Industry & Regulatory News

Industry & Regulatory News

House Proposal Would Expand 529 Use

Rep. Kevin Hern, (R-OK), and three Republican co-sponsors have introduced HR 8915, the Education and Workforce Freedom Act.

July 03 2024

Industry & Regulatory News

Washington Pulse: Interim Final Rule for Abandoned Plans Released

The Department of Labor (DOL) has issued an interim final rule, expanding the Abandoned Plan Program regulations to also include plans of employers who are in liquidation under Chapter 7 of the U.S. Bankruptcy Code. The DOL has also released a corresponding amendment to prohibited transaction exemption (PTE) 2006-06, Class Exemption for Services Provided in Connection with the Termination of Abandoned Individual Account Plans.

July 02 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Minnesota Severe Storms

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 28, 2024, for Minnesota severe storms and flooding, for the incident period of June 16, 2024, and continuing.

July 01 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Mississippi Severe Storms

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, tornadoes, and flooding in Mississippi.

June 28 2024

Industry & Regulatory News

IRS Announces Deadline Relief for New Mexico Fires and Flooding

The IRS has announced the postponement of certain tax-related deadlines for victims of southern New Mexico South Fork fire, Salt fire, and flooding.

June 27 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Oklahoma Storms

The IRS has announced the postponement of certain tax-related deadlines for victims of Oklahoma severe storms, straight-line-winds, tornadoes, and flooding.

June 26 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Florida Storms

The IRS has announced the postponement of certain tax-related deadlines for victims of Florida severe storms, straight-line-winds, and tornadoes.

June 26 2024

Industry & Regulatory News

DOL Reports to Congress on Prior Pension Risk Transfer Guidance

The Department of Labor (DOL) has reported to Congress on Interpretive Bulletin 95-1, pursuant to a directive under Section 321 of SECURE 2.0. Interpretive Bulletin 95-1 provided guidance on fiduciary standards for selecting an annuity provider for a defined benefit plan. DOL reports that the bulletin’s factors are still relevant to a fiduciary’s prudent and loyal evaluation, but did note that the agency may further explore developments in both the life insurance industry and in pension risk transfer practices to determine whether additional guidance is needed.

June 25 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Iowa Storms

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 24, 2024, for Iowa severe storms, flooding, straight-line-winds, and tornadoes, for the incident period of June 16, 2024 and continuing.

June 25 2024

Industry & Regulatory News

ERISA Insights: IRS Releases Guidance on Certain SECURE 2.0 Penalty Tax Exceptions

The IRS has issued Notice 2024-55, providing guidance on emergency personal expense distributions and domestic abuse victim distributions that are effective after December 31, 2023 under SECURE 2.0. The Notice details in question-and-answer format what represents an applicable distribution, distribution restrictions, withholding and notice requirements, repayment or rollover details, and exceptions to the 10 percent additional tax on early distributions.

June 21 2024