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Defined contribution plan

Industry & Regulatory News

Applicability of Certain Aspects of RMD Regulations Delayed to 2026

The Internal Revenue Service (IRS) released Announcement 2025-2, delaying the anticipated applicability date for future final regulations relating to required minimum distributions (RMDs) under section 401(a)(9) of the Internal Revenue Code.

December 20 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Post-Tropical Strom Helene in West Virginia

The IRS has announced the postponement of certain tax-related deadlines for victims of Post-Tropical Storm Helene in West Virginia until May 1, 2025.

December 19 2024

Industry & Regulatory News

IRS Announces Applicable Federal Rates for January

The IRS has issued Revenue Ruling 2025-1, which contains the applicable federal rates (AFR) for January 2025.

December 18 2024

Industry & Regulatory News

Retirement Spotlight: IRS Releases Final Regulations on Tax Withholding Requirements

The Internal Revenue Service recently released Treasury Decision (TD) 10008, which provides guidance on income tax withholding requirements for certain periodic payments and nonperiodic distributions from deferred compensation plans, individual retirement arrangements (IRAs), and commercial annuities.

December 17 2024

Industry & Regulatory News

2025 Brings More Deferral Opportunities for Employees

Thanks to the SECURE 2.0 Act, certain employees will have more deferral opportunities beginning in 2025. Read below to learn how much employees can contribute to their retirement plan and about the types of deferrals that may be available.

December 12 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for West Virginia Post-tropical Storm Helene

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on December 9, 2024, for West Virginia Post-tropical Storm Helene, for the incident period of September 25 – September 28, 2024. 

December 10 2024

Industry & Regulatory News

Washington Pulse: IRS Releases Interim Guidance on Inadvertent Benefit Overpayments

The Internal Revenue Service (IRS) recently issued Notice 2024-77, providing interim guidance on the treatment of “inadvertent benefit overpayments” from defined benefit and defined contribution plans as provided by Section 301 of the SECURE 2.0 Act of 2022 (SECURE 2.0). This interim guidance specifically refers to the application of the plan qualification and rollover distribution rules provided by Internal Revenue Code Sections (IRC Secs.) 414(aa) and 402(c)(12) to the correction methods available for inadvertent benefit overpayments under the Employee Plans Compliance Resolution System (EPCRS) as outlined in Revenue Procedure (Rev. Proc.) 2021-30.

December 02 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Puerto Rico

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on November 27, 2024, for Puerto Rico Tropical Storm Ernesto, for the incident period of August 13 – August 16, 2024. 

November 29 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Kentucky and Washington

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on November 26, 2024, for the following.

November 27 2024

Industry & Regulatory News

DOL’s Final Restated Voluntary Fiduciary Correction Program at OMB

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.

November 22 2024
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