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Industry & Regulatory News
IRS Issues Proposed Rule under IRC 162(m)
The Internal Revenue Service has issued a proposed rule under IRC Sec.162(m) to identify “covered employees” and nondeductible compensation following the expansion of 162(m) to include non-officers under the American Rescue Plan Act of 2021.
Industry & Regulatory News
DOL Issues Guidance on Missing Participant Small Balances
The Department of Labor (DOL) has released Field Assistance Bulletin 2025-01 (FAB) providing guidance regarding the treatment of small balances of retirement plan missing participants and beneficiaries.
Industry & Regulatory News
DOL Issues Final Amendments to VFCP
The Department of Labor (DOL) has released a final amendment updating the Voluntary Fiduciary Correction Program (VFCP), along with a final amendment to Prohibited Transaction Exemption (PTE) 2002-51, to permit certain transactions identified in the PTE.
Industry & Regulatory News
DOL ESOP Proposed Rule Has Left OMB
The Office of Management and Budget has completed review of a proposed rule from the Department of Labor (DOL) titled "Worker Ownership, Readiness, and Knowledge”, pursuant to the requirements of Section 346 of SECURE 2.0.
Industry & Regulatory News
Retirement Plan Disaster Assistance May Be Available for South Carolina and Alaska
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on January 10, 2025, for the following.
Industry & Regulatory News
IRS Announces Deadline Relief for California Wildfires
The IRS has announced the postponement of certain tax-related deadlines for victims of California affected by wildfires and straight-line winds until October 15, 2025. The tax relief postpones various tax filing deadlines that began on January 7, 2025.
Industry & Regulatory News
Retirement Plan Disaster Assistance May Be Available for California
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on January 8, 2025, for California wildfires and straight-line winds, for the incident period of January 7 and continuing.
Industry & Regulatory News
Retirement Plan Disaster Assistance May Be Available for Missouri, Oregon, Alaska
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on January 1, 2025, for the following disasters for the period indicated.
Industry & Regulatory News
PBGC Premium Filing Deadlines Change for 2025 Plan Years
The Pension Benefit Guaranty Corporation (PBGC) has issued Technical Update 25-1 that provides guidance on the timing of premium payments for plan years beginning in 2025. Due to a provision in the Bipartisan Budget Act of 2015, the premium filing due date for all plans is the 15th day of the 9th calendar month that begins on or after the first day of the plan year—so for calendar year plans, September 15th instead of October 15th.
Industry & Regulatory News
Retirement Plan Disaster Assistance May Be Available for North Dakota Wildfires and Straight-line Winds
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on December 24, 2024, for North Dakota wildfires and straight-line winds, for the incident period of October 5 – October 6, 2024.