The American Rescue Plan Act of 2021 (ARPA) was signed into law on March 11, 2021. It contains many provisions affecting pension plans.
The American Rescue Plan of 2021: Pension Plan Benefits
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Pension
Sufficient Tax Withholding from Pension Payments
The IRS urges everyone (including retirees) to use their Withholding Calculator to determine if they have sufficient tax withholding from pension payments.
Michigan Now Requires More Disclosure from Local Governments Regarding their Pension and Retiree Health Systems
Michigan Public Act 202 requires more disclosure from local governments regarding their pension and retiree health systems.
Reducing Risk in Your Pension Plan: Lump Sum Payments to Former Employees
Have you considered offering lump sums to former employee participants as a step toward reducing pension risk and expense?
Lump Sums to Retirees: A Controversial De-risking Tactic Removed From the Table
On July 9, 2015 the IRS issued a Notice of its intent to disallow lump sum offerings to retirees who are already receiving monthly benefits from the plan. Current law prohibits payments to retirees that would increase later in the annuity payment period (with...
Mortality Improvements
Defined Benefit plan actuaries use various assumptions to calculate a plan’s benefit liabilities for various purposes. One of the main assumptions employed is the rate of mortality for the plan’s population. The IRS requires specific mortality tables for some...
The Current Trend of Pension De-Risking
Pension plan “de-risking” has recently become a hot discussion topic for pension plan sponsors. De-risking involves employing strategies to make the plan less sensitive to factors that affect required pension funding levels, such as market swings and life expectancy...