Defined contribution plan

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.

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.

The IRS indicates in a news release its intent to focus on a range of compliance issues that can be associated with Employee Stock Ownership Plans (ESOPs).

The Pension Benefit Guaranty Corporation (PBGC) is providing a one-time waiver of the reporting requirement under Section 4010 of ERISA for filers meeting specific criteria.

The Department of Labor’s Employee Benefits Security Administration (EBSA) has issued a request for information(RFI) to solicit public input on a number of provisions of SECURE 2.0 that impact ERISA’s reporting and disclosure requirements.

The Department of Labor’s (DOL’s) Wage and Hour Division has released a final rule updating the Davis-Bacon and Related Acts Regulations.

Senators Tim Kaine (D-VA) and Bill Cassidy (R-LA), and Representative Kathy Manning (D-NC), have reintroduced the Auto Reenroll Act of 2023, bicameral legislation to permit plan sponsors to reenroll non-participating eligible employees at least once every three years unless the individual affirmatively opts out again. 

The IRS has issued Notice 2023-53, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.