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February 25, 2013 12:00 AM

Poll results: What is the remedy for closed DB plans facing IRS trouble?

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    With a growing number of closed pension plans flunking the Internal Revenue Service's non-discrimination tests, 31.5% of P&I Online readers believe the best solution is to reopen pension plans to new participants, according to an online poll last week.

    The next most common solution selected by poll respondents was “test once and plan passes permanently” with 25.8% of the votes. “Hard freeze plans” received 19.4%, “Change IRS rules” received 16.1%, “increase benefits” received 4.8% and “remove participants” received 2.4%.

    When a pension plan is closed to new participants, over time more participants move into the highly compensated employee category, while newer employees and turnover keep overall benefit values lower in other plans leading to a gap that can cause the plan sponsor to fail the IRS' non-discrimination rules test.

    Congress is unlikely to take action soon, prompting trouble for a growing number of plan sponsors.

    The question was asked in conjunction with a Pensions & Investments story published last week titled, "Closed plans face non-discrimination peril."

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    • Topics
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      • SECURE Act 2.0
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      • Top-Performing Managers
      • Largest Money Managers
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      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2022 Retirement Income Conference
      • 2022 Managing Pension Risk & Liabilities
      • 2022 WorldPensionSummit