The Daily Brief for Benefits Professionals
BenefitsWire
Retirement Plans
July 23, 2026
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12 items · ~4 min read
Top of the Brief
Lawmakers Introduce Bill to Curb Tax Breaks for Very Large Retirement Accounts“People with more than $10 million in tax-advantaged retirement accounts, including vested retirement defined contribution plan balances, would no longer be able to add money to Roth or traditional IRAs. They also would have to withdraw 50% of any balance above $10 million each year and pay taxes on those withdrawals. For example, if a person’s balance was $15 million, they would have to withdraw $2.5 million, which would likely be taxed at the 37% marginal rate, raising $925,000 in federal taxes, and leaving the account holder with a $1.575 million after-tax distribution.”
In this issue
Regulatory Action and Guidance (2) · Retirement Plans (3) · Litigation (3) · Executive Compensation (1) · General Benefits (2) · Webinars (1)
Regulatory Action and Guidance
2 items“Senators Jim Banks (R-IN) and Cory Booker (D-NJ) on Monday introduced proposed legislation that would establish a single deadline for Form 5500 reporting. The “Form 5500 Filing Simplification Act” aims to reduce administrative hurdles while enforcing transparency for retirement plans. It would establish a uniform statutory filing deadline for Form 5500 annual reports, thereby eliminating the need for employers to file a separate IRS Form 5558 extension request; allow Form 5500 filings and related reports to be signed electronically; direct the Department of Treasury, Department of Labor (DOL), and Pension Benefit Guaranty Corporation (PBGC) to modernize filing requirements and conform regula” MORE >>
Source: 401(k) Specialist
“People with more than $10 million in tax-advantaged retirement accounts, including vested retirement defined contribution plan balances, would no longer be able to add money to Roth or traditional IRAs. They also would have to withdraw 50% of any balance above $10 million each year and pay taxes on those withdrawals. For example, if a person’s balance was $15 million, they would have to withdraw $2.5 million, which would likely be taxed at the 37% marginal rate, raising $925,000 in federal taxes, and leaving the account holder with a $1.575 million after-tax distribution.” MORE >>
Source: PLANSPONSOR
Retirement Plans
3 items“The DOL has issued Field Assistance Bulletin 2026-02 (FAB) to address the matter. Importantly, the FAB does not create a new substantive rule. It provides plan administrators with temporary enforcement relief while they try to comply with the new paper benefit statement requirement before DOL regulations are finalized.” MORE >>
Source: psca.org
[General Benefits]
FAQs: Code Section 410(b) Transition Period Following a Corporate Transaction“A 410(b) transition period is a period following a transaction in which a company or organization becomes or ceases to be a member of a controlled or an affiliated service group (the “Transition Period”). During the Transition Period, all qualified retirement plans maintained by the affected company or other members of the controlled or affiliated service group are deemed to satisfy coverage testing if certain requirements are met. This Transition Period allows time for the plans to be evaluated and, if necessary, amended to ensure that the plans pass coverage testing considering the company’s new controlled or affiliated service group status. Note that the Transition Period does not apply t” MORE >>
Source: Boutwell Fay
“The deadline to adopt a restated pre-approved 403(b) plan is rapidly approaching. Here's what employers need to know.” MORE >>
Source: JD Supra
Litigation
3 items“66 Franklin Street, Suite 300 Oakland, CA 94607 In Havlik v. University of Chicago, No. 25-2821, — F.4th —-, 2026 WL 2084784 (7th Cir.” MORE >>
Source: Roberts Disability Law
[Regulatory Action and Guidance]
Labor Dept. Clarifies Pension Risk Transfers Rule | National Dossier“The U.S. Department of Labor today filed an amicus brief with the U.S. Court of Appeals for the Second Circuit, clarifying the business requirements for offloading defined benefit plan liabilities through pension risk transfers. In the brief, filed in Doherty v. Bristol-Myers Squibb, No. 26-1021, the department reiterates the appropriate standards for pension risk transfers, also known as “derisking.” MORE >>
Source: nationaldossier.com
“The roughly $48 million in settlement funds would consist of $43.52 million in damages for former executives and their spouses and beneficiaries who received or were scheduled to receive lump-sum payments from NCR under one of the company’s plans at the time the company terminated that benefit. Another $4.23 million of the settlement would go toward attorneys’ fees. In November 2015, the former executives filed suit over provisions in various NCR retirement and benefit plans that had promised them monthly or biweekly payments for the remainder of their lives after retirement.” MORE >>
Source: Hall Benefits Law
Executive Compensation
1 item[Retirement Plans]
Executive Compensation Planning: A Practical Guide to Designing and Protecting Executive Pay, Part 2: Equity Compensation – From Restricted Stock to the 83(b) Election“In Part 1, we introduced the executive compensation landscape and examined incentive stock options (ISOs) and nonqualified stock options (NQSOs).” MORE >>
Source: JD Supra
General Benefits
2 items[Retirement Plans]
Most retirees wish they had saved earlier. Here's what they regret most“Many retirees are rethinking the decisions they made before leaving the workforce, a new study by TIAA found, with many wishing they had saved earlier and better prepared for healthcare and other costs in retirement. More than three-quarters of current retirees (76%) say they regret not starting to save earlier in life, while 71% wish they had saved more, according to TIAA's Bridging the Gaps in Retirement Expectations report, released Wednesday. But savings were not the only source of regret. Nearly half of retirees say they fell short in preparing for key retirement challenges, including setting clear goals (47%), estimating healthcare and long-term care costs (49%), and planning for late-” MORE >>
Source: Employee Benefit News
[Regulatory Action and Guidance]
Wellington, Vanguard, Blackstone ‘Alliance’ Eyes ‘Retirement-Specific’ Products“As Wellington Management Co. LLP, the Vanguard Group Inc. and Blackstone Inc. launch two investment funds that give advisers access to professionally managed portfolios that combine public and private markets, they are keeping an eye on the retirement market.” MORE >>
Source: PLANADVISER
Webinars
1 item"Join us for a complimentary webinar on July 15th at 10 a.m. PT exploring the intersection of Medicare and employer-sponsored health plans. This session will provide practical guidance on navigating these complex rules." MORE >>
Source: Trucker Huss