Defined contribution plan

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

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

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.

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

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.

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.

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 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).