Industry & Regulatory News

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

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

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on May 25, 2023, for a California severe storm and flooding, for the incident period of March 11, 2023 – March 16, 2023.

May 30 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