
Industry & Regulatory News
Industry & Regulatory News
Industry & Regulatory News
Industry & Regulatory News
Industry & Regulatory News
The Internal Revenue Service (IRS) has issued a proposed regulation, providing guidance for employers that are required to include an automatic enrollment provision with their 401(k) or 403(b) plan in order to comply with the SECURE 2.0 Act of 2022 (SECURE 2.0).
Industry & Regulatory News
Representatives Marie Gluesenkamp Perez (D-WA) and co-sponsor Chuck Edwards (R-NC) have introduced H.R. 808,
Industry & Regulatory News
A proposed rule and class exemption issued by the Department of Labor’s Employee Benefits Security Administration providing guidance on ESOP transactions pursuant to SECURE 2.0 has been withdrawn from publication in the Federal Register pending further review pursuant to executive order. The proposal was aimed at implementing acceptable standards and procedures to establish good faith fair market value for shares to be acquired by an ESOP pursuant to SECURE 2.0. According to the order, the proposal will be reviewed by the agency in light of the change in administration.
Industry & Regulatory News
The Internal Revenue Service has issued Notice 2025-13, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. Updates include corporate bond monthly yield curve, the corresponding spot segment rates for December used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates for January under IRC Sec. 430(h)(2). IRC Sec. 417 contains definitions and special rules for minimum survivor annuity requirements in DB plans. IRC Sec. 430 addresses minimum funding standard for single-employer DB plans.
Industry & Regulatory News
The IRS has issued Revenue Ruling 2025-05, which contains the applicable federal rates (AFR) for February 2025. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as “72(t) payments.”
Industry & Regulatory News
The Department of Labor’s Employee Benefits Security Administration has issued a proposed rule and class exemption implementing acceptable standards and procedures to establish good faith for market value for shares to be acquired by an ESOP pursuant to SECURE 2.0. The proposal provides guidance governing the determination of fair market value in accordance with the definition of the term “adequate consideration” under ERISA as applied to certain ESOP transactions involving employer stock. Comments are due within 75 days of publication in the Federal Register.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on January 15, 2025, for Alaska severe storm and flooding, for the incident period of October 20 – October 23, 2024.
Industry & Regulatory News
The Internal Revenue Service has issued a proposed rule under IRC Sec.162(m) to identify “covered employees” and nondeductible compensation following the expansion of 162(m) to include non-officers under the American Rescue Plan Act of 2021.
Industry & Regulatory News
The Department of Labor (DOL) has released Field Assistance Bulletin 2025-01 (FAB) providing guidance regarding the treatment of small balances of retirement plan missing participants and beneficiaries.
Industry & Regulatory News
The Department of Labor (DOL) has released a final amendment updating the Voluntary Fiduciary Correction Program (VFCP), along with a final amendment to Prohibited Transaction Exemption (PTE) 2002-51, to permit certain transactions identified in the PTE.
Industry & Regulatory News
The Office of Management and Budget has completed review of a proposed rule from the Department of Labor (DOL) titled "Worker Ownership, Readiness, and Knowledge”, pursuant to the requirements of Section 346 of SECURE 2.0.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on January 10, 2025, for the following.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of California affected by wildfires and straight-line winds until October 15, 2025. The tax relief postpones various tax filing deadlines that began on January 7, 2025.
Industry & Regulatory News
The Internal Revenue Service (IRS) has released proposed automatic enrollment regulations that apply to certain retirement plans as provided by Sections 101 and 341 of the SECURE 2.0 Act of 2022.
Industry & Regulatory News
The Internal Revenue Service (IRS) has released proposed catch-up regulations that apply to certain retirement plans as provided by Sections 109, 117, and 603 of the SECURE 2.0 Act of 2022.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on January 8, 2025, for California wildfires and straight-line winds, for the incident period of January 7 and continuing.
Industry & Regulatory News
The Pension Benefit Guaranty Corporation has published in the Federal Register inflation-adjusted penalty amounts for failure to provide certain notices or other material information and for failure to provide certain multiemployer notices.
Industry & Regulatory News
The Department of Labor has published in the Federal Register several inflation-adjusted penalty amounts for certain failures associated with qualified retirement plans.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on January 1, 2025, for the following disasters for the period indicated.
Industry & Regulatory News
The Pension Benefit Guaranty Corporation (PBGC) has issued Technical Update 25-1 that provides guidance on the timing of premium payments for plan years beginning in 2025. Due to a provision in the Bipartisan Budget Act of 2015, the premium filing due date for all plans is the 15th day of the 9th calendar month that begins on or after the first day of the plan year—so for calendar year plans, September 15th instead of October 15th.
Industry & Regulatory News
A provision allowing high deductible health plans (HDHPs) to waive the deductible for telehealth and other remote care services without causing plan participants to lose the ability to contribute to a health savings account (HSA) will expire for calendar year plans on December 31, 2024.
Industry & Regulatory News
Department of Labor (DOL) guidance titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program” has left the Office of Management and Budget.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on December 24, 2024, for North Dakota wildfires and straight-line winds, for the incident period of October 5 – October 6, 2024.
Industry & Regulatory News
The Internal Revenue Service (IRS) issued Revenue Ruling 2025-2, containing the covered compensation tables for the 2025 plan year.
Industry & Regulatory News
Effective December 18, 2024, the prime interest rate decreased to 7.50 percent.
Industry & Regulatory News
The Pension Benefit Guaranty Corporation (PBGC) has released a final rule updating the table for determining expected retirement ages for participants in pension plans undergoing distress or involuntary termination to reflect valuation dates falling in 2025.
Industry & Regulatory News
Senate Finance Committee Chair Ron Wyden (D-OR) has released draft legislation titled Protecting Proper Life Insurance from Abuse Act. According to a press release, the proposal follows an 18-month committee investigation and release of a report in February.
Industry & Regulatory News
The Internal Revenue Service (IRS) released Announcement 2025-2, delaying the anticipated applicability date for future final regulations relating to required minimum distributions (RMDs) under section 401(a)(9) of the Internal Revenue Code.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of Post-Tropical Storm Helene in West Virginia until May 1, 2025.
Industry & Regulatory News
The Internal Revenue Service has issued Notice 2025-1, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
The IRS has issued Revenue Ruling 2025-1, which contains the applicable federal rates (AFR) for January 2025.
Industry & Regulatory News
The Internal Revenue Service recently released Treasury Decision (TD) 10008, which provides guidance on income tax withholding requirements for certain periodic payments and nonperiodic distributions from deferred compensation plans, individual retirement arrangements (IRAs), and commercial annuities.
Industry & Regulatory News
Thanks to the SECURE 2.0 Act, certain employees will have more deferral opportunities beginning in 2025. Read below to learn how much employees can contribute to their retirement plan and about the types of deferrals that may be available.
Industry & Regulatory News
Representative Cathy Rodgers (R-WA), has introduced the ABLE Tomorrow Act. According to a press release, the proposal would do the following.
Industry & Regulatory News
The National Emergency in response to COVID-19 that began on March 20, 2020, ended on May 11, 2023. The Outbreak Period ended July 10, 2023, 60-days after the end of the National Emergency.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on December 9, 2024, for West Virginia Post-tropical Storm Helene, for the incident period of September 25 – September 28, 2024.
Industry & Regulatory News
The Internal Revenue Service released Notice 2024-82, 2024 Required Amendments List for Qualified and Section 403(b) Plans, setting forth the 2024 list of required amendments that apply to section 401(a) qualified individually designed plans, section 403(b) individually designed plans, and pre-approved plans with respect to interim amendments.
Industry & Regulatory News
The Internal Revenue Service (IRS) recently issued Notice 2024-77, providing interim guidance on the treatment of “inadvertent benefit overpayments” from defined benefit and defined contribution plans as provided by Section 301 of the SECURE 2.0 Act of 2022 (SECURE 2.0). This interim guidance specifically refers to the application of the plan qualification and rollover distribution rules provided by Internal Revenue Code Sections (IRC Secs.) 414(aa) and 402(c)(12) to the correction methods available for inadvertent benefit overpayments under the Employee Plans Compliance Resolution System (EPCRS) as outlined in Revenue Procedure (Rev. Proc.) 2021-30.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on November 27, 2024, for Puerto Rico Tropical Storm Ernesto, for the incident period of August 13 – August 16, 2024.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on November 26, 2024, for the following.
Industry & Regulatory News
The Office of Management and Budget has received a final rule from the Department of Labor (DOL) titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program”. The Voluntary Fiduciary Correction Program (VFCP) is a voluntary enforcement program that allows plan officials to identify and correct certain transactions, such as delinquent participant contributions, sales and exchanges, improper loans, and improper plan expenses. The VFCP was last updated in 2006. A proposed amendment was released in 2022.
Industry & Regulatory News
The Internal Revenue Service has announced that it intends to begin issuing opinion letters regarding Cycle 2 pre-approved 403(b) plans, including the 2022 cumulative list of changes in those requirements. The IRS expects to issue opinion letters by November 29, 2024, or as soon as possible thereafter.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms and straight-line winds in the Crow Tribe of Montana until February 3, 2025. The tax relief postpones various tax filing deadlines that began on August 6, 2024.
Industry & Regulatory News
The Department of Labor (DOL) has announced the start of a voluntary information collection to establish and maintain the Retirement Savings Lost and Found database pursuant to Section 303 of SECURE 2.0.
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on November 14, 2024, for Crow Tribe of Montana severe storm and straight-line winds, for the incident period of August 6, 2024.
Industry & Regulatory News
Senator Rand Paul (R-KY) has reintroduced the Health Savings Accounts for All Act. The legislation is intended to expand access and reduce restrictions on health savings accounts (HSAs).
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on November 13, 2024, for the following.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms and flooding in Chaves County, New Mexico until May 1, 2025. The tax relief postpones various tax filing deadlines that began on October 19, 2025.
Industry & Regulatory News
The Internal Revenue Service has issued Notice 2024-81, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. Updates include corporate bond monthly yield curve, the corresponding spot segment rates for October used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates for November under IRC Sec.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds and flooding in the Cheyenne River Sioux Tribe until February 3, 2025. The tax relief postpones various tax filing deadlines that began on July 13, 2024.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms and flooding in the Saint Regis Mohawk Tribe until February 3, 2025.
Industry & Regulatory News
Student Loan Repayments
Employers may now treat an employee’s qualified student loan payments like elective deferrals or after-tax contributions for purposes of providing an employer matching contribution.
Industry & Regulatory News
The Department of Labor (DOL), in conjunction with the Joint Notice from the Treasury Department, announced yesterday, that is extending certain specified timeframes for participants and beneficiaries in regard to special enrollment, COBRA, claims procedures, and external review processes for health coverage and other employer benefits, has issued additional guidance and further relief for participants of employee benefit plans affected by Hurricanes Helene and Milton.
Industry & Regulatory News
Effective November 8, 2024, the prime interest rate decreased to 7.75 percent. The prime interest rate is largely determined by the federal funds rate, as set by the Federal Reserve’s Federal Open Market Committee (FOMC).
Industry & Regulatory News
The Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) and the Internal Revenue Service (IRS) will publish an Extension of Certain Timeframes for Employee Benefit Plans, Participants, Beneficiaries, Qualified Beneficiaries, and Claimants Affected by Hurricane Helene, Tropical Storm Helene, or Hurricane Milton in the Federal Register on November 8, 2024.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of flooding in the Havasupai Tribe in Arizona until February 3, 2025.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on November 5, 2024, for Seminole Tribe of Florida Hurricane Milton, for the incident period of October 5 and continuing.
Industry & Regulatory News
The Pension Benefit Guarantee Corporation (PBGC) has updated its table titled, “Present Value of PBGC Maximum Guarantee,” to reflect applicable values for distributions with annuity starting dates during calendar year 2025.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on November 1, 2024, for the following locations:
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of flooding in Alaska until May 1, 2025. The tax relief postpones various tax filing deadlines that began on August 5, 2024.
Industry & Regulatory News
The IRS has issued Notice 2024-80, which contains the 2025 cost-of-living increases for qualified retirement plan dollar limitations on benefits and contributions under the Internal Revenue Code (IRC).
Industry & Regulatory News
The Internal Revenue Service (IRS) recently issued Notice 2024-73, providing guidance regarding the participation of long-term, part-time (LTPT) employees in 403(b) plans subject to Title I of the Employee Retirement Income Security Act (ERISA).
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 25, 2024, for Virgin Islands Tropical Storm Ernesto, for the incident period of August 13 – August 16, 2024.
Industry & Regulatory News
The Office of Management and Budget has received a proposed rule from the Department of Labor (DOL) titled "Worker Ownership, Readiness, and Knowledge”, pursuant to the requirements of Section 346 of SECURE 2.0.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on October 21, 2024, for the following locations:
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 19, 2024, for North Carolina Potential Tropical Cyclone Eight, for the incident period of September 16, 2024 – September 20, 2024.
Industry & Regulatory News
The Internal Revenue Service has issued Notice 2024-76, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
The Internal Revenue Service has released Notice 2024-71, Expenses Treated as Amounts Paid for Medical Care. The notice provides a safe harbor for qualifying medical expenses from a health flexible spending arrangement (health FSA), Archer medical savings account (Archer MSA), health reimbursement arrangement (HRA), or health savings account (HSA) for amounts paid for condoms.
Industry & Regulatory News
The IRS has posted final regulations regarding income tax withholding on certain periodic payments and nonperiodic distributions from employer deferred compensation plans, individual retirement plans, and commercial annuities that are not eligible rollover distributions.
Industry & Regulatory News
The Internal Revenue Service has released Notice 2024-75, Preventive Care for Purposes of Qualifying as a High Deductible Health Plan under Section 223. This notice expands the list of preventive care benefits permitted to be provided by a high deductible health plan (HDHP) to include over-the-counter oral contraceptives and male condoms.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 16, 2024, for Alaska flooding, for the incident period of August 5, 2024 – August 6, 2024.
Industry & Regulatory News
The Internal Revenue Service has released Notice 2024-77, Guidance Under Sections 414(aa) and 402(c)(12) of the Internal Revenue Code with Respect to Inadvertent Benefit Overpayments.
Industry & Regulatory News
The IRS has issued Revenue Ruling 2024-24 which contains the applicable federal rates (AFR) for October 2024. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as “72(t) payments.”
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of Hurricane Milton in Florida until May 1, 2025.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 11, 2024, for Florida Hurricane Milton, for the incident period of October 5, 2024 and continuing.
Industry & Regulatory News
The Pension Benefit Guarantee Corporation has determined premium rates applicable for the 2025 plan year in accordance with indexing rules provided in ERISA Section 4006. The single-employer plan per-participant flat rate premium for plan years beginning in 2025 is $106, up from $101 in 2024. The single-employer plan variable-rate premium for 2025 remains the same at $52 per $1,000 of unfunded vested benefits. The variable-rate premium per participant cap increased to $717 per participant, from $686 in 2024.
Industry & Regulatory News
The Social Security Administration has issued the 2025 adjustments for benefits and certain other limitations that are subject to annual cost-of-living adjustment (COLA) indices.
Industry & Regulatory News
Representative Mark DeSaulnier (D-CA) has introduced HR 9820 – the Employee and Retiree Access to Justice Act.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 4, 2024, for Arizona Watch Fire, for the incident period of July 10 – July 17, 2024.
Industry & Regulatory News
Representative Brittany Pettersen (D-Co), and co-sponsor Maria Salazar (R-FL), have introduced H.R. 9764, the Catching Up Family Caregivers Act. According to a press release, the bill would allow family caregivers to make catch-up contributions to employer-sponsored retirement plans, an option typically reserved for those over age 50. For every year they are out of the workforce, caregivers could be eligible for an additional year of catch-up contributions, up to a maximum of five years.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 4, 2024, for Arizona Watch Fire, for the incident period of July 10 – July 17, 2024.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of wildfires in Washington.
Industry & Regulatory News
The IRS has issued Notice 2024-73, providing question-and-answer guidance on long-term, part-time employees in 403(b) plans. Guidance is applicable for plan years beginning after December 31, 2024.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 2, 2024, for Tennessee tropical storm Helene, for the incident period of September 26, 2024 and continuing.
Industry & Regulatory News
For years, Congress and the IRS have addressed natural disasters (and others) with largely piecemeal responses. For example, when a major hurricane struck, the President would declare a federal disaster, Congress would grant certain relief, and the IRS would implement the details, such as determining the timing of allowable distributions from retirement plans and extending filing deadlines.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 1, 2024, for Virginia Tropical Storm Helene, for the incident period of September 25, 2024 and continuing.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of Hurricane Helene until May 1, 2025.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, tornadoes, straight-line winds, and flooding in parts of Illinois.
Industry & Regulatory News
Representatives Lloyd Smucker (R-PA), and Don Beyer (D-VA), have introduced H.R. 9614, the Ensuring Nationwide Access to a Better Life Experience (ENABLE) Act. The proposal would make permanent the following provisions that are set to expire at the end of 2025.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on September 30, 2024 for Georgia Hurricane Helene, for the incident period of September 24, 2024 and continuing.
Industry & Regulatory News
In 2019, the SECURE Act made several changes to the rules for retirement plans and IRAs, including raising the applicable RMD age from 70½ to 72.R2024 10 01 Secure 2 0 Rmd Changes Infographic
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) has issued Major Disaster Declarations on the following dates:
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on September 26, 2024, for Vermont Severe Storms, Flooding, Landslides, and Mudslides, for the incident period of July 29 – July 31, 2024.
Industry & Regulatory News
Senator Tim Scott (R-SC), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, along with fellow republican committee members Senators Mike Crapo (R-ID), Mike Rounds (R-SD), Thom Tillis (R-NC), John Kennedy (R-LA), Bill Hagerty (R-TN), Cynthia Lummis (R-WY), Katie Britt (R-AL), Kevin Cramer (R-ND), Steve Daines (R-MT), and Jerry Moran (R-KS), have introduced S. 5139, Empowering Main Street in America Act of 2024.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on September 24, 2024, for the following locations:
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on September 20, 2024.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of Tropical Storm Debby in Pennsylvania.
Industry & Regulatory News
The Internal Revenue Service has issued Notice 2024-67, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
Effective September 19, 2024, the prime interest rate decreased from 8.50 percent to 8 percent.
Industry & Regulatory News
H.R. 3800, the Chronic Disease Flexible Coverage Act introduced by Representative Brad Wenstrup (R-OH), and co-sponsor Representative Earl Blumenauer (D-OR), passed the House by a voice vote.
Industry & Regulatory News
The House passed H.R. 5339, the Roll back ESG To Increase Retirement Earnings Act (RETIRE Act), by a vote of 217-206.
Industry & Regulatory News
Recent legislation passed by Congress includes several provisions that enhance the ability of workers to increase their retirement savings. One of these provisions, Section 110 of the SECURE 2.0 Act of 2022 (SECURE 2.0), also enhances the ability of employers that sponsor a 401(k), 403(b), governmental 457(b), or a SIMPLE IRA plan to supplement workers’ retirement savings by providing matching contributions to employees who make qualified student loan payments (QSLPs) in 2024 and later plan years.
Industry & Regulatory News
The IRS has issued Revenue Ruling 2024-21 which contains the applicable federal rates (AFR) for October 2024. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as “72(t) payments.”
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on September 16, 2024, for Louisiana hurricane Francine for the incident period of September 9 – September 12, 2024.
Industry & Regulatory News
The IRS has indicated that application steps for pre-approved plan document providers seeking to obtain IRS approval of defined contribution and defined benefit arrangements is changing to incorporate electronic filing requirements. Beginning August 1, 2024, providers must submit Forms 4461 or 4461-B electronically, completing steps to pay for and submit the application on pay.gov. Also, beginning September 1, 2024, providers must submit Forms 4461-A or 4461-C electronically, completing on Pay.gov. Paper submissions after these dates will not be processed.
Industry & Regulatory News
Representatives Claudia Tenney (R-NY), and co-sponsor Deborah Ross (D-NC), have introduced the People and Animals Well-being (PAW) Act. According to a press release, the bill would allow pet owners to use their health savings account or flexible spending account to pay for up to $1,000 for veterinary care or pet health insurance.
Industry & Regulatory News
The IRS has issued Notice 2024-65 requesting comments on implementation of sections 103 and 104 of SECURE 2.0 regarding the Saver’s Match contributions and the Treasury Department’s obligations to promote the new Saver’s Match. The Saver’s Match is a replacement of the Saver’s Credit beginning in 2027 providing a government funded matching contribution to certain eligible participants who claim the match on their tax return.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on September 11, 2024, for Vermont severe storms and flooding, for the incident period of August 22–August 24, 2024.
Industry & Regulatory News
The Department of Labor has issued a compliance assistance release clarifying that cybersecurity guidance issued in April 2021 applies to all types of ERISA plans, including health and welfare plans and all employee pension benefit plans. The guidance package includes tips for hiring a service provider, cybersecurity program best practices, and online security tips.
Industry & Regulatory News
Senators James Lankford (R-OK) and Catherine Cortez Masto (D-NV) have introduced the Small Nonprofit Retirement Security Act. The bill would make tax credits available to tax exempt small employers for employer plan startup costs and the auto-enrollment credit.
Industry & Regulatory News
The Internal Revenue Service (IRS) has announced the postponement of certain tax-related deadlines for victims of severe storms and flooding in New York. The tax relief postpones various tax filing deadlines that began on August 18, 2024. Affected individuals and households who reside or have a business in Suffolk county, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.
Industry & Regulatory News
The Internal Revenue Service (IRS) has announced the postponement of certain tax-related deadlines for victims of severe storms, flooding, landslides and mudslides in Connecticut. The tax relief postpones various tax filing deadlines that began on August 18, 2024. Affected individuals and households who reside or have a business in Fairfield, Litchfield, and New Haven counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.
Industry & Regulatory News
A private letter ruling issued by the Internal Revenue Service allows the inquiring taxpayer to offer a discretionary employer contribution that employees can choose to direct to either their 401(k) plan, health savings account, retiree health reimbursement arrangement, or education assistance program.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on August 29, 2024, for New York severe storms, tornadoes, and flooding, for the incident period of July 10 – July 11, 2024.
Industry & Regulatory News
The IRS has released a fact sheet informing employers that adopting certain plan provisions will impact how certain amounts are reported on Form W-2, Wage and Tax Statement. The fact sheet notes that provisions potentially affecting Forms W-2 include the following.
Industry & Regulatory News
Representative Blake Moore (R-UT) along with five other Congressmen have introduced the Health Out-of-Pocket Expense (HOPE) Act, to enable more Americans with most types of insurance coverage to save for health care costs with individual and employer contributions.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on August 23, 2024, for Montana straight-line winds, for the incident period of July 24, 2024.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line-winds, and flooding in South Dakota.
Industry & Regulatory News
The Internal Revenue Service has issued Notice 2024-62, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. Updates include corporate bond monthly yield curve, the corresponding spot segment rates for July used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates for August under IRC Sec. 430(h)(2). IRC Sec. 417 contains definitions and special rules for minimum survivor annuity requirements in DB plans. IRC Sec. 430 addresses minimum funding standard for single-employer DB plans.
Industry & Regulatory News
The IRS has issued Notice 2024-63 (Notice) providing guidance under Section 110 of SECURE 2.0 regarding employer matching contributions with respect to qualified student loan payments (QSLP). The Notice addresses several matters in question-and-answer format, including the following.
Industry & Regulatory News
The Pension Benefit Guaranty Corporation (PBGC) has released its first yield curve issued for ERISA 4044 calculations where the valuation date is on or after July 31, 2024, and before August 31, 2024. PBGC’s ERISA 4044 regulation provides guidance on the actuarial assumptions used to determine the present value of benefits in involuntary and distress terminations of single-employer plans (e.g., interest, mortality, retirement age), and for other purposes. PBGC will update the Interest Assumption webpage monthly to reflect future yield curves.
Industry & Regulatory News
The IRS has issued Revenue Ruling 2024-17 which contains the applicable federal rates (AFR) for September 2024. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as “72(t) payments.”
Industry & Regulatory News
The Internal Revenue Service (IRS) has released final regulations that revise existing rules that apply to required minimum distributions (RMDs).
Industry & Regulatory News
Representatives Brittany Pettersen (D-CO) and Congressman Tim Walberg (R-MI) introduced the Helping Young Americans Save for Retirement Act to help more Americans ages 18 to 20 years old access employer-sponsored retirement plans.
Industry & Regulatory News
Senators Katie Britt (R-AL), Raphael Warnock (D-GA), Bill Cassidy (R-LA), and Gary Peters (D-MI), have introduced S. 4917, the Retirement Fairness for Charities and Educational Institutions Act.
Industry & Regulatory News
Senator Bob Casey (D-PA) has introduced a suite of bills intended to expand access to and increase awareness of Achieving a Better Life Experience (ABLE) accounts. While bill text is not yet available, details of the proposals were shared via a press release.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, tornadoes, landslides, and mudslides in Kentucky.
Industry & Regulatory News
The Internal Revenue Service (IRS) has issued Notice 2024-55, providing guidance on two provisions permitted under the SECURE 2.0 Act of 2022 (SECURE 2.0); emergency personal expense distributions and domestic abuse victim distributions. The notice defines these distributions and explains the restrictions associated with taking such distributions, the self-certification rules, repayment details, and withholding and notice requirements.
Industry & Regulatory News
The Internal Revenue Service (IRS) has released Revenue Procedure 2024-32, setting forth procedures by which the sponsor of a defined benefit plan subject to the funding requirements of IRC Sec. 430 may request approval for the use of a plan-specific substitute mortality table.
Industry & Regulatory News
The Internal Revenue Service (IRS) has released final regulations regarding the use of mortality experience data for the COVID-19 pandemic period that supplement the methodology for developing substitute mortality tables provided in Treasury Regulation 1.430(h)(3)-2.
Industry & Regulatory News
Senator Rick Scott (R-FL) and Representative Kat Cammack (R-FL) have introduced a bicameral proposal titled the Increasing Value for Families with HSAs Act, to help individuals and families better plan and pay for medical expenses like in vitro fertilization.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of hurricane Beryl in Texas. The tax relief postpones various tax filing deadlines that began on July 5, 2024.
Industry & Regulatory News
The Pension Benefit Guaranty Corporation (PBGC) has released updated filing requirements related to changes its final rule on valuations and assumptions methods issued last month.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on July 18, 2024, for Montana severe winter storm and flooding, for the incident period of May 6 – May 9, 2024.
Industry & Regulatory News
The Department of Labor has launched an online filing system for termination administrators to be able to submit required information for abandoned plans to DOL in addition to existing email and paper-based methods. This initiative was telegraphed in the recent release of an interim final rule that expands the abandoned plan program to Chapter 7 bankruptcy trustees and makes other changes. More information on the rule can be found here.
Industry & Regulatory News
The Internal Revenue Service has issued Notice 2024-59, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. Updates include corporate bond monthly yield curve, the corresponding spot segment rates for June used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates for July under IRC Sec. 430(h)(2). IRC Sec. 417 contains definitions and special rules for minimum survivor annuity requirements in DB plans. IRC Sec. 430 addresses minimum funding standard for single-employer DB plans.
Industry & Regulatory News
More than two years after releasing proposed regulations that revised the required minimum distribution (RMD) regulations and other related guidance, the Internal Revenue Service (IRS) has released final regulations that revise existing regulations applicable to RMDs, eligible rollover distributions, and excess accumulation tax.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on July 15, 2024, for Kansas severe storms, straight-line winds, tornadoes and flooding, for the incident period of April 25 – April 30, 2024.
Industry & Regulatory News
The IRS notes in a new post that electronic filing of Form 5330, Return of Excise Taxes Related to Employee Benefit Plans, will not be required for the remainder of the 2024 taxable year—confirming that taxpayers may continue to file by paper. Form 5330 is used to report the payment of excise tax for a variety of issues, including prohibited transactions (i.e., late deposits), excess contributions, reversion of qualified plan assets, excess benefits paid, etc.
Industry & Regulatory News
Rep. Kevin Hern, (R-OK), and three Republican co-sponsors have introduced HR 8915, the Education and Workforce Freedom Act.
Industry & Regulatory News
The Department of Labor (DOL) has issued an interim final rule, expanding the Abandoned Plan Program regulations to also include plans of employers who are in liquidation under Chapter 7 of the U.S. Bankruptcy Code. The DOL has also released a corresponding amendment to prohibited transaction exemption (PTE) 2006-06, Class Exemption for Services Provided in Connection with the Termination of Abandoned Individual Account Plans.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 28, 2024, for Minnesota severe storms and flooding, for the incident period of June 16, 2024, and continuing.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, tornadoes, and flooding in Mississippi.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of southern New Mexico South Fork fire, Salt fire, and flooding.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of Florida severe storms, straight-line-winds, and tornadoes.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of Oklahoma severe storms, straight-line-winds, tornadoes, and flooding.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 24, 2024, for Iowa severe storms, flooding, straight-line-winds, and tornadoes, for the incident period of June 16, 2024 and continuing.
Industry & Regulatory News
The Department of Labor (DOL) has reported to Congress on Interpretive Bulletin 95-1, pursuant to a directive under Section 321 of SECURE 2.0. Interpretive Bulletin 95-1 provided guidance on fiduciary standards for selecting an annuity provider for a defined benefit plan. DOL reports that the bulletin’s factors are still relevant to a fiduciary’s prudent and loyal evaluation, but did note that the agency may further explore developments in both the life insurance industry and in pension risk transfer practices to determine whether additional guidance is needed.
Industry & Regulatory News
The IRS has issued Notice 2024-55, providing guidance on emergency personal expense distributions and domestic abuse victim distributions that are effective after December 31, 2023 under SECURE 2.0. The Notice details in question-and-answer format what represents an applicable distribution, distribution restrictions, withholding and notice requirements, repayment or rollover details, and exceptions to the 10 percent additional tax on early distributions.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 17, 2024, for Tennessee severe weather and tornadoes for the incident period of May 8 – May 9, 2024.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 17, 2024, for Florida severe storms, straight-line winds, and tornadoes, for the incident period of May 10, 2024.
Industry & Regulatory News
The IRS has issued Revenue Ruling 2024-13, which contains the applicable federal rates (AFR) for July 2024. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as “72(t) payments.”
Industry & Regulatory News
The Internal Revenue Service has issued Notice 2024-53, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. Updates include corporate bond monthly yield curve, the corresponding spot segment rates for May used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates for June under IRC Sec. 430(h)(2). IRC Sec. 417 contains definitions and special rules for minimum survivor annuity requirements in DB plans. IRC Sec. 430 addresses minimum funding standard for single-employer DB plans.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 17, 2024, for Hawaii severe storms, flooding, and landslides for the incident period of April 11 – April 14, 2024.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 14, 2024, for Oklahoma severe storms, straight-line-winds, tornadoes and flooding, for the incident period of May 19 – May 28, 2024.
Industry & Regulatory News
Senator Eric Schmitt (R-MO), along with five Republican co-sponsors and six Democratic co-sponsors, have introduced S. 4539, the Ensuring Nationwide Access to Better Life Experience (ENABLE) Act. The proposal would make permanent the following provisions that are set to expire at the end of 2025.
Industry & Regulatory News
Student Loan Repayments
Employers may now treat an employee’s qualified student loan payments like elective deferrals or after-tax contributions for purposes of providing an employer matching contribution.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 10, 2024, for Mississippi severe storms, straight-line-winds, tornadoes, and flooding, for the incident period of April 8 – April 11, 2024.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 10, 2024, for Idaho severe storms, flooding, landslides and mudslides, for the incident period of April 14 – April 15, 2024.
Industry & Regulatory News
The Department of Treasury has issued a request for information from the financial services sector on potential opportunities and risks related to the use of Artificial Intelligence.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of West Virginia severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides. The tax relief postpones various tax filing deadlines that began on April 2, 2024. Affected individuals and households who reside or have a business in Boone, Brooke, Cabell, Fayette, Hancock, Kanawha, Lincoln, Marshall, Nicholas, Ohio, Preston, Putnam, Tyler, Wayne and Wetzel counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of Kentucky severe storms, straight-line winds, tornadoes, landslides, and mudslides. The tax relief postpones various tax filing deadlines that began on April 2, 2024. Affected individuals and households who reside or have a business in Boyd, Carter, Fayette, Greenup, Henry, Jefferson, Jessamine, Mason, Oldham, Union, and Whitley counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.
Industry & Regulatory News
The Pension Benefit Guaranty Corporation (PBGC) has released a final rule titled Valuations Assumptions and Methods.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 30, 2024, for Arkansas severe storms, straight-line winds, tornadoes, and flooding, for the incident period of May 24 – 27, 2024.
Industry & Regulatory News
Senators Maggie Hassan (D-NH) and Tedd Budd (R-NC) have introduced S. 4398, the Retirement Investment in Small Employers (RISE) Act.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of Texas severe storms, straight-line winds, tornadoes, and flooding.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 24, 2024, for Iowa severe storms for the incident period of May 20, 2024 – May 21, 2024.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 24, 2024, for Maine severe winter storm, for the incident period of April 3, 2024 – April 5, 2024.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 24, 2024, for West Virginia severe storms, flooding, landslides, and mudslides, for the incident period of April 11, 2024 – April 12, 2024.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 24, 2024, for Nebraska severe winter storm and straight-line winds, for the incident period of April 6, 2024 – April 7, 2024.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 22, 2024, for West Virginia severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides, for the incident period of April 2, 2024 – April 6, 2024.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 22, 2024, for Kentucky severe storms, straight-line winds, tornadoes, landslides, and mudslides, for the incident period of April 2, 2024.
Industry & Regulatory News
The Department of Labor (DOL) recently released a regulatory package that includes a final amendment (the Retirement Security Rule) to the regulations that define what constitutes an investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) Title I and Title II (codified in the Internal Revenue Code).
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of Iowa severe storms and tornadoes.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 17, 2024, for Texas severe storms, straight-line winds, tornadoes, and flooding, for the incident period of April 26, 2024, and continuing.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 15, 2024, for Massachusetts severe storms and flooding, for the incident period of September 11 – 13, 2023.
Industry & Regulatory News
The Securities and Exchange Commission (SEC) has issued a final rule to address cybersecurity risks.
Industry & Regulatory News
The Internal Revenue Service has issued Notice 2024-40, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
The Department of Labor (DOL) has issued a regulatory package that includes an interim final rule that amends the regulations for abandoned plans that were initially created in 2006.
Industry & Regulatory News
Senators Ted Budd (R-NC), Bill Cassidy (R-NC), Roger Marshall (R-KS), and Joe Manchin (D-WV) have announced they are introducing a resolution of congressional disapproval of the Department of Labor’s “Retirement Security Rule.”
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 14, 2024, for Iowa severe storms and tornadoes, for the incident period of April 26 – 27, 2024.
Industry & Regulatory News
The Internal Revenue Service has released Notice 2024-42, updating the static mortality tables for defined benefit plans for 2025.
Industry & Regulatory News
The Financial Crimes Enforcement Network (FinCEN), Securities and Exchange Commission (SEC), and Department of Treasury have jointly issued a proposed rule titled Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers.
Industry & Regulatory News
The IRS has issued Revenue Procedure 2024-25, providing inflation-adjusted amounts for health savings accounts (HSAs) for calendar year 2025.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 3, 2024, for Nebraska severe storms, straight-line winds, and tornadoes, for the incident period of April 25, 2024 – April 27, 2024.
Industry & Regulatory News
The Internal Revenue Service (IRS) has released a set of frequently asked questions (FAQs) regarding rules for distributions from retirement plans and individual retirement arrangements (IRAs) under Section 331 of SECURE 2.0 for individuals affected by federally declared major disasters.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on May 2, 2024, for Ohio tornadoes, for the incident period of March 14, 2024.
Industry & Regulatory News
The Internal Revenue Service is reminding businesses who sponsor a retirement plan that certain provisions of SECURE 2.0 that became effective in 2023 may impact their Form W-2 reporting requirements.
Industry & Regulatory News
In January 2024, the Internal Revenue Service (IRS) released Notice 2024-22, providing guidance with respect to anti-abuse rules for Pension-Linked Emergency Savings Accounts (PLESAs), a new provision created by the SECURE 2.0 Act of 2022 (SECURE 2.0).
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 30, 2024, for Oklahoma Severe Storms, Straight-line Winds, Tornadoes, and Flooding, for the incident period of April 25, 2024, and continuing.
Industry & Regulatory News
Representative Alex Mooney (R-WV), and seven Republican co-sponsors have introduced H.R. 8049, the Protecting Life in Health Savings Accounts Act.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 28, 2024, for a Kansas Winter Storm, for the incident period of January 8, 2024–January 16, 2024.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 28, 2024, for Washington severe winter storms, straight-line winds, flooding, landslides, and mudslides, for the incident period of January 5, 2024–January 29, 2024.
Industry & Regulatory News
The Department of Labor (DOL) has released a final rule updating the definition of an investment advice fiduciary under ERISA.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 19, 2024, for California severe winter storm, for the incident period of January 30 – January 31, 2024.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 19, 2024, for California severe storms and flooding, for the incident period of January 31, 2024 – February 9, 2024.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 19, 2024, for New Hampshire severe storms and flooding, for the incident period of January 9, 2024 – January 14, 2024.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 19, 2024, for a Vermont severe winter storm for the incident period of January 9, 2024–January 13, 2024.
Industry & Regulatory News
Department of Labor (DOL) guidance titled “Amendment of Abandoned Plan Program” that has been with the Office of Management and Budget (OMB) since last July, has left OMB. According to the abstract filed with OMB, the principal purpose of the amendments is to permit bankruptcy trustees to use the DOL’s program to terminate and wind up the plans of sponsors in liquidation under Chapter 7 of the U.S. Bankruptcy Code.
Industry & Regulatory News
Proposed RMD regulations were released in February 2022.
Under the proposed regulations, if an account owner dies on or after their required beginning date, beneficiaries who are subject to the 10-year rule must take annual life expectancy payments during the first nine years.
Industry & Regulatory News
The IRS has issued Revenue Ruling 2024-09, which contains the applicable federal rates (AFR) for May 2024.
Industry & Regulatory News
The IRS has issued Notice 2024-35 to provide additional transition relief for certain specified RMDs for 2024.
Industry & Regulatory News
The Department of Labor (DOL) is proposing to collect information in order to establish the Retirement Savings Lost and Found online searchable database described in Section 523 of ERISA as amended by Section 303 of SECURE 2.0.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 13, 2024, for California severe winter storms, tornadoes, flooding, landslides, and mudslides for the incident period of January 31 – February 9, 2024.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 13, 2024, for Oregon severe winter storms, straight-line-winds, landslides, and mudslides, for the incident period of January 10, 2024–January 22, 2024.
Industry & Regulatory News
The Internal Revenue Service has issued Notice 2024-34, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
A final rule titled “Retirement Security Rule: Definition of an Investment Advice Fiduciary” has left the Office of Management and Budget (OMB).
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 6, 2024, for Alaska severe storm, flooding, and landslides, for the incident period of November 20, 2023.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of Maine severe storms and flooding.
Industry & Regulatory News
The Department of Labor has issued a final rule “Amendment to Prohibited Transaction Class Exemption 84-14 (PTE 84-14) for Transactions Determined by Independent Qualified Professional Asset Managers (the QPAM Exemption)”.
Industry & Regulatory News
The Department of Treasury, the Department of Labor, and the Pension Benefit Guaranty Corporation have extended the deadline for comments related to a Request for Information (RFI) released in January pursuant to Section 319 of SECURE 2.0.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of Alaska severe storms, landslides, and mudslides.
Industry & Regulatory News
The Department of Labor (DOL) issued a final rule to assist employers when determining whether a worker is considered an employee or an independent contractor under the Fair Labor Standards Act (FLSA).
Industry & Regulatory News
The Department of Labor (DOL) has released proposed regulations related to the implementation of section 120 of the SECURE 2.0 Act (SECURE 2.0).
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 20, 2024, for Maine severe storms and flooding, for the incident period of January 9 – 13, 2024.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued disaster declaration 4765 and 4766 on March 20, 2024, for Rhode Island severe storms and flooding, for the incident periods of December 17-19, 2023, and January 9-13, 2024.
Industry & Regulatory News
The Internal Revenue Service has issued Notice 2024-29, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
An employer that maintains a SIMPLE IRA plan is generally not permitted to maintain another retirement plan in which employees may accrue benefits—a principle known as the exclusive plan rule.
Industry & Regulatory News
Employers that sponsor a SIMPLE plan may allow increased salary deferral limits for their employees, starting in tax year 2024.
Industry & Regulatory News
For plan years beginning after December 29, 2022, employers that sponsor 401(k) or 403(b) plans may offer employees a “de minimis” financial incentive, such as a gift card, as long as the cost of the incentive is paid by the employer and not paid from plan assets.
Industry & Regulatory News
Before SECURE 2.0’s enactment, SEP and SIMPLE IRA plan contributions had to be made as pre-tax contributions, but now employers may allow employees to elect to have contributions into a SEP or SIMPLE IRA made as Roth contributions.
Industry & Regulatory News
The SECURE 2.0 Act contains provisions that allow individuals to place more of their assets into Roth accounts.
Industry & Regulatory News
Credible studies have concluded that employers who automatically enroll plan participants into a retirement plan help place them on a lifetime path to meaningful savings.
Industry & Regulatory News
The IRS has issued Revenue Ruling 2024-07, which contains the applicable federal rates (AFR) for April 2024.
Industry & Regulatory News
A final rule titled, “Proposed Amendment to PTE 84-14 for Plan Asset Transactions Determined by an Independent Qualified Plan Asset Manager,” (QPAM) has left the Office of Management and Budget—suggesting that official release may come soon.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 15, 2024, for Alaska severe storm, landslides, and mudslides, for the incident period of November 20, 2023.
Industry & Regulatory News
The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating interest assumptions under the asset allocation regulation for plans with valuation dates in the second quarter of 2024.
Industry & Regulatory News
The Department of Labor has sent a final fiduciary rule titled “Retirement Security Rule: Definition of an Investment Advice Fiduciary” to the Office of Management and Budget (OMB). Text of the final rule is not available until after OMB completes their review. A proposed rule released last fall would expand the definition of investment advice fiduciary under ERISA and would make amendments to prohibited transaction exemptions regarding eligibility and conditions for exemption. A 60-day comment period on the proposal ended January 2, 2024.
Industry & Regulatory News
The IRS has released an alert reminding taxpayers that personal expenses for general health and wellness are not considered medical expenses for flexible spending account (FSA) and health savings account (HSA) purposes, and that reimbursement of non-medical expenses results in the arrangement no longer being qualified and all disbursements being includible in income.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 2, 2024, for Vermont R1 severe storms and flooding, for the incident period of December 18 – December 19, 2023.
Industry & Regulatory News
Representative Neal’s Automatic IRA Act of 2024 provides a practical solution for closing the retirement savings gap that affects millions of underserved workers. The proposal applies an automatic enrollment feature similar to state-facilitated auto IRA programs. This will enhance private-sector offerings, providing more people with the opportunity to save and removing barriers to plan adoption by small employers. And, by allowing contributions to be made to Roth IRAs, more individuals will have access to tax-free income to help pay for emergency expenses or enhance their retirement savings. Ascensus supports this common-sense approach toward meeting the challenges that many face when saving for retirement.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of wildfires in the Spokane, Washington, area.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms and flooding in San Diego, California.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on February 27, 2024, for New Hampshire severe storm and flooding, for the incident period of December 17 – December 21, 2023.
Industry & Regulatory News
The IRS has issued Notice 2024-26, providing an administrative exemption from the electronic filing requirement for Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, otherwise required to be electronically filed in calendar year 2024.
Industry & Regulatory News
Representative Adrian Smith (R-NE) has introduced H.R. 7407, the Small Business Dependent Care FSA Opportunity Act.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, tornadoes and flooding in Michigan.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on February 19, 2024, for California severe storm and flooding, for the incident period of January 21, 2024–January 23, 2024.
Industry & Regulatory News
Senator Bob Casey (D-PA) and several co-sponsors have introduced S. 3716, the 401Kids Savings Account Act.
Industry & Regulatory News
Representatives Vern Buchanan (R-FL) and Mike Thompson (D-CA) have introduced H.R. 7222, the Lowering Costs for Caregivers Act.
Industry & Regulatory News
The IRS has issued Revenue Ruling 2024-04, which contains the applicable federal rates (AFR) for March 2024.
Industry & Regulatory News
The Internal Revenue Service (IRS) has issued Notice 2024-24, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, flooding, landslides, and mudslides in West Virginia.
Industry & Regulatory News
Representative Richard Neal (D-MA), House Ways and Means Committee Ranking Member, has introduced the Automatic IRA Act of 2024.
Industry & Regulatory News
The IRS, in an Employee Plans News release, announced it has started the second phase of its pre-examination retirement plan compliance program pilot.
Industry & Regulatory News
The Internal Revenue Service has announced the postponement of certain tax-related deadlines for victims of severe storms and flooding in Maine.
Industry & Regulatory News
The Internal Revenue Service (IRS) has released final regulations that provide de minimis error safe harbor exceptions to penalties for failure to file correct information returns or furnish correct payee statements.
Industry & Regulatory News
Senator Bill Cassidy (R-LA), ranking member of the Senate Health, Education, Labor, and Pensions Committee, and Rep. Virginia Foxx (R-NC), chair of the House Education and the Workforce Committee, introduced the GHOST Act.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on January 30, 2024, for Maine severe storms and flooding, for the incident period of December 17, 2023 – December 21, 2023.
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on January 30, 2024, for West Virginia severe storms, flooding, landslides, and mudslides, for the incident period of August 28, 2023 – August 30, 2023.
Industry & Regulatory News
The Internal Revenue Service (IRS) has announced the postponement of certain tax-related deadlines for victims of severe storms, flooding, and tornadoes in Rhode Island.
Industry & Regulatory News
The Internal Revenue Service has issued Notice 2024-23 providing relief for taxpayers impacted by system issues affecting the Maryland Prepaid College Trust.
Industry & Regulatory News
The IRS has announced the postponement of certain tax-related deadlines for victims in parts of Connecticut affected by severe storms, flooding, and a potential dam breach.
Industry & Regulatory News
The Department of Labor has released amendments that supersede the Department’s existing procedure governing applications for exemptions from the prohibited transaction provisions of the Employee Retirement Security Act of 1974 (ERISA) and the Internal Revenue Code.
Industry & Regulatory News
The Department of Treasury, the Department of Labor, and the Pension Benefit Guaranty Corporation have released a Request for Information (RFI) pursuant to Section 319 of SECURE 2.0.
Industry & Regulatory News
The Department of Labor (DOL) has announced the release of a proposed regulation on automatic portability transactions pursuant to Section 120 of SECURE 2.0.
Industry & Regulatory News
The Internal Revenue Service (IRS) has released Notice 2024-02, which provides guidance in a question and answer format regarding several provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0).
Industry & Regulatory News
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on January 7, 2024 for Rhode Island severe storms, flooding, and tornadoes, for the incident period of September 10 – September 13, 2023.
Industry & Regulatory News
The IRS has issued a final rule to update minimum present value requirements for defined benefit plan distributions.
Industry & Regulatory News
The Department of Labor (DOL) has announced the release of a set of frequently asked questions intended to provide general compliance information under ERISA regarding pension-linked emergency savings account (PLESA) arrangements that are allowed under SECURE 2.0.
Industry & Regulatory News
A Department of Labor (DOL) proposed rule titled Exemption for Certain Automatic Portability Transactions has been removed from the Office of Management and Budget’s list for review, signaling that it may be released soon.
Industry & Regulatory News
The IRS has issued Revenue Ruling 2024-03, which contains the applicable federal rates (AFR) for February 2024.
Industry & Regulatory News
The Internal Revenue Service (IRS) has issued Notice 2024-21, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
Senator Mike Lee (R-UT) has introduced S. 3520, the Achieving Choice in Education Act or the ‘‘ACE Act’’.
Industry & Regulatory News
The IRS has released Notice 2024-22, providing guidance on anti-abuse rules under Section 127 of the SECURE 2.0 Act with respect to Pension-Linked Emergency Savings Accounts (PLESAs).
Industry & Regulatory News
The Department of Labor has published in the Federal Register several inflation-adjusted penalty amounts for certain failures associated with qualified retirement plans.
Industry & Regulatory News
The Pension Benefit Guaranty Corporation has published in the Federal Register inflation-adjusted penalty amounts for failure to provide certain notices or other material information and for failure to provide certain multiemployer notices.
Industry & Regulatory News
The IRS has issued its final rule specifying the methodology used to develop the corporate bond yield curve.
Industry & Regulatory News
The Department of Labor’s Pension Benefits Guaranty Corporation (PBGC)—the agency that insures and has primary governance over defined benefit (DB) pension plans—has issued the 2024 plan year version of its Comprehensive Premium Filing Instructions.
Industry & Regulatory News
The Pension Benefit Guaranty Corporation (PBGC) has indicated they will launch a new and improved e-Filing Portal on February 1, 2024.
Industry & Regulatory News
Representative Mike Gallagher (R-WI) has introduced HR 6857, the Simplify and Expand Health Savings Accounts Act.
Industry & Regulatory News
The Department of Labor (DOL) Wage and Hour Division has issued a news release and final rule to clarify whether a worker qualifies as an employee or an independent contractor under the Fair Labor Standards Act.
Industry & Regulatory News
Representatives Darin LaHood (R-IL), and Linda Sanchez (D-CA) have introduced H.R. 6757 to permit rollover contributions from Roth IRAs to designated Roth accounts in a 401(a), 403(a), 403(b) or 457(b) arrangement.
Industry & Regulatory News
The IRS has issued Notice 2024-3, which contains the 2023 cumulative list of changes in requirements that must be taken into account by drafters of pre-approved defined contribution retirement plan documents for the fourth remedial amendment cycle (Cycle 4).
Industry & Regulatory News
The IRS has released Notice 2024-2, Miscellaneous Changes Under the SECURE 2.0 Act of 2022. The so-called “Grab Bag” Notice provides guidance to multiple provisions of the SECURE 2.0 Act of 2022.
Industry & Regulatory News
The IRS has released final regulations that provide de minimis error safe harbor exceptions to penalties for failure to file correct information returns or furnish correct payee statements.
Industry & Regulatory News
The IRS has issued Revenue Ruling 2024-1, containing the covered compensation tables for the 2024 plan year. These tables are used in calculations for defined benefit pension plans when permitted disparity, sometimes called integration, is used in determining employer-provided benefits.
Industry & Regulatory News
The Internal Revenue Service (IRS) has issued Notice 2024-04, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
The IRS has issued Revenue Ruling 2024-02, which contains the applicable federal rates (AFR) for January 2024. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as "72(t) payments."
Industry & Regulatory News
The SECURE 2.0 Act has shortened the time necessary to allow part-time workers access to 401(k) plans.
Industry & Regulatory News
Two Department of Labor (DOL) regulatory actions have been removed from the Office of Management and Budget’s list for review, signaling they may be released soon.
Industry & Regulatory News
The Internal Revenue Service (IRS) has released a proposed regulation reflecting statutory changes related to long-term, part-time (LTPT) employees made by the SECURE Act of 2019 (SECURE Act) and the SECURE 2.0 Act of 2022 (SECURE 2.0). This proposed regulation would amend Treasury Regulation (Treas. Reg.) 1.401(k)-5 to reflect the rules for LTPT employees, including specific eligibility and vesting requirements. The proposed regulation also provides guidance regarding employer contributions with respect to LTPT employees and the impact that LTPT employees will have on nondiscrimination, coverage testing, and top-heavy benefits.
Industry & Regulatory News
The Senate and House committees of jurisdiction have released a draft containing technical corrections and other clarifications to SECURE 2.0.
Industry & Regulatory News
The Office of Management and Budget has received a proposed rule from the Department of Labor (DOL) titled “Exemption for Certain Automatic Portability Transactions”.
Industry & Regulatory News
The Department of Labor (DOL) has issued a final rule updating the Davis-Bacon Act (DBA) and the Davis-Bacon Related Acts (together “DBRA”) nearly 40 years after the Department last completed a comprehensive revision of the guidelines.
Industry & Regulatory News
The IRS has released a proposed rule reflecting statutory changes made by the SECURE Act and SECURE 2.0 related to long-term, part-time employees. The SECURE Act of 2019 expanded coverage for 401(k) plans to allow those who had worked at least 500 hours in three consecutive years to participate under a plan’s salary deferral provision – with service required to be counted beginning with plan years on or after January 1, 2021. SECURE 2.0 shortened this wait to two years effective for 2025 and later plan years, and expanded applicability to ERISA-covered 403(b) plans allowing salary deferrals.
Industry & Regulatory News
The IRS has released Revenue Procedure (Rev. Proc.) 2023-37, which contains new rules for qualified pre-approved plans and 403(b) plans.
Industry & Regulatory News
Senator Bill Cassidy (R-LA), and co-sponsor Tim Kaine (D-VA) have introduced the “Helping Young Americans Save for Retirement Act”.
Industry & Regulatory News
Representative Michelle Steel (R-CA), along with co-sponsors David Schweikert (R-AZ), and Ami Bera (D-CA), have introduced HR 6279, the “Wearable Equipment Adoption and Reinforcement and Investment in Technology Act”, or the “Wear It Act”.
Industry & Regulatory News
The IRS has issued Revenue Ruling 2023-21, which contains the applicable federal rates (AFR) for December 2023.
Industry & Regulatory News
The Office of Management and Budget has received a final rule from the Department of Labor (DOL) titled “Proposed Amendment to PTE 84-14 for Plan Asset Transactions Determined by an Independent Qualified Plan Asset Manager”.
Industry & Regulatory News
Washington Pulse Dol Proposes Expanded Definition Of Investment AdviceThe Department of Labor (DOL) recently released a regulatory package that includes a proposed amendment to the regulations that define what constitutes an investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (the “Retirement Security Rule”).
Industry & Regulatory News
A Department of Treasury and Financial Crimes Enforcement Network (FinCEN) final rule that implements requirements of the Corporate Transparency Act (CTA), will impose beneficial ownership information (BOI) reporting requirements affecting IRA-owned LLCs.
Industry & Regulatory News
The IRS has issued Revenue Procedure 2023-34, which contains cost-of-living adjustments for taxable years beginning in 2024 for over 60 tax provisions, including cafeteria plans.
Industry & Regulatory News
Senator John Thune (R-SD), along with co-sponsor Senator Thomas Carper (D-DE), introduced S. 3224, the Chronic Disease Flexible Coverage Act.
Industry & Regulatory News
Representative Claudia Tenney (R-NY) has introduced the Retirement Investment in Small Employers (RISE) Act to encourage small businesses with no more than 10 employees who received at least $5,000 of compensation in the prior year to adopt retirement plans.
Industry & Regulatory News
The IRS has issued Notice 2023-75, which contains the 2024 cost-of-living increases for qualified retirement plan dollar limitations on benefits and contributions under the Internal Revenue Code (IRC).
Industry & Regulatory News
The Pension Benefit Guarantee Corporation (PBGC) has updated its table titled, “Present Value of PBGC Maximum Guarantee,” to reflect applicable values for distributions with annuity starting dates during calendar year 2024.
Industry & Regulatory News
The Department of Labor (DOL) has released a new proposed rule updating the definition of an investment advice fiduciary under ERISA.
Industry & Regulatory News
On December 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023, which included the SECURE 2.0 Act.
Industry & Regulatory News
Under current law, employers may allow participants age 50 and older to make catch-up contributions on a pretax or Roth basis.
Industry & Regulatory News
Employers with 401(k) and 403(b) plans may allow participants to take a hardship distribution as long as the distribution is made on account of an immediate and heavy financial need, does not exceed the amount necessary to satisfy that need, and the participant does not have an alternative means reasonably available to satisfy such financial need.
Industry & Regulatory News
The IRS has issued Notice 2023-73, specifying the mortality table used in determining minimum present value under IRC 417(e)(3) and ERISA section 205(g)(3).
Industry & Regulatory News
Senators John Hickenlooper (D-CO) and Thom Tillis (R-NC), and Representatives Terri Sewell (D-AL) and Lloyd Smucker (R-PA) have re-introduced the Retirement Savings for Americans Act.
Industry & Regulatory News
The Internal Revenue Service (IRS) has issued Notice 2023-72, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
The Internal Revenue Service (IRS) has released final regulations titled “Mortality Tables for Determining Present Value under Defined Benefit Pension Plans”.
Industry & Regulatory News
The IRS has issued Revenue Ruling 2023-20, which contains the applicable federal rates (AFR) for November 2023.
Industry & Regulatory News
The Pension Benefit Guarantee Corporation has determined premium rates applicable for the 2024 plan year in accordance with indexing rules provided in ERISA Section 4006.
Industry & Regulatory News
The Senate Finance Committee has advanced S. 2860, the Secure and Fair Enforcement Regulation (SAFER) Banking Act by a vote of 14-9.
Industry & Regulatory News
The Department of Labor (DOL) has responded to fiduciary responsibility questions from Citigroup Inc. (Citi) related to their Racial Equity Asset Manager Program.
Industry & Regulatory News
The IRS has issued its 2023-2024 Priority Guidance Plan, in which it describes guidance projects in the current fiscal year.
Industry & Regulatory News
In a recent issue of the Employee Plans News, the IRS has announced the update of several forms used to submit Voluntary Correction Program applications to the IRS.
Industry & Regulatory News
The House Ways and Means Committee held a markup of two bills intending to expand access to Health Savings Accounts (HSAs).
Industry & Regulatory News
Representatives Greg Steube (R-FL) and co-sponsor Kat Cammack (R-FL) have introduced H.R. 5608, the Affordable Care and Comprehensive Economic Support through Savings (ACCESS) Act.
Industry & Regulatory News
The IRS has issued Notice 2023-66, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
The House Education and Workforce Committee held a mark-up of several proposals, including four bills (previously announced), which would amend ERISA related to proxy voting, fiduciary duties, and notice requirements for brokerage windows.
Industry & Regulatory News
The IRS has issued Revenue Ruling 2023-18, which contains the applicable federal rates (AFR) for October 2023.
Industry & Regulatory News
The IRS has issued Revenue Procedure 2023-31, which addresses requests for undue hardship waiver or administrative exception from the electronic filing requirements for Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits, and Form 5500-EZ, Annual Return of A One Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan.
Industry & Regulatory News
The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating interest assumptions under the asset allocation regulation for plans with valuation dates in the fourth quarter of 2023.
Industry & Regulatory News
The Department of Labor has sent a proposed rule titled “Retirement Security” (formerly titled “Conflict of Interest in Investment Advice”, also known as the Fiduciary Rule) to the Office of Management and Budget (OMB).
Industry & Regulatory News
Several bills have been introduced in the House of Representatives that would make amendments to the Employee Retirement Income Security Act of 1974 (ERISA).
Industry & Regulatory News
The IRS has announced that plan sponsors who timely filed complete Forms 8955-SSA do not need to respond to CP 283-C penalty notices dated prior to September 1, 2023. In an Employee Plans News bulletin, the IRS indicates the CP 283-C was sent to plan sponsors who timely filed their 2022 Forms 8955-SSA due to an IRS system programming issue.
Industry & Regulatory News
The Department of Labor’s (DOL) Employee Benefits Security Administration has announced that it will extend the grace period to obtain new Login.gov credentials for the EFAST2 filing system until December 31, 2023.
Industry & Regulatory News
The IRS has issued Notice 2023-62 to address stakeholder concerns regarding implementation of Section 603 of the SECURE 2.0 Act.
Industry & Regulatory News
Senator Bob Casey (D-PA), with cosponsors Sens. Wyden (D-OR), Klobuchar (D-MN), Sanders (I-VT), and Duckworth (D-IL), introduced the ABLE MATCH (Making Able a Tool to Combat Hardship) Act.
Industry & Regulatory News
The Pension Benefit Guaranty Corporation (PBGC) has released a proposed rule titled Valuations Assumptions and Methods.
Industry & Regulatory News
Representative Lauren Underwood (D-IL) and Senator Tammy Baldwin (D-WI) have re-introduced H.R. 5060, the Women's Retirement Protection Act of 2023 in the House and Senate.
Industry & Regulatory News
The IRS has issued Notice 2023-61, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
The IRS indicates in a news release its intent to focus on a range of compliance issues that can be associated with Employee Stock Ownership Plans (ESOPs).
Industry & Regulatory News
The Pension Benefit Guaranty Corporation (PBGC) is providing a one-time waiver of the reporting requirement under Section 4010 of ERISA for filers meeting specific criteria.
Industry & Regulatory News
The Department of Labor’s Employee Benefits Security Administration (EBSA) has issued a request for information(RFI) to solicit public input on a number of provisions of SECURE 2.0 that impact ERISA’s reporting and disclosure requirements.
Industry & Regulatory News
The Department of Labor’s (DOL’s) Wage and Hour Division has released a final rule updating the Davis-Bacon and Related Acts Regulations.
Industry & Regulatory News
Senators Tim Kaine (D-VA) and Bill Cassidy (R-LA), and Representative Kathy Manning (D-NC), have reintroduced the Auto Reenroll Act of 2023, bicameral legislation to permit plan sponsors to reenroll non-participating eligible employees at least once every three years unless the individual affirmatively opts out again.
Industry & Regulatory News
The IRS has issued Notice 2023-53, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
The Securities and Exchange Commission has released a proposed rule that would require broker-dealers and investment advisers to take certain steps to address conflicts of interest associated with use of predictive data analytics.
Industry & Regulatory News
Effective July 26, 2023, the prime interest rate increased from 8.25 percent to 8.50 percent.
Industry & Regulatory News
The Government Accountability Office (GAO) has released a report titled “403(b)
Retirement Plans: Department of Labor Should Update Educational Materials to Better Inform Plan Sponsors and Participants”.
Industry & Regulatory News
The IRS has issued Revenue Ruling 2023-13, which contains the applicable federal rates (AFR) for August 2023.
Industry & Regulatory News
The Department of Labor (DOL) has released a paper to initiate consultation with the ERISA Advisory Council as a first step in fulfilling the requirements of Section 321 of the SECURE 2.0 Act (SECURE 2.0) titled “Review of Pension Risk Transfer Interpretive Bulletin.”
Industry & Regulatory News
The SECURE 2.0 Act of 2022, (SECURE 2.0) provisions affecting the Employee Plans Compliance Resolution System (EPCRS) support the IRS trend toward shifting certain types of retirement account corrections to the Self Correction Program (SCP).
Industry & Regulatory News
Plaintiffs in a lawsuit against Hyatt Corp. who sued over its practices relating to tip wages agreed to settle their claims for $1.5 million.
Industry & Regulatory News
The IRS has issued Notice 2023-54 to provide transition relief for required minimum distributions (RMDs) in connection with the change in required beginning date (RBD) to age 73 under SECURE 2.0, and guidance for certain specified RMDs for 2023.
Industry & Regulatory News
The Securities and Exchange Commission (SEC) has released a final rule that amends certain rules governing money market funds. A fact sheet highlights the following changes.
Industry & Regulatory News
The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating regulations regarding benefits payable in terminated single-employer plans and allocation of assets in single-employer plans.
Industry & Regulatory News
Congress has wrestled with Americans’ lack of emergency savings for years. Numerous proposals have been offered, but no substantial measures have passed. Until now.
Industry & Regulatory News
Representatives Donald Norcross (D-NJ) and co-sponsor Tim Walberg (R-MI) have re-introduced the Lifetime Income for Employees Act. H.R. 3942 would allow annuities as a default investment in 401(k) plans.
Industry & Regulatory News
The Pension Benefit Guaranty Corporation (PBGC) is requesting from the federal Office of Management and Budget (OMB) the authority to modify its information collection procedures under its missing participants program.
Industry & Regulatory News
The IRS has released a proposed rule aimed at specifying the methodology used to develop the corporate bond yield curve.
Industry & Regulatory News
The IRS has issued Notice 2023-48, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating interest assumptions under the asset allocation regulation for plans with valuation dates in the third quarter of 2023.
Industry & Regulatory News
The coronavirus pandemic resulted in restrictions on where and how people could meet. These limitations—including remote work requirements—made it harder for some participants to take distributions from employer-sponsored retirement plans.
Industry & Regulatory News
The House Committee on Ways and Means advanced several bills to expand health options and increase flexibility for workers
Industry & Regulatory News
The IRS has released updated Instructions for Form 5307, Application for Determination for Adopters of Modified Nonstandardized Pre-Approved Plans.
Industry & Regulatory News
The IRS provided a reminder in the May 24, 2023, edition of Employee Plans News that beginning June 1, 2023, the IRS is expanding the determination letter program to include individually designed and terminating 403(b) plans.
Industry & Regulatory News
A bill introduced by Representative Frank Lucas (R-OK) was approved by the House Financial Services Committee with bipartisan support by a vote of 35-12. H.R. 3063 would amend securities laws to allow collective investment trusts (CITs) in 403(b) plans.
Industry & Regulatory News
The SECURE 2.0 Act provides more ways for individuals to access their retirement savings and creates new exceptions to the 10% early distribution penalty tax.
Industry & Regulatory News
The IRS has issued Notice 2023-43 to address questions and provide interim guidance related to Section 305 of SECURE 2.0.
Industry & Regulatory News
Congressional leadership from the House Committee on Ways and Means and the Senate Committee on Finance have sent a letter to officials at the Treasury Department indicating that Congress intends to introduce technical correction legislation to correct erroneous statutory language for several SECURE 2.0 provisions in order to accurately carry out Congressional intent.
Industry & Regulatory News
This infographic is part of a multi-part series that describes the penalty-free distribution options created by SECURE 2.0
Industry & Regulatory News
ERISA imposes certain requirements on employers (who also usually act as plan sponsors and plan administrators) that offer health and benefit plans to employees.
Industry & Regulatory News
The U.S. District Court for the Northern District of Illinois has ruled in favor of the plaintiffs in a motion to dismiss a lawsuit against Pactiv Evergreen Services, Inc., which claims it breached its fiduciary duty to a 401(k) plan it sponsors.
Industry & Regulatory News
The IRS has issued Revenue Procedure 2023-23, providing inflation-adjusted amounts for health savings accounts (HSAs) for calendar year 2024.
Industry & Regulatory News
The IRS has issued Revenue Ruling 2023-10, which contains the applicable federal rates (AFR) for June 2023.
Industry & Regulatory News
The IRS has issued Notice 2023-40, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
As announced by President Biden on January 30, 2023, the National Emergency in response to COVID-19 will end today.
Industry & Regulatory News
Senator Marco Rubio (R-FL), along with several cosponsors have reintroduced the Health Savings Act.
Industry & Regulatory News
The Department of the Treasury and the Internal Revenue Service are soliciting recommendations for items to be included on the 2023-2024 Priority Guidance Plan.
Industry & Regulatory News
Effective May 3, 2023, the prime interest rate increased from 8.00 percent to 8.25 percent.
Industry & Regulatory News
Senator Ted Cruz (R-TX) and co-sponsor Senator Mike Braun (R-IN) have introduced S. 1226, a bill to make permanent several individual tax provisions.
Industry & Regulatory News
The IRS recently released proposed regulations regarding the use of forfeitures within qualified retirement plans.
Industry & Regulatory News
Senator Jeanne Shaheen (D-NH) and co-sponsor Susan Collins (R-ME) have introduced S. 1269, the INSULIN Act of 2023.
Industry & Regulatory News
The IRS has published a June 2023 draft of instructions for Form 5307, Application for Determination for Adopters of Modified Nonstandardized Pre-Approved Plans.
Industry & Regulatory News
The Internal Revenue Service (IRS) recently released a memorandum from the Office of the Chief Counsel addressing claims substantiation for payment or reimbursement of medical and dependent care expenses.
Industry & Regulatory News
A bill introduced by Congressman Bill Huizenga (R-MI), has been passed out of the House Financial Services Committee.
Industry & Regulatory News
Congresswoman Bonnie Watson Coleman (D-NJ) has introduced H.R. 2628, the Employee Profit-Sharing Encouragement Act.
Industry & Regulatory News
Representative George Santos (R-NY) has introduced H.R. 2637, to provide for an exception to the 10-percent additional tax on early distributions from qualified retirement plans capped at a withdrawal amount of $10,000 every five years.
Industry & Regulatory News
Congressman Patrick McHenry (R-NC), Chairman of the House Financial Services Committee has introduced H.R. 2799, the Expanding Access to Capital Act.
Industry & Regulatory News
The Department of Labor (DOL) has issued Field Assistance Bulletin 2023-01 to provide annual funding notice requirements for multiemployer pension plans that received special financial assistance from the Pension Benefit Guarantee Corporation under the American Rescue Plan Act.
Industry & Regulatory News
The April 20, 2023, publication of Employee Plans News provides details for plan document restatement deadlines.
Industry & Regulatory News
The IRS has issued Notice 2023-33, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
The IRS has posted a draft 2023 tax year Form 8889, Health Savings Accounts (HSAs).
Industry & Regulatory News
The IRS has issued Revenue Ruling 2023-09, which contains the applicable federal rates (AFR) for April 2023.
Industry & Regulatory News
The DOL, IRS and HHS (“the Departments”) have released a set of FAQs that explain their position on coverage of preventive services and vaccines in light of a recent court decision.
Industry & Regulatory News
The third phase of updates to Form 5500, Annual Return/Report of Employee Benefit Plan, was recently released by the Department of Labor’s (DOL’s) Employee Benefits Security Administration, the IRS, and the Pension Benefit Guaranty Corporation (the “Agencies”).
Industry & Regulatory News
During the COVID-19 Public Health Emergency (PHE) and National Emergency, numerous requirements were introduced for group health plans, which were generally aimed at ensuring individuals did not forgo testing or treatment for COVID-19 because they could not afford to pay for such services.
Industry & Regulatory News
The SECURE 2.0 Act modifies one small-employer credit and creates another. These credits may make establishing and contributing to a plan much more attractive.
Industry & Regulatory News
Effective March 22, 2023, the prime interest rate increased from 7.75 percent to 8.00 percent.
Industry & Regulatory News
The IRS has issued Revenue Procedure 2023-17 announcing the 2024 indexed adjustments to the amounts used to calculate employer shared responsibility payments under Internal Revenue Code Sections 4980H(a) and 4980H(b)(1).
Industry & Regulatory News
The Department of Labor (DOL) has reopened the comment period for receiving written comments related to prohibited transaction class exemption 84-14 (the Proposed QPAM Amendment) to April 6, 2023.
Industry & Regulatory News
As expected, President Biden has vetoed H.J. 30, a resolution for congressional disapproval of the Department of Labor’s rule “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights.”
Industry & Regulatory News
The IRS has issued Notice 2023-27, announcing their intent to issue guidance related to the treatment of certain nonfungible tokens (NFTs) as collectibles under Internal Revenue Code Section (IRC Sec.) 408(m).
Industry & Regulatory News
The IRS has posted a series of frequently asked questions addressing whether certain costs related to nutrition, wellness, and general health are medical expenses under Internal Revenue Code Section 213 that may be paid or reimbursed under a health savings account, health flexible spending arrangement, Archer medical savings account, or health reimbursement arrangement.
Industry & Regulatory News
The IRS has issued Revenue Ruling 2023-06, which contains the applicable federal rates (AFR) for April 2023.
Industry & Regulatory News
The Securities and Exchange Commission has proposed additional requirements for broker-dealers, investment companies, registered investment advisers and transfer agents (“covered institutions”) aimed at further protecting the privacy of consumer financial information.
Industry & Regulatory News
The IRS has issued Notice 2023-25, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
The Securities and Exchange Commission (SEC) has issued a proposed rule to address cybersecurity risks.
Industry & Regulatory News
Representative Angie Craig (D-MN) has reintroduced the Affordable Insulin Now Act in the House.
Industry & Regulatory News
The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating interest assumptions under the asset allocation regulation for plans with valuation dates in the second quarter of 2023.
Industry & Regulatory News
Sen. John Kennedy, (R-La), has introduced the Telehealth HSA Act. The Act would make permanent the ability of high deductible health plans (HDHPs) to waive the deductible for telehealth services without causing plan participants to lose the ability to contribute to a health savings account (HSA).
Industry & Regulatory News
The United States Senate on Thursday confirmed Danny Werfel, in a 54-42 vote, as the next commissioner of the Internal Revenue Service. Mr. Werfel, who was nominated in November 2022 as his predecessor Charles Rettig’s term ended, will serve through November 2027.
Industry & Regulatory News
President Biden’s fiscal year 2024 budget includes proposed retirement account restrictions for certain taxpayers — similar to those included in the Build Back Better Act passed by the House in 2021 — but left by the wayside enroute to the passage of the Inflation Reduction Act of 2022.
Industry & Regulatory News
On March 7, The IRS has issued Notice 2023-23, guidance that addresses required minimum
distribution (RMD) reporting by IRA trustees, custodians, and issuers.
Industry & Regulatory News
Dependent care FSA funds can be used to cover a variety of child and adult care services. Dependents who are eligible include natural, adopted, and foster children who have not reached age 13 and family members who cannot care for themselves. All dependents must live with the FSA account holder for more than half the year and be claimed on their federal tax return.
Industry & Regulatory News
A resolution for congressional disapproval of the Department of Labor’s rule “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights” passed the House in a 216-204 vote.
Industry & Regulatory News
President Biden has announced his intent to nominate Julie Su to serve as Secretary of the Department of Labor.
Industry & Regulatory News
Representative Suzan DelBene (D-WA) and co-sponsors Sean Casten (D-IL), Juan Vargas (D-CA), and Dean Phillips (D-MN) have introduced the Freedom to Invest in a Sustainable Future Act.
Industry & Regulatory News
The IRS has released a proposed rule intending to clarify the use and timing of the allocation of forfeitures in qualified retirement plans.
Industry & Regulatory News
The IRS has issued Notice 2023-19, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
The Department of Labor’s (DOL’s) Employee Benefits Security Administration, the IRS, and the Pension Benefit Guaranty Corporation (PBGC) have released a third and final phase that implements a September 2021 regulatory proposal.
Industry & Regulatory News
The IRS has released final regulations amending rules intended to increase the filing of electronic returns in accordance with the Taxpayer First Act of 2019.
Industry & Regulatory News
The SECURE 2.0 Act makes it easier for individuals who own the entire interest in an unincorporated trade or business to make elective deferrals to a 401(k) plan for their first plan year.
Industry & Regulatory News
The Securities and Exchange Commission (SEC) has issued a final rule “Shortening the Securities Transaction Settlement Cycle.”
Industry & Regulatory News
The Securities and Exchange Commission (SEC) has issued a proposed rule “Safeguarding Advisory Client Assets.”
Industry & Regulatory News
The IRS has issued Revenue Ruling 2023-05, which contains the applicable federal rates for March 2023.
Industry & Regulatory News
The SECURE 2.0 Act gives certain employers a general business tax credit for immediately including military spouses in their defined contribution plan.
Industry & Regulatory News
The Department of Labor’s Employee Benefits and Security Administration (EBSA) recently released a proposed amendment to the Voluntary Fiduciary Correction Program (VFCP) to include a Self-Correction Component (SCC) for transactions eligible for correction under the program.
Industry & Regulatory News
The IRS recently updated its Operational Compliance List identifying changes in qualification requirements and Internal Revenue Code section 403(b) requirements effective in 2022. The list does not include annual, monthly, or other periodic changes that routinely occur, but is updated periodically by the IRS to reflect new legislation and IRS guidance to help plan sponsors maintain operational compliance.
Industry & Regulatory News
The Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) is reopening the comment period for its proposed amendments to the Voluntary Fiduciary Correction Program (VFCP) and amendments to Prohibited Transaction Exemption 2002-51, as originally proposed in November 2022. In reopening the comment period that had originally closed January 20, 2023, EBSA is citing section 305 of the SECURE 2.0 Act of 2022 that provides for the expansion of the IRS’s Employee Plans Compliance Resolution System (EPCRS).
Industry & Regulatory News
The IRS has released Announcement 2023-6, stating that it expects to issue opinion letters for pre-approved defined benefit plans that were filed with the IRS during the third remedial amendment cycle “on February 28, 2023, or, in some cases, as soon as possible thereafter.”
Industry & Regulatory News
Effective February 1, 2022, the federal prime interest rate increased from 7.50 percent to 7.75 percent. The prime interest rate is largely determined by the federal funds rate, as set by the Federal Reserve’s Federal Open Market Committee (FOMC).
Industry & Regulatory News
IRA/SEP/SIMPLE Key Priorities.
Please note: These provisions may be prioritized differently based on your individual business needs.
Industry & Regulatory News
Defined Contribution Plan Key Priorities.
Please note: These provisions may be prioritized differently based on your individual business needs.
Industry & Regulatory News
Defined Benefit/Cash Balance Plan Key Priorities.
Please note: These provisions may be prioritized differently based on your individual business needs.
Industry & Regulatory News
Senator Ted Cruz (R-TX) has reintroduced the Student Empowerment Act. The bill would allow public, private, and religious school students to use 529 savings accounts to cover K-12 expenses—including expenses related to tutoring, testing fees, and educational therapies for students with disabilities.
Industry & Regulatory News
This credit applies to qualified plans (defined contribution and defined benefit plans under IRC Sec. 401(a) and 403(a)), and SEP and SIMPLE plans.
Industry & Regulatory News
Industry & Regulatory News
Retirement legislation has been a welcome area of bipartisan cooperation in the U.S. Congress, marked by a history of Republican and Democratic bill co-sponsorship and support. A recent example is the Setting Every Community Up for Retirement Enhancement Act—the SECURE Act—passed and signed into law in 2019. The SECURE Act has been hailed as the most important retirement enhancement legislation in more than a decade.
Industry & Regulatory News
May 3, 2022 - Senators Maggie Hassan (D-NH) and Susan Collins (R-ME) have introduced S. 4103, the Helping Parents Save for College Act. The bill would provide low- and middle-income parents with a tax credit for contributions to 529 education savings accounts by expanding the Saver’s Credit. The credit would be worth up to 50 percent of 529 account contributions, with a maximum credit of $2,000 for low-and-middle income families.
Industry & Regulatory News
December 28, 2021 – The Department of Labor’s Employee Benefits Security Administration (EBSA) has issued a notice with final forms revisions for Form 5500, Annual Return/Report of Employee Benefit Plan, and Form 5500-SF, Annual Return/Report of Small Employee Benefit Plan, relating to annual reporting changes for multiple-employer plans (MEPs) and pooled employer plans (PEPs). It specifically revises the Form 5500 and Form 5500-SF instructions for the 2021 reporting year for multiple-employer plans. It is effective for plan years beginning on or after January 1, 2021.