Defined contribution plan

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on November 20, 2023, for Illinois excessive rainfall, for the incident period of September 17- September 18, 2023.

The IRS has released Revenue Procedure (Rev. Proc.) 2023-37, which contains new rules for qualified pre-approved plans and 403(b) plans.

The IRS has issued Revenue Ruling 2023-21, which contains the applicable federal rates (AFR) for December 2023.

Senator Bill Cassidy (R-LA), and co-sponsor Tim Kaine (D-VA) have introduced the “Helping Young Americans Save for Retirement Act”.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on November 14, 2023, for Arkansas severe storms, straight-line winds, and tornadoes for the incident period of June 25-June 26, 2023.

The Office of Management and Budget has received a final rule from the Department of Labor (DOL) titled “Proposed Amendment to PTE 84-14 for Plan Asset Transactions Determined by an Independent Qualified Plan Asset Manager”.

Representative Claudia Tenney (R-NY) has introduced the Retirement Investment in Small Employers (RISE) Act to encourage small businesses with no more than 10 employees who received at least $5,000 of compensation in the prior year to adopt retirement plans.

The IRS has issued Notice 2023-75, which contains the 2024 cost-of-living increases for qualified retirement plan dollar limitations on benefits and contributions under the Internal Revenue Code (IRC).

The Department of Labor (DOL) has released a new proposed rule updating the definition of an investment advice fiduciary under ERISA.

The Pension Benefit Guarantee Corporation (PBGC) has updated its table titled, “Present Value of PBGC Maximum Guarantee,” to reflect applicable values for distributions with annuity starting dates during calendar year 2024.