Industry & Regulatory News

The IRS recently released proposed regulations regarding the use of forfeitures within qualified retirement plans.

Senator Jeanne Shaheen (D-NH) and co-sponsor Susan Collins (R-ME) have introduced S. 1269, the INSULIN Act of 2023.

The IRS has published a June 2023 draft of instructions for Form 5307, Application for Determination for Adopters of Modified Nonstandardized Pre-Approved Plans.

The Internal Revenue Service (IRS) recently released a memorandum from the Office of the Chief Counsel addressing claims substantiation for payment or reimbursement of medical and dependent care expenses.

A bill introduced by Congressman Bill Huizenga (R-MI), has been passed out of the House Financial Services Committee.

Congresswoman Bonnie Watson Coleman (D-NJ) has introduced H.R. 2628, the Employee Profit-Sharing Encouragement Act.

Representative George Santos (R-NY) has introduced H.R. 2637, to provide for an exception to the 10-percent additional tax on early distributions from qualified retirement plans capped at a withdrawal amount of $10,000 every five years.

Congressman Patrick McHenry (R-NC), Chairman of the House Financial Services Committee has introduced H.R. 2799, the Expanding Access to Capital Act.

The Department of Labor (DOL) has issued Field Assistance Bulletin 2023-01 to provide annual funding notice requirements for multiemployer pension plans that received special financial assistance from the Pension Benefit Guarantee Corporation under the American Rescue Plan Act.

The April 20, 2023, publication of Employee Plans News provides details for plan document restatement deadlines.