Puts Pension Benefits at Risk
Almost all pension plans are subject to certain compliance tests that are outlined by the IRS. The compliance requirements are in place to make sure that if a plan sponsor’s contributions to a pension plan are deductible for tax purposes, […]
GE pension changes: should my company be looking to do the same?
On October 7, General Electric (GE) announced a series of decisions around their salaried pension plan: For participants continuing to accrue benefits, further accruals will be stopped at the end of 2020. (New employees hired after 2011 were not eligible […]