Legislative updates

The Department of Labor (DOL) has announced the release of a set of frequently asked questions intended to provide general compliance information under ERISA regarding pension-linked emergency savings account (PLESA) arrangements that are allowed under SECURE 2.0.

The IRS has issued a final rule to update minimum present value requirements for defined benefit plan distributions.

A Department of Labor (DOL) proposed rule titled Exemption for Certain Automatic Portability Transactions has been removed from the Office of Management and Budget’s list for review, signaling that it may be released soon.

Senator Mike Lee (R-UT) has introduced S. 3520, the Achieving Choice in Education Act or the ‘‘ACE Act’’.

The IRS has released Notice 2024-22, providing guidance on anti-abuse rules under Section 127 of the SECURE 2.0 Act with respect to Pension-Linked Emergency Savings Accounts (PLESAs).

The Pension Benefit Guaranty Corporation has published in the Federal Register inflation-adjusted penalty amounts for failure to provide certain notices or other material information and for failure to provide certain multiemployer notices.

The Department of Labor (DOL) Wage and Hour Division has issued a news release and final rule to clarify whether a worker qualifies as an employee or an independent contractor under the Fair Labor Standards Act.

Representative Mike Gallagher (R-WI) has introduced HR 6857, the Simplify and Expand Health Savings Accounts Act. 

Representatives Darin LaHood (R-IL), and Linda Sanchez (D-CA) have introduced H.R. 6757 to permit rollover contributions from Roth IRAs to designated Roth accounts in a 401(a), 403(a), 403(b) or 457(b) arrangement.

The SECURE 2.0 Act has shortened the time necessary to allow part-time workers access to 401(k) plans.