Industry & Regulatory News

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 IRS has released a proposed rule aimed at specifying the methodology used to develop the corporate bond yield curve.

The IRS has issued Notice 2023-48, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating interest assumptions under the asset allocation regulation for plans with valuation dates in the third quarter of 2023.

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 House Committee on Ways and Means advanced several bills to expand health options and increase flexibility for workers

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

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on May 25, 2023, for a California severe storm and flooding, for the incident period of March 11, 2023 – March 16, 2023.

The IRS provided a reminder in the May 24, 2023, edition of Employee Plans News that beginning June 1, 2023, the IRS is expanding the determination letter program to include individually designed and terminating 403(b) plans.

A bill introduced by Representative Frank Lucas (R-OK) was approved by the House Financial Services Committee with bipartisan support by a vote of 35-12. H.R. 3063 would amend securities laws to allow collective investment trusts (CITs) in 403(b) plans.