ERISA News

The SECURE 2.0 Act of 2022, (SECURE 2.0) provisions affecting the Employee Plans Compliance Resolution System (EPCRS) support the IRS trend toward shifting certain types of retirement account corrections to the Self Correction Program (SCP).

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on July 14, 2023, for severe storms and flooding in Vermont, for the incident period beginning July 7, 2023. 

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.

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.

The IRS has announced the postponement of certain tax-related deadlines for victims of flooding in Vermont. The tax relief postpones various tax filing deadlines that began on July 9, 2023.

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.

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.

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.

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

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.