Industry & Regulatory News

Effective July 26, 2023, the prime interest rate increased from 8.25 percent to 8.50 percent.

The Government Accountability Office (GAO) has released a report titled “403(b)
Retirement Plans: Department of Labor Should Update Educational Materials to Better Inform Plan Sponsors and Participants”.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on July 22, 2023, for severe storms and flooding in New York, for the incident period of July 9, 2023 – July 10, 2023.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on July 19, 2023, for severe storms and flooding in Minnesota, for the incident period of April 11, 2023 – April 30, 2023.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on July 19, 2023, for severe storms, straight-line winds, and tornadoes in Oklahoma, for the incident period of June 14, 2023 – June 18, 2023.

The IRS has issued Revenue Ruling 2023-13, which contains the applicable federal rates (AFR) for August 2023.

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).

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on July 14, 2023, for severe storms and flooding in Vermont, for the incident period beginning July 7, 2023. 

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.