Defined contribution plan

The Department of Labor (DOL) has released a paper to initiate consultation with the ERISA Advisory Council as a first step in fulfilling the requirements of Section 321 of the SECURE 2.0 Act (SECURE 2.0) titled “Review of Pension Risk Transfer Interpretive Bulletin.”

The SECURE 2.0 Act of 2022, (SECURE 2.0) provisions affecting the Employee Plans Compliance Resolution System (EPCRS) support the IRS trend toward shifting certain types of retirement account corrections to the Self Correction Program (SCP).

Plaintiffs in a lawsuit against Hyatt Corp. who sued over its practices relating to tip wages agreed to settle their claims for $1.5 million.

The IRS has issued Notice 2023-54 to provide transition relief for required minimum distributions (RMDs) in connection with the change in required beginning date (RBD) to age 73 under SECURE 2.0, and guidance for certain specified RMDs for 2023.

The Securities and Exchange Commission (SEC) has released a final rule that amends certain rules governing money market funds. A fact sheet highlights the following changes.

Congress has wrestled with Americans’ lack of emergency savings for years. Numerous proposals have been offered, but no substantial measures have passed. Until now.

Representatives Donald Norcross (D-NJ) and co-sponsor Tim Walberg (R-MI) have re-introduced the Lifetime Income for Employees Act. H.R. 3942 would allow annuities as a default investment in 401(k) plans.

The Pension Benefit Guaranty Corporation (PBGC) is requesting from the federal Office of Management and Budget (OMB) the authority to modify its information collection procedures under its missing participants program.

The coronavirus pandemic resulted in restrictions on where and how people could meet. These limitations—including remote work requirements—made it harder for some participants to take distributions from employer-sponsored retirement plans.

The IRS has released updated Instructions for Form 5307, Application for Determination for Adopters of Modified Nonstandardized Pre-Approved Plans.