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Defined contribution plan
Industry & Regulatory News
DOL Issues Final Rule to Clarify Employee or Independent Contractor Status
The Department of Labor (DOL) Wage and Hour Division has issued a news release and final rule to clarify whether a worker qualifies as an employee or an independent contractor under the Fair Labor Standards Act.
Industry & Regulatory News
PBGC Announces Changes to e-Filing Portal
The Pension Benefit Guaranty Corporation (PBGC) has indicated they will launch a new and improved e-Filing Portal on February 1, 2024.
Industry & Regulatory News
PBGC Issues Comprehensive Premium Filing Instructions for 2024 Plan Years
The Department of Labor’s Pension Benefits Guaranty Corporation (PBGC)—the agency that insures and has primary governance over defined benefit (DB) pension plans—has issued the 2024 plan year version of its Comprehensive Premium Filing Instructions.
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.
Industry & Regulatory News
Retirement Plan Disaster Assistance May Be Available for Utah Flooding
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on December 23, 2023, for Utah flooding, for the incident period of May 1 – May 27, 2023.
Industry & Regulatory News
IRS Announces Deadline Relief for Tennessee Storms and Tornadoes
The IRS has announced the postponement of certain tax-related deadlines for victims of Tennessee storms and tornadoes. The tax relief postpones various tax filing deadlines that began on December 9, 2023.
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.
Industry & Regulatory News
IRS Issues 2023 Cumulative List of Changes for Drafters of Pre-Approved Defined Contribution Plans
The IRS has issued Notice 2024-3, which contains the 2023 cumulative list of changes in requirements that must be taken into account by drafters of pre-approved defined contribution retirement plan documents for the fourth remedial amendment cycle (Cycle 4).
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.
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."