Industry & Regulatory News

The Department of Labor’s Pension Benefits Guaranty Corporation (PBGC)—the agency that insures and has primary governance over defined benefit (DB) pension plans—has issued the 2024 plan year version of its Comprehensive Premium Filing Instructions.

The Pension Benefit Guaranty Corporation (PBGC) has indicated they will launch a new and improved e-Filing Portal on February 1, 2024.

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

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.

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 IRS has issued Notice 2024-3, which contains the 2023 cumulative list of changes in requirements that must be taken into account by drafters of pre-approved defined contribution retirement plan documents for the fourth remedial amendment cycle (Cycle 4).

The IRS has released Notice 2024-2, Miscellaneous Changes Under the SECURE 2.0 Act of 2022. The so-called “Grab Bag” Notice provides guidance to multiple provisions of the SECURE 2.0 Act of 2022.

The IRS has released final regulations that provide de minimis error safe harbor exceptions to penalties for failure to file correct information returns or furnish correct payee statements.

The IRS has issued Revenue Ruling 2024-1, containing the covered compensation tables for the 2024 plan year. These tables are used in calculations for defined benefit pension plans when permitted disparity, sometimes called integration, is used in determining employer-provided benefits.

The Internal Revenue Service (IRS) has issued Notice 2024-04, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.