Defined benefit plan

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

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.

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.

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).

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

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. 

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

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

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.

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.