Defined contribution plan

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Oklahoma Storm Victims

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 14, 2024, for Oklahoma severe storms, straight-line-winds, tornadoes and flooding, for the incident period of May 19 – May 28, 2024.

June 18 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Hawaii Severe Storms

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 17, 2024, for Hawaii severe storms, flooding, and landslides for the incident period of April 11 – April 14, 2024.

June 18 2024

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

The Internal Revenue Service has issued Notice 2024-53, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. Updates include corporate bond monthly yield curve, the corresponding spot segment rates for May used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates for June under IRC Sec. 430(h)(2). IRC Sec. 417 contains definitions and special rules for minimum survivor annuity requirements in DB plans. IRC Sec. 430 addresses minimum funding standard for single-employer DB plans.

June 18 2024

Industry & Regulatory News

IRS Announces Applicable Federal Rates for July

The IRS has issued Revenue Ruling 2024-13, which contains the applicable federal rates (AFR) for July 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.”

June 18 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Florida Severe Storms

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 17, 2024, for Florida severe storms, straight-line winds, and tornadoes, for the incident period of May 10, 2024.

June 18 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Tennessee Severe Weather

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 17, 2024, for Tennessee severe weather and tornadoes for the incident period of May 8 – May 9, 2024.

June 18 2024

Industry & Regulatory News

Student Loan Repayments and Matching Contributions

Student Loan Repayments
Employers may now treat an employee’s qualified student loan payments like elective deferrals or after-tax contributions for purposes of providing an employer matching contribution.

June 17 2024

Industry & Regulatory News

Treasury Issues RFI Regarding Opportunities and Risks of AI

The Department of Treasury has issued a request for information from the financial services sector on potential opportunities and risks related to the use of Artificial Intelligence.

June 11 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Mississippi Storms

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 10, 2024, for Mississippi severe storms, straight-line-winds, tornadoes, and flooding, for the incident period of April 8 – April 11, 2024.

June 11 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Idaho Storms

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 10, 2024, for Idaho severe storms, flooding, landslides and mudslides, for the incident period of April 14 – April 15, 2024.

June 11 2024