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The 2021 Pension Answer Book

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A standard in its field, The 2021 Pension Answer Book discusses in detail the full spectrum of pension topics—from qualification requirements to taxation of distributions, from minimum distribution requirements to 401(k) plans. It covers the most up-to-date and significant legislative, regulatory, and case law developments affecting these plans. As a decision-making tool, combining theory and practice-based guidance, The 2021 Pension Answer Book offers insight and clarification on the critical issues affecting pension administration and compliance. In short, The 2021 Pension Answer Book is the one reference tool that provides subscribers with the most current and comprehensive answers to the issues pension professionals face daily in their practice.

The 2021 Pension Answer Book has been fully updated to reflect the changes made by the enactment of new laws, the Revenue Rulings, Revenue Procedures, Notices, Announcements, and Private Letter Rulings issued by IRS, Opinion Letters and Interpretive Bulletins issued by DOL, final and proposed regulations issued by both IRS and DOL, and important case decisions. Discussed in The 2021 Pension Answer Book are the following:

  • The SECURE Act changes
  • The CARES Act changes
  • Pooled Employer Plans (PEPs)
  • New plan qualification requirement
  • IRS extension of temporary nondiscrimination relief for closed defined benefit plans
  • Dual service eligibility requirement for 401(k) plans
  • Elimination of the “one bad apple” restriction for multiple employer defined contribution plans
  • For 2021, the dollar limitation applicable to the annual addition under a defined contribution plan ($58,000) and compensation ($290,000) both increased, but the dollar limitation applicable to the annual retirement benefit under a defined benefit plan ($230,000), the elective deferral limit ($19,500), and the catch-up contribution ($6,500) all remained the same
  • Updated covered compensation tables
  • Special funding rules provided by the CARES Act
  • IRS notice providing updated mortality tables
  • Private Letter Rulings concerning the use of substitute mortality tables
  • IRS ruling granting waiver of the minimum funding standards
  • More IRS rulings on extension of the amortization period
  • IRS ruling on leasing arrangement
  • Major changes concerning required minimum distributions (RMDs)
  • New life expectancy tables for 2022
  • Increased and new tax credits for new small employer plans
  • COVID-19-related issues concerning taxation of distributions
  • IRS ruling on when a retirement distribution check is taxable
  • Extended rollover period for a qualified plan loan offset amount
  • COVID-19 relief for plan loans
  • More on the 10 percent penalty tax, including qualified birth or adoption distributions
  • Updated rules regarding IRS determination letter program and user fees
  • Opinion letters issued for pre-approved defined contribution plans for third six-year remedial amendment cycle
  • Third six-year remedial amendment cycle for pre-approved defined benefit plans began
  • Updated rules regarding when an M&P, volume submitter, and pre-approved plan may submit a determination letter application
  • Updated rules for pre-approved 403(b) plans
  • Updated guidance regarding benefit statements provided to plan participants
  • Special rules regarding witnessing of documents provided by the CARES Act
  • Updated 402(f) Notice regarding distributions from a qualified retirement plan
  • Updated guidance regarding use of electronic media to furnish information to participants
  • Inflation adjustment for certain late filing and other penalties
  • Updated penalty amounts for late filing of certain forms and furnishing of notices provided by the SECURE Act
  • PBGC new form series regarding substantial cessation of operations
  • More breach of fiduciary duty cases
  • Pension Benefit Guaranty Corporation (PBGC) benefit guarantees
  • Cases regarding tax treatment of excess assets in a terminated defined benefit plan
  • Health reimbursement arrangements and 401(k) plans
  • Increase in the cap on the default rate applicable under an automatic enrollment safe harbor
  • More on 401(k) plan hardship distributions
  • More employee stock ownership plan (ESOP) cases
  • More multiemployer plan withdrawal liability decisions
  • Repeal of the prohibition on contributions to an IRA by an individual age 701⁄2 or older
  • Changes to the definition of “compensation” for IRA contribution purposes
  • More on rollovers, including a new reason for self-certification for a waiver of the 60-day rollover requirement
  • Guidance on the distribution of an individual custodial account in kind upon termination of a 403(b) plan

Note: Online subscriptions are for three-month periods.

Previous Edition: The 2020 Pension Answer Book, ISBN : 9781543812572

Pages 2058
Publish Date 12/11/2020
Publish Frequency Annually
Product Line Wolters Kluwer Legal & Regulatory U.S.
ISBN 9781543824582
SKU 10083617-7777
Publish Frequency Annually
Product Line Wolters Kluwer Legal & Regulatory U.S.
SKU 000000000010073211
Table of Contents
  • List of Questions
  • Chapter 1: Overview
  • Chapter 2: Types and Choices of Plans
  • Chapter 3: Highly Compensated Employees
  • Chapter 4: Requirements for Qualification
  • Chapter 5: Eligibility and Participation
  • Chapter 6: Benefit and Contribution Limitations
  • Chapter 7: Permitted Disparity
  • Chapter 8: Funding Requirements
  • Chapter 9: Vesting
  • Chapter 10: General Distribution Requirements
  • Chapter 11: Minimum Distribution Requirements
  • Chapter 12: Tax Deduction Rules
  • Chapter 13: Taxation of Distributions
  • Chapter 14: Participant Loans
  • Chapter 15: Life Insurance and Death Benefits
  • Chapter 16: 10 Percent Tax on Early Distributions
  • Chapter 17: Saver’s Credit
  • Chapter 18: Determination Letters
  • Chapter 19: IRS and DOL Correction Programs
  • Chapter 20: Operating the Plan
  • Chapter 21: Reporting to Government Agencies
  • Chapter 22: Summary Plan Descriptions
  • Chapter 23: Fiduciary Responsibilities
  • Chapter 24: Prohibited Transactions
  • Chapter 25: Termination of the Plan
  • Chapter 26: Top-Heavy Plans
  • Chapter 27: 401 (k) Plans
  • Chapter 28: Employee Stock Ownership Plans
  • Chapter 29: Multiemployer Plans
  • Chapter 30: Individual Retirement Plans
  • Chapter 31: Roth IRAs
  • Chapter 32: Simplified Employee Pensions
  • Chapter 33: Savings Incentives Match Plan for Employees
  • Chapter 34: Rollovers
  • Chapter 35: 403(b) Plans
  • Chapter 36: Qualified Domestic Relations Orders
  • Glossary
  • Tables
About The Experts