The aging of the baby boomer generation has increased the level of scrutiny with which the Department of Labor, Employee Benefits Security Administration (“EBSA”) will review the efforts of pension plans to locate missing plan participants who did not receive reported benefits. The focus of the EBSA which began with a review of the efforts … Continue Reading
On July 9, 2015, the IRS released Notice 2015-49 (the “Notice”) informing taxpayers that the Service and the Treasury intend to amend the required minimum distribution regulations to eliminate the recent defined benefit (“DB”) plan risk management strategy of offering lump sum payments to replace annuity payments to retirees currently receiving joint and survivor, single … Continue Reading
Under the directive of providing individuals with additional lifetime income options, the IRS issued final regulations on July 2, 2014, permitting the purchase of longevity annuity contracts. The regulations apply to participants in certain types of retirement plans and IRA owners and allows them to purchase a “qualifying longevity annuity contract” (QLAC) with a portion … Continue Reading
