Defined contribution plan

The Office of Management and Budget has received a final rule from the Department of Labor (DOL) titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program”. The Voluntary Fiduciary Correction Program (VFCP) is a voluntary enforcement program that allows plan officials to identify and correct certain transactions, such as delinquent participant contributions, sales and exchanges, improper loans, and improper plan expenses. The VFCP was last updated in 2006. A proposed amendment was released in 2022.

The Internal Revenue Service has announced that it intends to begin issuing opinion letters regarding Cycle 2 pre-approved 403(b) plans, including the 2022 cumulative list of changes in those requirements. The IRS expects to issue opinion letters by November 29, 2024, or as soon as possible thereafter.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms and straight-line winds in the Crow Tribe of Montana until February 3, 2025. The tax relief postpones various tax filing deadlines that began on August 6, 2024.

The Department of Labor (DOL) has announced the start of a voluntary information collection to establish and maintain the Retirement Savings Lost and Found database pursuant to Section 303 of SECURE 2.0.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on November 14, 2024, for Crow Tribe of Montana severe storm and straight-line winds, for the incident period of August 6, 2024.

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on November 13, 2024, for the following.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms and flooding in Chaves County, New Mexico until May 1, 2025. The tax relief postpones various tax filing deadlines that began on October 19, 2025.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds and flooding in the Cheyenne River Sioux Tribe until February 3, 2025. The tax relief postpones various tax filing deadlines that began on July 13, 2024.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms and flooding in the Saint Regis Mohawk Tribe until February 3, 2025.

Effective November 8, 2024, the prime interest rate decreased to 7.75 percent. The prime interest rate is largely determined by the federal funds rate, as set by the Federal Reserve’s Federal Open Market Committee (FOMC).