Louis Mazawey was quoted in the TaxNotes article, “Guidance Issued on Elimination of Periodic Determination Letters” by Andrew Velarde on June 30, 2016. Mazawey commented that the decision to eliminate the periodic determination letters, important especially for plan auditors and investment managers, was not a surprise.
“The pension community was hoping, even though it is still fairly early in the process, they would have at least spelled out a couple of other situations when plan sponsors could go in,” Mazawey said in response to the guidance’s open-endedness regarding the other circumstances mentioned. “All they did here was repeat what practitioners had been recommending and basically say. ‘It is all under advisement.'”