- Industry & Regulatory News
- Industry & Regulatory News
Industry & Regulatory News
Industry & Regulatory News
Washington Pulse: IRS Issues Proposed Long-Term, Part-Time Regulations
The Internal Revenue Service (IRS) has released a proposed regulation reflecting statutory changes related to long-term, part-time (LTPT) employees made by the SECURE Act of 2019 (SECURE Act) and the SECURE 2.0 Act of 2022 (SECURE 2.0). This proposed regulation would amend Treasury Regulation (Treas. Reg.) 1.401(k)-5 to reflect the rules for LTPT employees, including specific eligibility and vesting requirements. The proposed regulation also provides guidance regarding employer contributions with respect to LTPT employees and the impact that LTPT employees will have on nondiscrimination, coverage testing, and top-heavy benefits.
Industry & Regulatory News
SECURE 2.0 Technical Corrections Draft Released
The Senate and House committees of jurisdiction have released a draft containing technical corrections and other clarifications to SECURE 2.0.
Industry & Regulatory News
Proposed Automatic Portability Exemption at OMB
The Office of Management and Budget has received a proposed rule from the Department of Labor (DOL) titled “Exemption for Certain Automatic Portability Transactions”.
Industry & Regulatory News
Washington Pulse: DOL Issues Final Rule Updating Davis-Bacon Regulations
The Department of Labor (DOL) has issued a final rule updating the Davis-Bacon Act (DBA) and the Davis-Bacon Related Acts (together “DBRA”) nearly 40 years after the Department last completed a comprehensive revision of the guidelines.
Industry & Regulatory News
IRS Issues Long-Awaited Long-Term Part-Time Employee Guidance
The IRS has released a proposed rule reflecting statutory changes made by the SECURE Act and SECURE 2.0 related to long-term, part-time employees. The SECURE Act of 2019 expanded coverage for 401(k) plans to allow those who had worked at least 500 hours in three consecutive years to participate under a plan’s salary deferral provision – with service required to be counted beginning with plan years on or after January 1, 2021. SECURE 2.0 shortened this wait to two years effective for 2025 and later plan years, and expanded applicability to ERISA-covered 403(b) plans allowing salary deferrals.
Industry & Regulatory News
IRS Issues Document Guidance for Qualified Pre-Approved and 403(b) Plans
The IRS has released Revenue Procedure (Rev. Proc.) 2023-37, which contains new rules for qualified pre-approved plans and 403(b) plans.
Industry & Regulatory News
Proposal Would Increase Retirement Plan Access for Younger Workers
Senator Bill Cassidy (R-LA), and co-sponsor Tim Kaine (D-VA) have introduced the “Helping Young Americans Save for Retirement Act”.
Industry & Regulatory News
Bill Would Expand HSA Usage to Wearable Devices
Representative Michelle Steel (R-CA), along with co-sponsors David Schweikert (R-AZ), and Ami Bera (D-CA), have introduced HR 6279, the “Wearable Equipment Adoption and Reinforcement and Investment in Technology Act”, or the “Wear It Act”.
Industry & Regulatory News
IRS Announces Applicable Federal Rates for December 2023
The IRS has issued Revenue Ruling 2023-21, which contains the applicable federal rates (AFR) for December 2023.
Industry & Regulatory News
DOL Final Rule on QPAM Exemptions at OMB
The Office of Management and Budget has received a final rule from the Department of Labor (DOL) titled “Proposed Amendment to PTE 84-14 for Plan Asset Transactions Determined by an Independent Qualified Plan Asset Manager”.