2021 year-end compliance issues for single-employer defined benefit and defined contribution retirement plans

By year-end, sponsors of calendar-year single-employer retirement plans must adopt necessary and discretionary plan amendments to ensure compliance with statutory and regulatory requirements of ERISA and the Internal Revenue Code (IRC). This Client Action Bulletin looks at key areas—including administrative compliance issues—that defined benefit (DB) and defined contribution (DC) plan sponsors should address by Dec. 31. The bulletin covers:

• Qualified plan amendments
• Temporary reversals of IRC §420 transfers
• Correcting failures to implement timely amendments to a retirement plan
• Prepping for the 2022 updated life expectancy tables
• Annual notices and benefit statements
• Other action items for plan sponsors