07 Dec 2021

Is Your Investment Committee Informed?

An informed and proactive investment committee can help you sustain challenges to your 401(k) plan’s investment structure. Be sure your investment committee knows what’s at stake by using this training presentation to alert them to their responsibilities.

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Train your investment committee and the sponsor’s responsible employees to be sure that they understand what communications with counsel are protected—and which ones are not. You can use the training presentation to alert them to how the fiduciary exception to the attorney-client privilege may require extra caution in communications with counsel.

Investment Committee Issues for Defined Contribution Plans
Review best practices when advising an investment committee how best to satisfy their fiduciary obligations, particularly in reviewing the performance of a plan’s investment options during the committee’s periodic meetings.

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Reference this resource kit which assembles content that will be helpful to you in orchestrating or reviewing employee benefit plan governance.

Practical Guidance Updates

Featuring the latest updates from your Practical Guidance account.

Employee Benefits & Executive Compensation Key Legal Developments Tracker
Stay informed on new developments.
- Retirement Plans.
  Infrastructure Investment and Jobs Act enacted, including five-year extension of American Rescue Plan Act’s pension funding interest rate relief for single-employer DB plans. Pub. L. No. 117-58, § 80602
  
  IRS issues the 2021 Required Amendments List which establishes the end of the remedial amendment period and the plan amendment deadline for changes in qualification requirements to individually designed section 401(a) qualified plans and section 403(b) requirements, respectively. I.R.S. Notice 2021-64.

- Health and Welfare Plans.
  IRS announces proposed regulations to apply an automatic 30-day extension to ACA deadlines to furnish health coverage information statements to employees under I.R.C. §§ 6055 and 6056 and to permit a simplified alternative method for the Form 1095-B (and certain 1095-C) disclosures so long as the ACA individual mandate penalty remains $0. 86 Fed. Reg. __ (prepublication draft); and see IRS, Questions and Answers on Reporting of Offers of Health Insurance Coverage by Employers (Section 6056) (updated 11/23/21).
  
  HHS, DOL, and IRS announce interim final rule under Section 204, Div. BB, Consolidated Appropriations Act, 2021 (Pub. L. No. 116-260) on annual disclosure requirements for health plans and health insurance issuers to furnish spending data on prescription drugs and other health care services to the agencies. 86 Fed. Reg. 66,662 (Nov. 23, 2021); see also CMS, Prescription Drug and Health Care Spending Interim Final Rule with Request for Comments.
  
  HHS issues inflation-adjusted civil penalty amounts, including for HIPAA violations. 86 Fed. Reg. 62,928 (Nov. 15, 2021).
  
  IRS releases 2022 cost-of-living adjustments for certain welfare plans and fringe benefits. Rev. Proc. 2021-45.

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