Industry & Regulatory News

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

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

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

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 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 Plan Disaster Assistance May Be Available for California Tropical Storm Hilary

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on October 18, 2023, for California Tropical Storm Hilary, for the incident period of August 19 – August 21, 2023.

October 19 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 Additional Deadline Relief for California Winter Storms

The IRS has announced an additional postponement of certain tax-related deadlines for victims of severe winter storms beginning on March 9, 2023, January 8, 2023, and December 27, 2022.

October 17 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