IRA

Industry & Regulatory News

Roth IRA Rollover Proposal Introduced in House

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.

January 03 2024

Industry & Regulatory News

IRS Issues SECURE 2.0 Guidance

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.

December 20 2023

Industry & Regulatory News

IRS Issues Exceptions to Penalties for Failure to File Correct Information Returns or Payee Statements

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.

December 19 2023

Industry & Regulatory News

IRS Announces Applicable Federal Rates for January 2024

The IRS has issued Revenue Ruling 2024-02, which contains the applicable federal rates (AFR) for January 2024. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as "72(t) payments."

December 15 2023

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Tennessee Severe Storms

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on December 13, 2023, for Tennessee severe storms and tornadoes, for the incident period of December 9, 2023.

December 14 2023

Industry & Regulatory News

Proposed Automatic Portability Exemption at OMB

The Office of Management and Budget has received a proposed rule from the Department of Labor (DOL) titled “Exemption for Certain Automatic Portability Transactions”.

December 07 2023

Industry & Regulatory News

SECURE 2.0 Technical Corrections Draft Released

The Senate and House committees of jurisdiction have released a draft containing technical corrections and other clarifications to SECURE 2.0.

December 07 2023

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for California Hurricane Hilary

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on November 21, 2023, for California Hurricane Hilary, for the incident period of August 19-21, 2023.

November 22 2023

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Illinois Excessive Rainfall

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on November 20, 2023, for Illinois excessive rainfall, for the incident period of September 17- September 18, 2023.

November 21 2023

Industry & Regulatory News

IRS Announces Applicable Federal Rates for December 2023

The IRS has issued Revenue Ruling 2023-21, which contains the applicable federal rates (AFR) for December 2023.

November 16 2023