Industry & Regulatory News

Industry & Regulatory News

Washington Pulse: IRS Releases Proposed Mandatory Automatic Enrollment Regulation

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).

February 06 2025

Industry & Regulatory News

Proposal Expanding 529 qualified expenses Introduced

Representatives Marie Gluesenkamp Perez (D-WA) and co-sponsor Chuck Edwards (R-NC) have introduced H.R. 808,

January 29 2025

Industry & Regulatory News

ESOP Proposed Rule on Hold

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Employee Benefits Security Administration providing guidance on ESOP transactions pursuant to SECURE 2.0 has been withdrawn from publication in the Federal Register pending further review pursuant to executive order.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.

January 21 2025

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

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.

January 16 2025

Industry & Regulatory News

IRS Announces Applicable Federal Rates for February

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.”

January 16 2025

Industry & Regulatory News

EBSA Releases ESOP Guidance Under SECURE 2.0

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.

January 16 2025

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Alaska

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.

January 16 2025

Industry & Regulatory News

IRS Issues Proposed Rule under IRC 162(m)

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.

January 15 2025

Industry & Regulatory News

DOL Issues Guidance on Missing Participant Small Balances

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.

January 15 2025

Industry & Regulatory News

DOL Issues Final Amendments to VFCP

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.

January 14 2025

Industry & Regulatory News

DOL ESOP Proposed Rule Has Left OMB

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.

January 14 2025

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for South Carolina and Alaska

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on January 10, 2025, for the following.

January 13 2025

Industry & Regulatory News

IRS Announces Deadline Relief for California Wildfires

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.

January 13 2025

Industry & Regulatory News

ERISA Insights: IRS Releases Proposed Rule for Automatic Enrollment Provisions Under SECURE 2.0

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.

January 10 2025

Industry & Regulatory News

ERISA Insights: IRS Releases Guidance for Catch-Up Contribution Provisions Under SECURE 2.0

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.

January 10 2025

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for California

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. 

January 09 2025

Industry & Regulatory News

PBGC Announces 2025 Inflation Adjustments for Civil Penalties

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.

January 08 2025

Industry & Regulatory News

DOL Announces 2025 Inflation Adjustments for Civil Penalties

The Department of Labor has published in the Federal Register several inflation-adjusted penalty amounts for certain failures associated with qualified retirement plans.

January 08 2025

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Missouri, Oregon, Alaska

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on January 1, 2025, for the following disasters for the period indicated.

January 08 2025

Industry & Regulatory News

PBGC Premium Filing Deadlines Change for 2025 Plan Years

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.

January 07 2025

Industry & Regulatory News

Extension of Telehealth Services Ends

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.

December 30 2024
HSA

Industry & Regulatory News

DOL Final Rule Updating VFCP Has Left OMB

Department of Labor (DOL) guidance titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program” has left the Office of Management and Budget.

December 30 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for North Dakota Wildfires and Straight-line Winds

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. 

December 26 2024

Industry & Regulatory News

IRS Provides 2025 Covered Compensation Tables Used in DB Plans

The Internal Revenue Service (IRS) issued Revenue Ruling 2025-2, containing the covered compensation tables for the 2025 plan year.

December 23 2024

Industry & Regulatory News

Prime Interest Rate Decreased to 7.5 Percent

Effective December 18, 2024, the prime interest rate decreased to 7.50 percent.

December 20 2024

Industry & Regulatory News

PBGC Updates Tables for Certain 2025 Valuations

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.

December 20 2024

Industry & Regulatory News

Proposal Restricting Use of Private Placement Life Insurance Introduced

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.

December 20 2024

Industry & Regulatory News

Applicability of Certain Aspects of RMD Regulations Delayed to 2026

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.

December 20 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Post-Tropical Strom Helene in West Virginia

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.

December 19 2024

Industry & Regulatory News

IRS Issues Yield Curve and Segment Rates for DB Plan Calculations

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.

December 18 2024

Industry & Regulatory News

IRS Announces Applicable Federal Rates for January

The IRS has issued Revenue Ruling 2025-1, which contains the applicable federal rates (AFR) for January 2025.

December 18 2024

Industry & Regulatory News

Retirement Spotlight: IRS Releases Final Regulations on Tax Withholding Requirements

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.

December 17 2024

Industry & Regulatory News

2025 Brings More Deferral Opportunities for Employees

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.

December 12 2024

Industry & Regulatory News

ABLE Proposal Introduced in House

Representative Cathy Rodgers (R-WA), has introduced the ABLE Tomorrow Act. According to a press release, the proposal would do the following.

  • Make the ABLE to Work Act and ABLE Financial Planning Act permanent
  • Eliminate the Medicaid clawback in the original ABLE Act
  • Allow for a one-time lump sum into an ABLE account beyond the $18,000 per gift tax contribution limit for certain instances
  • Allow an employer to make contributions to an ABLE eligible worker’s 529A account in lieu of contributions to the employer’s defined contribution plan
December 12 2024

Industry & Regulatory News

Outbreak Period Ends

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.

December 11 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for West Virginia Post-tropical Storm Helene

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. 

December 10 2024

Industry & Regulatory News

IRS Issues 2024 Required Amendments List for Qualified and 403(b) Plans

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.

December 06 2024

Industry & Regulatory News

Washington Pulse: IRS Releases Interim Guidance on Inadvertent Benefit Overpayments

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.

December 02 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Puerto Rico

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. 

November 29 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Kentucky and Washington

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on November 26, 2024, for the following.

November 27 2024

Industry & Regulatory News

DOL’s Final Restated Voluntary Fiduciary Correction Program at OMB

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.

November 22 2024

Industry & Regulatory News

IRS Provides 403(b) Amendment Cycle Updates

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.

November 22 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Montana Storms

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.

November 21 2024

Industry & Regulatory News

DOL Announces Start of Lost and Found Information Collection

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.

November 19 2024

Retirement Plan Disaster Assistance May Be Available for Crow Tribe of Montana

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.

November 15 2024

Industry & Regulatory News

Legislation Introduced to Expand HSA Access

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).

November 14 2024
HSA

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Alaska and Wyoming Disasters

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on November 13, 2024, for the following.

November 14 2024

Industry & Regulatory News

IRS Announces Deadline Relief for New Mexico Severe Storms

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.

November 14 2024

Industry & Regulatory News

IRS Issues Yield Curve and Segment Rates for DB Plan Calculations

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.

November 13 2024

Industry & Regulatory News

IRS Announces Deadline Relief for South Dakota Severe Storms

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.

November 13 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Saint Regis Mohawk Tribe Severe Storms and Flooding

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.

November 12 2024

Industry & Regulatory News

Student Loan Repayments and Matching Contributions

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.

November 11 2024

Industry & Regulatory News

DOL Provides Additional Relief for Participants Impacted by Helene and Milton

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.

November 08 2024

Industry & Regulatory News

Prime Interest Rate Decreased to 7.75 Percent

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).

November 08 2024

Industry & Regulatory News

DOL and Treasury Provide Certain Deadline Relief to Retirement and Health Plans and Participants

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.

November 07 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Havasupai Tribe in Arizona Flooding

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.

November 07 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Florida Hurricane Milton

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. 

November 06 2024

Industry & Regulatory News

PBGC Updates Maximum Guarantee Table for 2025

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.

November 05 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available in New Mexico and South Dakota

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on November 1, 2024, for the following locations:

November 04 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Alaska Flooding

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.

November 01 2024

Industry & Regulatory News

IRS Releases 2025 Cost-of-Living Adjusted Retirement Savings Limitations

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).

November 01 2024

Industry & Regulatory News

Washington Pulse: IRS Releases Guidance for LTPT Employees of ERISA 403(b) Plans

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).

October 31 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Virgin Islands Tropical Storm Ernesto

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. 

October 28 2024

Industry & Regulatory News

DOL ESOP Proposed Rule at OMB

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.  

October 28 2024
DOL

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available in Nebraska and New York

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on October 21, 2024, for the following locations:

October 22 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for North Carolina Potential Tropical Cyclone Eight

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.

October 21 2024

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

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.

October 21 2024

Industry & Regulatory News

IRS Releases Guidance on Qualified Medical Expenses

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.

October 18 2024
HSA

Industry & Regulatory News

IRS Posts Final Regulations on Withholding on Certain Distributions to Payees Outside the United States

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.

October 18 2024

Industry & Regulatory News

IRS Releases Guidance on Preventive Care for Purposes of Qualifying as a High Deductible Health Plan

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.

October 18 2024
HSA

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Alaska Flooding (1)

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.

October 17 2024

Industry & Regulatory News

IRS Releases Guidance on Inadvertent Benefit Overpayments under SECURE 2.0

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.

October 16 2024

Industry & Regulatory News

IRS Announces Applicable Federal Rates for November

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.”

October 16 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Hurricane Milton in Florida

The IRS has announced the postponement of certain tax-related deadlines for victims of Hurricane Milton in Florida until May 1, 2025.

October 14 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Florida Hurricane Milton

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.

October 14 2024

Industry & Regulatory News

PBGC Posts 2025 Premium Rates

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.

October 14 2024

Industry & Regulatory News

2025 Taxable Wage Base Announced

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.

October 11 2024

Industry & Regulatory News

Employee and Retiree Access to Justice Act Re-proposed

Representative Mark DeSaulnier (D-CA) has introduced HR 9820 – the Employee and Retiree Access to Justice Act.

October 11 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Arizona Watch Fire

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.

October 07 2024

Industry & Regulatory News

Proposal Introduced to Allow Catch-Ups for Family Caregivers

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.

October 07 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Arizona Watch Fire

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.

October 07 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Wildfire in Washington

The IRS has announced the postponement of certain tax-related deadlines for victims of wildfires in Washington.

October 04 2024

Industry & Regulatory News

IRS Releases 403(b) Long-Term Part-Time Guidance

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.

October 03 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Tennessee Tropical Storm Helene

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.

October 03 2024

Industry & Regulatory News

IRA and Employer Plan Disaster Relief

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.

October 03 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Tropical Storm Helene in Virginia

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.

October 02 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Hurricane Helene in Multiple States

The IRS has announced the postponement of certain tax-related deadlines for victims of Hurricane Helene until May 1, 2025.

October 02 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Illinois Severe Storms

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.

October 02 2024

Industry & Regulatory News

ABLE Proposal to Remove Sunset Provision Introduced in House

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. 

October 01 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Hurricane Helene in Georgia

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.

October 01 2024

Industry & Regulatory News

More Changes for RMDs

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

October 01 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Hurricane Helene

The Federal Emergency Management Agency (FEMA) has issued Major Disaster Declarations on the following dates:

September 30 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Vermont Severe Storms

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.

September 27 2024

Industry & Regulatory News

New Bill Allowing CITs in 403(b) Plans Introduced in Senate

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.

September 25 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Georgia, Nebraska, Washington, Kansas, and New York

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on September 24, 2024, for the following locations:

September 25 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for New York, Illinois, and Connecticut Disasters

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on September 20, 2024.

September 23 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Pennsylvania Tropical Storm Debby

The IRS has announced the postponement of certain tax-related deadlines for victims of Tropical Storm Debby in Pennsylvania.

September 19 2024

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

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.

September 19 2024

Industry & Regulatory News

Prime Interest Rate Lowered to 8 Percent

Effective September 19, 2024, the prime interest rate decreased from 8.50 percent to 8 percent.

September 19 2024

Industry & Regulatory News

House Passes Bill Expanding HSA Use to Chronic Care

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.

September 19 2024
HSA

Industry & Regulatory News

Proposal to Roll Back ESG Investing Approved in House

The House passed H.R. 5339, the Roll back ESG To Increase Retirement Earnings Act (RETIRE Act), by a vote of 217-206.

September 19 2024

Industry & Regulatory News

Washington Pulse: New Guidance Released on Matching Contributions for Qualified Student Loan Payments

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.

September 18 2024

Industry & Regulatory News

IRS Announces Applicable Federal Rates for October

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.”

September 17 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Louisiana Hurricane Francine

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. 

September 17 2024

Industry & Regulatory News

IRS Announces Electronic Pre-Approved Plan Submission Procedures

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.

September 16 2024

Industry & Regulatory News

Proposal Would Allow HSAs to Be Used for Pet Health Expenses

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.

September 13 2024
HSA

Industry & Regulatory News

IRS Issues Request for Information on Saver’s Match

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.

September 12 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Pennsylvania and Vermont

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. 

September 12 2024

Industry & Regulatory News

DOL Clarifies Cybersecurity Guidance

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.

September 11 2024

Industry & Regulatory News

Employer Plan Tax Credits for Small Nonprofits Proposed

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.

September 11 2024
IRS

Industry & Regulatory News

IRS Announces Deadline Relief for New York Severe Storms

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.

September 11 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Connecticut Severe Storms

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.

September 11 2024

Industry & Regulatory News

IRS PLR Grants Additional Flexibility for Employer Contributions

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.

September 11 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for New York Severe Storms

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. 

August 30 2024

Industry & Regulatory News

SECURE 2.0 May Impact How Businesses Complete Forms W-2

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.

August 30 2024

Industry & Regulatory News

New Type of Healthcare Savings Account Introduced

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.

August 29 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Montana Straight-Line Winds

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. 

August 26 2024

Industry & Regulatory News

IRS Announces Deadline Relief for South Dakota Severe Storms

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line-winds, and flooding in South Dakota.

August 26 2024

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

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.

August 19 2024

Industry & Regulatory News

IRS Releases Guidance on Student Loan Matching Contributions

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.

August 19 2024

Industry & Regulatory News

PBGC Issues Yield Curve for ERISA 4044 Calculations

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.

August 16 2024

Industry & Regulatory News

IRS Announces Applicable Federal Rates for September

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.”

August 16 2024

Industry & Regulatory News

Washington Pulse: IRS Releases Final RMD Regulations

The Internal Revenue Service (IRS) has released final regulations that revise existing rules that apply to required minimum distributions (RMDs).

August 15 2024

Industry & Regulatory News

Proposal to Increase Retirement Plan Access for Younger Workers Introduced in House

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.

August 08 2024

Industry & Regulatory News

Bill Allowing CITs in 403(b) Plans Introduced in Senate

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.

August 02 2024

Industry & Regulatory News

Proposals to Expand Access to ABLE Accounts Introduced

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.

August 02 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Kentucky Severe Storms

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.

August 01 2024

Industry & Regulatory News

Washington Pulse: IRS Releases Guidance for Certain SECURE 2.0 Distribution Provisions

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.

August 01 2024

Industry & Regulatory News

IRS Issues Procedures for Requesting Defined Benefit Plan-Specific Mortality Table

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.

July 31 2024

Industry & Regulatory News

IRS Issues Regulations for Plan-Specific Substitute Mortality Tables for Determining Present Value

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.

July 30 2024

Industry & Regulatory News

Proposal to Expand HSAs Introduced

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.

July 29 2024
HSA

Industry & Regulatory News

IRS Announces Deadline Relief for Hurricane Beryl in Texas

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.

July 23 2024

Industry & Regulatory News

PBGC Updates Instructions for 4010 and Missing Participant Program Filings

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.

July 22 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Montana Severe Storm

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.

July 19 2024

Industry & Regulatory News

DOL Launches Online Filing Option for Abandoned Plans

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.

July 19 2024

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

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.

July 19 2024

Industry & Regulatory News

ERISA Insights – IRS Releases RMD Regulations

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.

July 19 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Kansas Severe Storms (1)

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.

July 16 2024

Industry & Regulatory News

IRS Provides 2024 Electronic Filing Relief for Form 5330

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.

July 15 2024

Industry & Regulatory News

House Proposal Would Expand 529 Use

Rep. Kevin Hern, (R-OK), and three Republican co-sponsors have introduced HR 8915, the Education and Workforce Freedom Act.

July 03 2024

Industry & Regulatory News

Washington Pulse: Interim Final Rule for Abandoned Plans Released

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.

July 02 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Minnesota Severe Storms

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.

July 01 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Mississippi Severe Storms

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, tornadoes, and flooding in Mississippi.

June 28 2024

Industry & Regulatory News

IRS Announces Deadline Relief for New Mexico Fires and Flooding

The IRS has announced the postponement of certain tax-related deadlines for victims of southern New Mexico South Fork fire, Salt fire, and flooding.

June 27 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Florida Storms

The IRS has announced the postponement of certain tax-related deadlines for victims of Florida severe storms, straight-line-winds, and tornadoes.

June 26 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Oklahoma Storms

The IRS has announced the postponement of certain tax-related deadlines for victims of Oklahoma severe storms, straight-line-winds, tornadoes, and flooding.

June 26 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Iowa Storms

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.

June 25 2024

Industry & Regulatory News

DOL Reports to Congress on Prior Pension Risk Transfer Guidance

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.

June 25 2024

Industry & Regulatory News

ERISA Insights: IRS Releases Guidance on Certain SECURE 2.0 Penalty Tax Exceptions

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.

June 21 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Tennessee Severe Weather

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.

June 18 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Florida Severe Storms

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.

June 18 2024

Industry & Regulatory News

IRS Announces Applicable Federal Rates for July

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.”

June 18 2024

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations (26)

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.

June 18 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Hawaii Severe Storms

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.

June 18 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Oklahoma Storm Victims

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.

June 18 2024

Industry & Regulatory News

ABLE Proposal Would Remove Sunset Provision

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.

June 18 2024

Industry & Regulatory News

Student Loan Repayments and Matching Contributions

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.

June 17 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Mississippi Storms

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.

June 11 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Idaho Storms

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.

June 11 2024

Industry & Regulatory News

Treasury Issues RFI Regarding Opportunities and Risks of AI

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.

June 11 2024

Industry & Regulatory News

IRS Announces Deadline Relief for West Virginia Storms

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.

June 10 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Kentucky Storms

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.

June 10 2024

Industry & Regulatory News

PBGC Finalizes Changes to Assumptions Used in Certain Valuations

The Pension Benefit Guaranty Corporation (PBGC) has released a final rule titled Valuations Assumptions and Methods.

June 05 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Arkansas Severe Storms (1)

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.

May 31 2024

Industry & Regulatory News

Increased Retirement Plan Start-Up Credit for Micro Businesses Proposed in Senate

Senators Maggie Hassan (D-NH) and Tedd Budd (R-NC) have introduced S. 4398, the Retirement Investment in Small Employers (RISE) Act.

May 30 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Texas

The IRS has announced the postponement of certain tax-related deadlines for victims of Texas severe storms, straight-line winds, tornadoes, and flooding.

May 29 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Iowa Severe Storms (1)

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.

May 28 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Maine Severe Winter Storm

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.

May 28 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for West Virginia Severe Storms

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.

May 28 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Nebraska Severe Winter Storm

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.

May 28 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for West Virginia (1)

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.

May 23 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Kentucky

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.

May 23 2024

Industry & Regulatory News

Washington Pulse: DOL Releases Final Investment Advice Fiduciary Rule

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).

May 22 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Iowa Severe Storms

The IRS has announced the postponement of certain tax-related deadlines for victims of Iowa severe storms and tornadoes.

May 20 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Texas Severe Storms

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.

May 20 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Massachusetts Severe Storms

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.

May 17 2024

Industry & Regulatory News

SEC Releases Cybersecurity Final Rule

The Securities and Exchange Commission (SEC) has issued a final rule to address cybersecurity risks.

May 17 2024

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations (25)

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.

May 17 2024

Industry & Regulatory News

ERISA Insights: DOL Releases Interim Final Rule for Abandoned Plans

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.

May 16 2024

Industry & Regulatory News

Resolution Disapproving DOL Fiduciary Rule Announced

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.”

May 15 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Iowa Severe Storms

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.

May 15 2024

Industry & Regulatory News

IRS Publishes 2025 Mortality Tables for DB Plans

The Internal Revenue Service has released Notice 2024-42, updating the static mortality tables for defined benefit plans for 2025.

May 15 2024

Industry & Regulatory News

CIP Requirements for Registered Investment Advisers Proposed

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.

May 14 2024

Industry & Regulatory News

2025 HSA Limits Released

The IRS has issued Revenue Procedure 2024-25, providing inflation-adjusted amounts for health savings accounts (HSAs) for calendar year 2025.

May 10 2024
HSA

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Nebraska Storms

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.

May 06 2024

Industry & Regulatory News

IRS Releases FAQs on SECURE 2.0 Disaster Relief

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.

May 06 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Ohio Tornadoes

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.

May 06 2024

Industry & Regulatory News

IRS Reminds Businesses of SECURE 2.0 Impacts on Form W-2

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.

May 06 2024

Industry & Regulatory News

Retirement Spotlight: IRS and DOL Release Guidance for PLESA Provisions

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).

May 06 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Oklahoma Severe Storm Victims

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.

May 01 2024

Industry & Regulatory News

Proposal to Disallow Certain Abortion Expenses as Qualified Medical Expenses Introduced

Representative Alex Mooney (R-WV), and seven Republican co-sponsors have introduced H.R. 8049, the Protecting Life in Health Savings Accounts Act.

May 01 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Kansas Winter Storm

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.

April 29 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Washington Storms

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.

April 29 2024

Industry & Regulatory News

ERISA Insights: DOL Releases Final Fiduciary Rule for Investment Advisers

The Department of Labor (DOL) has released a final rule updating the definition of an investment advice fiduciary under ERISA.

April 23 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for California Severe Winter Storm

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.

April 22 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for California Severe Storms and Flooding

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.

April 22 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for New Hampshire Severe Storms and Flooding

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.

April 22 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Vermont Severe Winter Storm

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.

April 22 2024

Industry & Regulatory News

DOL Amendment to Abandoned Plan Program Has Left OMB

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.

April 19 2024

Industry & Regulatory News

How IRS Notice 2024-35 Affects Beneficiaries

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.

April 19 2024

Industry & Regulatory News

IRS Announces Applicable Federal Rates for May

The IRS has issued Revenue Ruling 2024-09, which contains the applicable federal rates (AFR) for May 2024.

April 17 2024

Industry & Regulatory News

IRS Provides Further RMD Transition Relief Under the SECURE Act

The IRS has issued Notice 2024-35 to provide additional transition relief for certain specified RMDs for 2024.

April 17 2024

Industry & Regulatory News

DOL Releases Proposed Retirement Savings Lost and Found Information Collection

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.

April 15 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for California Severe Storms

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.

April 15 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Oregon Severe Storms

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.

April 15 2024

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations (24)

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.

April 11 2024

Industry & Regulatory News

DOL Fiduciary Rule Has Left OMB

A final rule titled “Retirement Security Rule: Definition of an Investment Advice Fiduciary” has left the Office of Management and Budget (OMB).

April 11 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Alaska Severe Storm, Flooding, and Landslides

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.

April 08 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Maine Severe Storms and Flooding (1)

The IRS has announced the postponement of certain tax-related deadlines for victims of Maine severe storms and flooding.

April 05 2024

Industry & Regulatory News

DOL Releases Final Rule on QPAM Exemptions

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)”.

April 03 2024

Industry & Regulatory News

Agencies Extend Comment Deadline on Reporting and Disclosure RFI Under SECURE 2.0

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.

April 03 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Alaska Severe Storms, Landslides, and Mudslides

The IRS has announced the postponement of certain tax-related deadlines for victims of Alaska severe storms, landslides, and mudslides.

March 27 2024

Industry & Regulatory News

Washington Pulse: DOL Releases Final Rule Clarifying Employee or Independent Contractor Status

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).

March 25 2024

Industry & Regulatory News

Washington Pulse: DOL Releases Proposed Regulations for Automatic Portability Transactions

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).

March 25 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Maine Severe Storms and Flooding

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.

March 21 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Rhode Island Severe Storms and Flooding

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.

March 21 2024

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

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.

March 20 2024

Industry & Regulatory News

Mid-Year Termination of SIMPLE IRA

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.

March 19 2024

Industry & Regulatory News

Contributions Limits Increased for SIMPLE Plans

Employers that sponsor a SIMPLE plan may allow increased salary deferral limits for their employees, starting in tax year 2024.

March 19 2024

Industry & Regulatory News

SECURE 2.0 Permits De Minimis Financial Incentives

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.

March 19 2024

Industry & Regulatory News

SECURE 2.0 Expands Roth Options for SEP and SIMPLE Plans

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.

March 19 2024

Industry & Regulatory News

SECURE 2.0 Expands Roth Options for Employer-Sponsored Retirement Plans

The SECURE 2.0 Act contains provisions that allow individuals to place more of their assets into Roth accounts.

March 19 2024

Industry & Regulatory News

SECURE 2.0 Requires New Plans to Contain Automatic Enrollment Feature

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.

March 19 2024

Industry & Regulatory News

IRS Announces Applicable Federal Rates for April

The IRS has issued Revenue Ruling 2024-07, which contains the applicable federal rates (AFR) for April 2024.

March 18 2024

Industry & Regulatory News

DOL Final Rule on QPAM Exemptions Has Left OMB

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.

March 18 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Alaska Severe Storm, Landslides, and Mudslides

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.

March 18 2024

Industry & Regulatory News

PBGC Updates Interest Assumptions for Valuing Benefits for Second Quarter 2024

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.

March 13 2024

Industry & Regulatory News

DOL Sends Final Fiduciary Rule to OMB

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.

March 11 2024

Industry & Regulatory News

IRS Issues Reminder on Appropriate FSA and HSA Medical Expenses

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.

March 07 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Vermont Severe Storms and Flooding (2)

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.

March 04 2024

Industry & Regulatory News

Ascensus’ Statement of Support for Representative Neal’s Auto IRA Bill

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.

March 04 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Spokane Area Wildfires

The IRS has announced the postponement of certain tax-related deadlines for victims of wildfires in the Spokane, Washington, area.

February 29 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Severe Storms in San Diego

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms and flooding in San Diego, California.

February 28 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for New Hampshire Severe Storm

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.

February 28 2024

Industry & Regulatory News

IRS Delays Electronic Filing Requirement for Form 1042

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.

February 28 2024

Industry & Regulatory News

Credit for FSA Plans Proposed in House

Representative Adrian Smith (R-NE) has introduced H.R. 7407, the Small Business Dependent Care FSA Opportunity Act.

February 27 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Michigan Severe Storms, Tornadoes, and Flooding

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, tornadoes and flooding in Michigan.

February 20 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for California Severe Storm and Flooding (1)

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.

February 20 2024

Industry & Regulatory News

Child Savings Account Proposal Introduced

Senator Bob Casey (D-PA) and several co-sponsors have introduced S. 3716, the 401Kids Savings Account Act.

February 20 2024

Industry & Regulatory News

Proposal Would Expand Medical Expense Coverage for Caregivers

Representatives Vern Buchanan (R-FL) and Mike Thompson (D-CA) have introduced H.R. 7222, the Lowering Costs for Caregivers Act.

February 16 2024

Industry & Regulatory News

IRS Announces Applicable Federal Rates for March

The IRS has issued Revenue Ruling 2024-04, which contains the applicable federal rates (AFR) for March 2024.

February 16 2024

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations (22)

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.

February 16 2024

Industry & Regulatory News

IRS Announces Deadline Relief for West Virginia

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, flooding, landslides, and mudslides in West Virginia.

February 08 2024

Industry & Regulatory News

Representative Neal Introduces Automatic IRA Act of 2024 Bill

Representative Richard Neal (D-MA), House Ways and Means Committee Ranking Member, has introduced the Automatic IRA Act of 2024.

February 07 2024

Industry & Regulatory News

IRS Announces Second Phase of Pre-Examination Compliance Pilot

The IRS, in an Employee Plans News release, announced it has started the second phase of its pre-examination retirement plan compliance program pilot.

February 07 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Maine Severe Storms and Flooding

The Internal Revenue Service has announced the postponement of certain tax-related deadlines for victims of severe storms and flooding in Maine.

February 06 2024

Industry & Regulatory News

Retirement Spotlight: IRS Releases Final Guidance on Penalty Exceptions for Failure to File Correct Information Returns or Furnish Payee Statements

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.

February 05 2024

Industry & Regulatory News

Bill Introduced to Require PBGC to Recover Special Financial Assistance Overpayments

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.

January 31 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Maine

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.

January 31 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for West Virginia

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.

January 31 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Rhode Island Severe Storms, Flooding, and Tornadoes

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.

January 29 2024

Industry & Regulatory News

IRS Announces Rollover Relief for Maryland Prepaid College Trust Accounts

The Internal Revenue Service has issued Notice 2024-23 providing relief for taxpayers impacted by system issues affecting the Maryland Prepaid College Trust.

January 25 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Severe Storms in Connecticut

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.

January 24 2024

Industry & Regulatory News

DOL Issues Final Rule on Prohibited Transaction Exemption Procedures

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.

January 23 2024
DOL

Industry & Regulatory News

Agencies Release Reporting and Disclosure RFI Under SECURE 2.0

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.

January 22 2024

Industry & Regulatory News

DOL Releases Proposed Regulation on Automatic Portability Under SECURE 2.0

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.

January 19 2024

Industry & Regulatory News

Washington Pulse: IRS Releases Guidance on SECURE 2.0 Provisions

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).

January 18 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Rhode Island Severe Storms

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.

January 18 2024

Industry & Regulatory News

IRS Finalizes Rule to Update Minimum Present Value Requirements for DB Plan Distributions

The IRS has issued a final rule to update minimum present value requirements for defined benefit plan distributions.

January 18 2024

Industry & Regulatory News

DOL Posts FAQs on PLESAs Under SECURE 2.0

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.

January 18 2024

Industry & Regulatory News

OMB Completes Review of DOL Automatic Portability Exemption Proposal

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.

January 17 2024

Industry & Regulatory News

IRS Announces Applicable Federal Rates for February

The IRS has issued Revenue Ruling 2024-03, which contains the applicable federal rates (AFR) for February 2024.

January 17 2024

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

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.

January 16 2024

Industry & Regulatory News

Legislation Proposed to Expand 529 Use

Senator Mike Lee (R-UT) has introduced S. 3520, the Achieving Choice in Education Act or the ‘‘ACE Act’’.

January 16 2024

Industry & Regulatory News

IRS Issues Limited Guidance for PLESAs Under SECURE 2.0

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).

January 12 2024

Industry & Regulatory News

DOL Announces 2024 Inflation Adjustments for Civil Penalties

The Department of Labor has published in the Federal Register several inflation-adjusted penalty amounts for certain failures associated with qualified retirement plans.

January 11 2024

Industry & Regulatory News

PBGC Announces 2024 Inflation Adjustments for Civil Penalties

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.

January 11 2024

Industry & Regulatory News

IRS Finalizes Rules for Determining Corporate Bond Yield Curve

The IRS has issued its final rule specifying the methodology used to develop the corporate bond yield curve.

January 11 2024

Industry & Regulatory News

PBGC Issues Comprehensive Premium Filing Instructions for 2024 Plan Years

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.

January 09 2024

Industry & Regulatory News

PBGC Announces Changes to e-Filing Portal

The Pension Benefit Guaranty Corporation (PBGC) has indicated they will launch a new and improved e-Filing Portal on February 1, 2024.

January 09 2024

Industry & Regulatory News

Legislation Proposed to Simplify and Expand Use of HSAs

Representative Mike Gallagher (R-WI) has introduced HR 6857, the Simplify and Expand Health Savings Accounts Act. 

January 09 2024

Industry & Regulatory News

DOL Issues Final Rule to Clarify Employee or Independent Contractor Status

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.

January 09 2024

Industry & Regulatory News

Roth IRA Rollover Proposal Introduced in House

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.

January 03 2024

Industry & Regulatory News

IRS Issues 2023 Cumulative List of Changes for Drafters of Pre-Approved Defined Contribution Plans

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).

December 20 2023

Industry & Regulatory News

IRS Issues SECURE 2.0 Guidance

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.

December 20 2023

Industry & Regulatory News

IRS Issues Exceptions to Penalties for Failure to File Correct Information Returns or Payee Statements

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.

December 19 2023

Industry & Regulatory News

IRS Provides 2024 Covered Compensation Tables Used in DB Plans

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.

December 18 2023

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations (20)

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. 

December 15 2023

Industry & Regulatory News

IRS Announces Applicable Federal Rates for January 2024

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."

December 15 2023

Industry & Regulatory News

Improved Coverage for Long-Term, Part-Time Employees

The SECURE 2.0 Act has shortened the time necessary to allow part-time workers access to 401(k) plans. 

December 13 2023

Industry & Regulatory News

OMB Completes Review of DOL Regulatory Terms

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.

December 12 2023

Industry & Regulatory News

Washington Pulse: IRS Issues Proposed Long-Term, Part-Time Regulations

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.

December 08 2023

Industry & Regulatory News

SECURE 2.0 Technical Corrections Draft Released

The Senate and House committees of jurisdiction have released a draft containing technical corrections and other clarifications to SECURE 2.0.

December 07 2023

Industry & Regulatory News

Proposed Automatic Portability Exemption at OMB

The Office of Management and Budget has received a proposed rule from the Department of Labor (DOL) titled “Exemption for Certain Automatic Portability Transactions”.

December 07 2023

Industry & Regulatory News

Washington Pulse: DOL Issues Final Rule Updating Davis-Bacon Regulations

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.

November 30 2023

Industry & Regulatory News

IRS Issues Long-Awaited Long-Term Part-Time Employee Guidance

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.

November 24 2023

Industry & Regulatory News

IRS Issues Document Guidance for Qualified Pre-Approved and 403(b) Plans

The IRS has released Revenue Procedure (Rev. Proc.) 2023-37, which contains new rules for qualified pre-approved plans and 403(b) plans.

November 21 2023

Industry & Regulatory News

Proposal Would Increase Retirement Plan Access for Younger Workers

Senator Bill Cassidy (R-LA), and co-sponsor Tim Kaine (D-VA) have introduced the “Helping Young Americans Save for Retirement Act”.

November 16 2023

Industry & Regulatory News

Bill Would Expand HSA Usage to Wearable Devices

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”.

November 16 2023

Industry & Regulatory News

IRS Announces Applicable Federal Rates for December 2023

The IRS has issued Revenue Ruling 2023-21, which contains the applicable federal rates (AFR) for December 2023.

November 16 2023

Industry & Regulatory News

DOL Final Rule on QPAM Exemptions at OMB

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”.

November 15 2023

Industry & Regulatory News

Washington Pulse – DOL Proposes Expanded Definition of Investment Advice Fiduciary

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”).

November 10 2023

Industry & Regulatory News

Beneficial Ownership Reporting and IRA owned LLCs

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.

November 09 2023
IRA

Industry & Regulatory News

IRS Releases 2024 Tax Inflation Adjustments

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.

November 09 2023

Industry & Regulatory News

Proposal Codifying Preventive Care Guidance Affecting HSAs Introduced

Senator John Thune (R-SD), along with co-sponsor Senator Thomas Carper (D-DE), introduced S. 3224, the Chronic Disease Flexible Coverage Act.

November 08 2023

Industry & Regulatory News

Increased Retirement Plan Startup Credit Proposed for Micro Businesses

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.

November 06 2023

Industry & Regulatory News

IRS Releases 2024 Cost-of-Living Adjusted Retirement Savings Limitations

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).

November 01 2023

Industry & Regulatory News

PBGC Updates Maximum Guarantee Table for 2024

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.

October 31 2023

Industry & Regulatory News

DOL Releases Proposed Fiduciary Rule

The Department of Labor (DOL) has released a new proposed rule updating the definition of an investment advice fiduciary under ERISA.

October 31 2023

Industry & Regulatory News

SECURE 2.0 Act Changes RMD Rules

On December 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023, which included the SECURE 2.0 Act.

October 25 2023

Industry & Regulatory News

SECURE 2.0 Changes Catch-Up Contribution Rules

Under current law, employers may allow participants age 50 and older to make catch-up contributions on a pretax or Roth basis.

October 24 2023

Industry & Regulatory News

How SECURE 2.0 Changed the Hardship Rules

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.

October 24 2023

Industry & Regulatory News

IRS Publishes 2024 Mortality Table for DB Plans

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).

October 20 2023

Industry & Regulatory News

Retirement Savings for Americans Act Reintroduced

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.

October 20 2023

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

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.

October 19 2023

Industry & Regulatory News

IRS Issues Mortality Table Regulations Used for Pension Plans

The Internal Revenue Service (IRS) has released final regulations titled “Mortality Tables for Determining Present Value under Defined Benefit Pension Plans”.

October 19 2023

Industry & Regulatory News

IRS Announces Applicable Federal Rates for November 2023

The IRS has issued Revenue Ruling 2023-20, which contains the applicable federal rates (AFR) for November 2023.

October 17 2023

Industry & Regulatory News

PBGC Posts 2024 Premium Rates

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.

October 16 2023

Industry & Regulatory News

SAFER Banking Act Advances Out of Committee

The Senate Finance Committee has advanced S. 2860, the Secure and Fair Enforcement Regulation (SAFER) Banking Act by a vote of 14-9.

October 12 2023

Industry & Regulatory News

DOL Issues Advisory Opinion Regarding Investment Management Fees

The Department of Labor (DOL) has responded to fiduciary responsibility questions from Citigroup Inc. (Citi) related to their Racial Equity Asset Manager Program.

October 09 2023

Industry & Regulatory News

IRS Priority Guidance Plan Includes Retirement Items

The IRS has issued its 2023-2024 Priority Guidance Plan, in which it describes guidance projects in the current fiscal year.

October 02 2023

Industry & Regulatory News

IRS Updates Several Model VCP Compliance Forms

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.

October 02 2023

Industry & Regulatory News

Legislation Expanding HSA Access Clears Committee

The House Ways and Means Committee held a markup of two bills intending to expand access to Health Savings Accounts (HSAs).

September 29 2023

Industry & Regulatory News

Proposal Expanding HSA Access Introduced in House

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.

September 26 2023

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

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.

September 15 2023

Industry & Regulatory News

Several Bills Amending ERISA Advance out of House Committee

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.

September 15 2023

Industry & Regulatory News

IRS Announces Applicable Federal Rates for October 2023

The IRS has issued Revenue Ruling 2023-18, which contains the applicable federal rates (AFR) for October 2023.

September 15 2023

Industry & Regulatory News

IRS Updates Procedures for Exceptions from Certain Electronic Filing Requirements

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.

September 13 2023

Industry & Regulatory News

PBGC Updates Interest Assumptions for Valuing Benefits for Fourth Quarter 2023

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.

September 12 2023

Industry & Regulatory News

DOL Sends Fiduciary Rule to OMB

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).

September 11 2023

Industry & Regulatory News

Several Amendments to ERISA Proposed in House

Several bills have been introduced in the House of Representatives that would make amendments to the Employee Retirement Income Security Act of 1974 (ERISA).

September 06 2023

Industry & Regulatory News

Plan Sponsors May Be Able to Ignore 8955-SSA Late Filing Letters

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. 

September 01 2023

Industry & Regulatory News

DOL Extending Grace Period for EFAST2 Using Login.gov

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.

August 28 2023

Industry & Regulatory News

IRS Provides Catch-Up Guidance Under SECURE 2.0

The IRS has issued Notice 2023-62 to address stakeholder concerns regarding implementation of Section 603 of the SECURE 2.0 Act.

August 28 2023

Industry & Regulatory News

ABLE MATCH Act Introduced by Senator Casey

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.

August 17 2023

Industry & Regulatory News

PBGC Proposes Changes to Assumptions Used in Certain Valuations

The Pension Benefit Guaranty Corporation (PBGC) has released a proposed rule titled Valuations Assumptions and Methods.

August 17 2023

Industry & Regulatory News

Spousal Consent Proposal Re-Introduced

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.

August 17 2023

Industry & Regulatory News

IRS Issues Yield Cures and Segment Rates for DB Plan Calculations

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.

August 14 2023

Industry & Regulatory News

IRS to Focus on ESOP Compliance

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).

August 11 2023

Industry & Regulatory News

PBGC Announces One-Time 4010 Filing Waiver

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.

August 11 2023

Industry & Regulatory News

DOL Requests Reporting and Disclosure Information for SECURE 2.0

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.

August 11 2023

Industry & Regulatory News

DOL Releases Updated Davis-Bacon Regulations

The Department of Labor’s (DOL’s) Wage and Hour Division has released a final rule updating the Davis-Bacon and Related Acts Regulations.

August 11 2023

Industry & Regulatory News

Auto Reenrollment Legislation Reintroduced

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. 

July 28 2023

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

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.

July 27 2023

Industry & Regulatory News

SEC Proposes Requirements for Use of Data Analytics

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.

July 27 2023

Industry & Regulatory News

Prime Interest Rate Increased to 8.5 Percent

Effective July 26, 2023, the prime interest rate increased from 8.25 percent to 8.50 percent.

July 27 2023

Industry & Regulatory News

GAO Reports on 403(b) Plans

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”.

July 25 2023

Industry & Regulatory News

IRS Announces Applicable Federal Rates for August 2023

The IRS has issued Revenue Ruling 2023-13, which contains the applicable federal rates (AFR) for August 2023.

July 19 2023

Industry & Regulatory News

DOL Begins SECURE 2.0 Mandated Review of Pension Risk Transfer Interpretive Bulletin

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.”

July 19 2023

Industry & Regulatory News

Retirement Spotlight: IRS Issues Interim Guidance on Plan Corrections under SECURE 2.0 Act

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).

July 17 2023

Industry & Regulatory News

Lawsuit Over Tip Compensation Settled

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.

July 17 2023

Industry & Regulatory News

IRS Provides Additional RMD Transition Relief Under SECURE/SECURE 2.0

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.

July 14 2023

Industry & Regulatory News

SEC Finalizes Money Market Fund Reforms

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.

July 13 2023

Industry & Regulatory News

PBGC Issues Benefits Payable and Allocation Guidance for Single-Employer Plans

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.

July 11 2023

Industry & Regulatory News

SECURE 2.0 Will Allow a Special Emergency Savings Account Within Certain Qualified Plans

Congress has wrestled with Americans’ lack of emergency savings for years. Numerous proposals have been offered, but no substantial measures have passed. Until now.

July 11 2023

Industry & Regulatory News

Proposal Allowing Annuities as QDIA Re-Introduced

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.

July 11 2023

Industry & Regulatory News

PBGC Proposes Modification to Information Collected Under Its Missing Participant Program

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.

July 06 2023

Industry & Regulatory News

IRS Proposes Rules for Determining Corporate Bond Yield Curve

The IRS has released a proposed rule aimed at specifying the methodology used to develop the corporate bond yield curve.

June 22 2023

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

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.

June 16 2023

Industry & Regulatory News

PBGC Updates Interest Assumptions for Valuing Benefits for Third Quarter 2023

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.

June 14 2023

Industry & Regulatory News

Retirement Spotlight: Proposed Regulations Govern Making Participant Elections and Spousal Consents Electronically

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.

June 13 2023

Industry & Regulatory News

HSA Proposals Advance out of Committee

The House Committee on Ways and Means advanced several bills to expand health options and increase flexibility for workers

June 09 2023

Industry & Regulatory News

IRS Posts Additional Instructions for Benefit Plan Determinations

The IRS has released updated Instructions for Form 5307, Application for Determination for Adopters of Modified Nonstandardized Pre-Approved Plans.

June 02 2023

Industry & Regulatory News

403(b) Plan Determination Program Opens June 1

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.

May 30 2023

Industry & Regulatory News

Proposal Allowing CITs in 403(b) Plans Passes out of Committee

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.

May 30 2023

Industry & Regulatory News

SECURE 2.0 Provides New Ways to Take Penalty-Free Distributions

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.

May 25 2023

Industry & Regulatory News

IRS Provides EPCRS Guidance Related to SECURE 2.0

The IRS has issued Notice 2023-43 to address questions and provide interim guidance related to Section 305 of SECURE 2.0.

May 25 2023

Industry & Regulatory News

Congressional Leaders Inform Treasury on SECURE 2.0 Technical Fixes

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.

May 25 2023

Industry & Regulatory News

SECURE 2.0 Adds New Penalty-Free Distribution Option for Certain Emergency Expenses

This infographic is part of a multi-part series that describes the penalty-free distribution options created by SECURE 2.0

May 24 2023

Industry & Regulatory News

ERISA Requirements – A Closer Look at Participant Disclosures

ERISA imposes certain requirements on employers (who also usually act as plan sponsors and plan administrators) that offer health and benefit plans to employees.

May 23 2023

Industry & Regulatory News

Court Refuses to Dismiss Lawsuit Over Recordkeeping Fees

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.

May 23 2023

Industry & Regulatory News

2024 HSA Limits Released

The IRS has issued Revenue Procedure 2023-23, providing inflation-adjusted amounts for health savings accounts (HSAs) for calendar year 2024.

May 17 2023

Industry & Regulatory News

IRS Announces Applicable Federal Rates for June 2023

The IRS has issued Revenue Ruling 2023-10, which contains the applicable federal rates (AFR) for June 2023.

May 16 2023

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

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.

May 15 2023

Industry & Regulatory News

Covid-19 National Emergency Ends Today

As announced by President Biden on January 30, 2023, the National Emergency in response to COVID-19 will end today. 

May 11 2023
DOL

Industry & Regulatory News

Health Savings Act Reintroduced

Senator Marco Rubio (R-FL), along with several cosponsors have reintroduced the Health Savings Act.

May 11 2023

Industry & Regulatory News

IRS Invites Recommendations for Priority Guidance Plan

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.

May 05 2023

Industry & Regulatory News

Prime Interest Rate Increased to 8.25 Percent

Effective May 3, 2023, the prime interest rate increased from 8.00 percent to 8.25 percent.

May 04 2023

Industry & Regulatory News

Senate Proposal Would Make Certain ABLE Tax Provisions Permanent

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.

May 04 2023

Industry & Regulatory News

Washington Pulse: IRS Releases Proposed Forfeiture Guidance

The IRS recently released proposed regulations regarding the use of forfeitures within qualified retirement plans.

May 03 2023

Industry & Regulatory News

INSULIN Act Proposed in Senate

Senator Jeanne Shaheen (D-NH) and co-sponsor Susan Collins (R-ME) have introduced S. 1269, the INSULIN Act of 2023.

May 03 2023

Industry & Regulatory News

IRS Releases Draft Instructions for Determination Filings of Modified Nonstandardized Pre-Approved Plans

The IRS has published a June 2023 draft of instructions for Form 5307, Application for Determination for Adopters of Modified Nonstandardized Pre-Approved Plans.

May 02 2023
IRS

Industry & Regulatory News

IRS Issues Memorandum Addressing Medical Expense Substantiation

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.

May 02 2023

Industry & Regulatory News

Proposal Directing SEC to Allow Electronic Delivery Advances Out of Committee

A bill introduced by Congressman Bill Huizenga (R-MI), has been passed out of the House Financial Services Committee.

April 28 2023

Industry & Regulatory News

Proposal to Encourage Profit Sharing Introduced in House

Congresswoman Bonnie Watson Coleman (D-NJ) has introduced H.R. 2628, the Employee Profit-Sharing Encouragement Act.

April 27 2023

Industry & Regulatory News

Waiver of Early Distribution Tax Proposed in House

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.

April 27 2023

Industry & Regulatory News

Bill Proposed in House to Allow CITs in 403(b) Plans

Congressman Patrick McHenry (R-NC), Chairman of the House Financial Services Committee has introduced H.R. 2799, the Expanding Access to Capital Act.

April 27 2023

Industry & Regulatory News

DOL Provides Funding Notice Guidance for Certain Multiemployer Pension Plans

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.

April 26 2023
DOL

Industry & Regulatory News

IRS Announces Cycle 4 Pre-approved Plan Submission Period

The April 20, 2023, publication of Employee Plans News provides details for plan document restatement deadlines.

April 21 2023

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

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.

April 20 2023

Industry & Regulatory News

IRS Posts 2023 Draft Form 8889 for HSA Reporting

The IRS has posted a draft 2023 tax year Form 8889, Health Savings Accounts (HSAs).

April 18 2023

Industry & Regulatory News

IRS Announces Applicable Federal Rates for May 2023

The IRS has issued Revenue Ruling 2023-09, which contains the applicable federal rates (AFR) for April 2023.

April 18 2023
IRS

Industry & Regulatory News

DOL, IRS and HHS Release FAQs about ACA and CARES Implementation

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.

April 14 2023

Industry & Regulatory News

Washington Pulse: Third Phase of Form 5500 Changes Released

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”).

April 14 2023

Industry & Regulatory News

Tri-Agencies Provide FAQ Guidance for Group Health Plans in Anticipation of End of Public Health Emergency and National Emergency

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.

March 30 2023

Industry & Regulatory News

Employer Tax Credits, Part 2

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.

March 24 2023

Industry & Regulatory News

Prime Interest Rate Increased to 8.00 Percent

Effective March 22, 2023, the prime interest rate increased from 7.75 percent to 8.00 percent.

March 23 2023

Industry & Regulatory News

IRS Provides Indexing for Employer Shared Responsibility Payments

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).

March 22 2023

Industry & Regulatory News

DOL Reopens Comment Period on Proposed QPAM Exemption

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.

March 22 2023

Industry & Regulatory News

Biden Vetoes Resolution Disapproving DOL ESG Rule

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.”

March 21 2023

Industry & Regulatory News

IRS Intends to Issue Guidance on Certain NFTs as Collectibles

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).

March 21 2023

Industry & Regulatory News

IRS Posts Wellness Expense Reimbursement FAQs

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.

March 17 2023

Industry & Regulatory News

IRS Announces Applicable Federal Rates for April 2023

The IRS has issued Revenue Ruling 2023-06, which contains the applicable federal rates (AFR) for April 2023.

March 16 2023

Industry & Regulatory News

SEC Proposes Additional Requirements to Protect Consumer Financial Information

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.

March 16 2023

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

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.

March 15 2023

Industry & Regulatory News

SEC Releases Cybersecurity Proposed Rule

The Securities and Exchange Commission (SEC) has issued a proposed rule to address cybersecurity risks.

March 15 2023

Industry & Regulatory News

Affordable Insulin Now Act Proposed in House

Representative Angie Craig (D-MN) has reintroduced the Affordable Insulin Now Act in the House.

March 14 2023

Industry & Regulatory News

PBGC Updates Interest Assumptions for Valuing Benefits for Second Quarter 2023

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.

March 14 2023

Industry & Regulatory News

Proposal Would Allow Permanent HDHP Waiver for Telehealth Services

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).

March 13 2023

Industry & Regulatory News

Senate Confirms New IRS Commissioner

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.

March 10 2023

Industry & Regulatory News

Build Back Better Provisions Resurface in White House Budget Proposal

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.

March 10 2023

Industry & Regulatory News

IRS Provides IRA Reporting Relief in Light of SECURE 2.0 Act’s RMD Age Change

On March 7, The IRS has issued Notice 2023-23, guidance that addresses required minimum
distribution (RMD) reporting by IRA trustees, custodians, and issuers.

March 08 2023

Industry & Regulatory News

Which Dependents are Covered by a Flexible Spending Account (FSA)?

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.

March 08 2023

Industry & Regulatory News

Resolution Disapproving DOL ESG Rule Passes House

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.

March 01 2023

Industry & Regulatory News

Su Nominated as Secretary of Labor

President Biden has announced his intent to nominate Julie Su to serve as Secretary of the Department of Labor.

March 01 2023
DOL

Industry & Regulatory News

Proposals Supporting ESG in Retirement Plans Introduced

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.

February 28 2023

Industry & Regulatory News

IRS Releases Proposed Rule on Use of Forfeitures in Qualified Plans

The IRS has released a proposed rule intending to clarify the use and timing of the allocation of forfeitures in qualified retirement plans.

February 24 2023

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

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.

February 23 2023

Industry & Regulatory News

Additional Final Form 5500 Guidance Issued

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.

February 23 2023

Industry & Regulatory News

IRS Finalizes Electronic Filing Requirements for Certain Information Returns

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.

February 21 2023

Industry & Regulatory News

Retroactive First-Year Elective Deferrals for Sole Proprietors

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.

February 21 2023

Industry & Regulatory News

SEC Finalizes Changes to Clearance and Settlement of Securities

The Securities and Exchange Commission (SEC) has issued a final rule “Shortening the Securities Transaction Settlement Cycle.”

February 16 2023

Industry & Regulatory News

SEC Proposes Rule Changes to Custody of Investment Advisor Client Assets

The Securities and Exchange Commission (SEC) has issued a proposed rule “Safeguarding Advisory Client Assets.”

February 16 2023

Industry & Regulatory News

IRS Announces Applicable Federal Rates for March 2023

The IRS has issued Revenue Ruling 2023-05, which contains the applicable federal rates for March 2023.

February 16 2023
IRS

Industry & Regulatory News

Military Spouse Retirement Plan Eligibility Credit for Small Employers

The SECURE 2.0 Act gives certain employers a general business tax credit for immediately including military spouses in their defined contribution plan.

February 15 2023

Industry & Regulatory News

Retirement Spotlight – EBSA Proposes VFCP Amendments

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.

February 14 2023

Industry & Regulatory News

IRS Updates Operational Compliance List

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.

 

February 13 2023
IRS

Industry & Regulatory News

DOL Extending Comment Period for VFCP Update

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).

February 13 2023
DOL

Industry & Regulatory News

IRS Announces Issuance Opinion Letters and Restatement Deadline for Pre-Approved Defined Benefit Plans

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.”

February 08 2023

Industry & Regulatory News

Federal Prime Interest Rate Increased to 7.75 Percent

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).

February 02 2023

Industry & Regulatory News

IRA/SEP/SIMPLE Key Priorities

IRA/SEP/SIMPLE Key Priorities. 

Please note: These provisions may be prioritized differently based on your individual business needs. 

February 02 2023

Industry & Regulatory News

Defined Contribution Plan Key Priorities

Defined Contribution Plan Key Priorities. 

Please note: These provisions may be prioritized differently based on your individual business needs. 

February 02 2023

Industry & Regulatory News

Defined Benefit/Cash Balance Plan Key Priorities

Defined Benefit/Cash Balance Plan Key Priorities.

Please note: These provisions may be prioritized differently based on your individual business needs. 

February 02 2023

Industry & Regulatory News

COVID-19 National Emergency Expected to End May 11

February 01 2023

Industry & Regulatory News

Bill Introduced to Expand 529 Plan Eligible Expenses

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.

January 31 2023

Industry & Regulatory News

Employer Tax Credits

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.

January 30 2023

Industry & Regulatory News

Washington Pulse: SECURE 2.0 is Congress’s Retirement Enhancement Encore

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.

January 12 2023

Industry & Regulatory News

Legislation to Encourage 529 Plan Savings Introduced

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.

May 03 2022

Industry & Regulatory News

DOL Releases Form 5500 Revisions for Multiple-Employer Plans

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.

December 30 2021
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