Washington Pulse

Industry & Regulatory News

Washington Pulse: IRS Releases Guidance on SECURE 2.0 Provisions

The Internal Revenue Service (IRS) has released Notice 2024-02, which provides guidance in a question and answer format regarding several provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0).

January 18 2024

Industry & Regulatory News

Washington Pulse: IRS Issues Proposed Long-Term, Part-Time Regulations

The Internal Revenue Service (IRS) has released a proposed regulation reflecting statutory changes related to long-term, part-time (LTPT) employees made by the SECURE Act of 2019 (SECURE Act) and the SECURE 2.0 Act of 2022 (SECURE 2.0). This proposed regulation would amend Treasury Regulation (Treas. Reg.) 1.401(k)-5 to reflect the rules for LTPT employees, including specific eligibility and vesting requirements. The proposed regulation also provides guidance regarding employer contributions with respect to LTPT employees and the impact that LTPT employees will have on nondiscrimination, coverage testing, and top-heavy benefits.

December 08 2023

Industry & Regulatory News

DOL Issues Final Rule Updating Davis-Bacon Regulations

The Department of Labor (DOL) has issued a final rule updating the Davis-Bacon Act (DBA) and the Davis-Bacon Related Acts (together “DBRA”) nearly 40 years after the Department last completed a comprehensive revision of the guidelines.

November 30 2023

Industry & Regulatory News

Washington Pulse: DOL Proposes Expanded Definition of Investment Advice Fiduciary

The Department of Labor (DOL) recently released a regulatory package that includes a proposed amendment to the regulations that define what constitutes an investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (the “Retirement Security Rule”).

November 10 2023

Industry & Regulatory News

Washington Pulse: IRS Releases Proposed Forfeiture Guidance

The IRS recently released proposed regulations regarding the use of forfeitures within qualified retirement plans.

May 03 2023

Industry & Regulatory News

Washington Pulse: SECURE 2.0 is Congress’s Retirement Enhancement Encore

Retirement legislation has been a welcome area of bipartisan cooperation in the U.S. Congress, marked by a history of Republican and Democratic bill co-sponsorship and support. A recent example is the Setting Every Community Up for Retirement Enhancement Act—the SECURE Act—passed and signed into law in 2019. The SECURE Act has been hailed as the most important retirement enhancement legislation in more than a decade.

January 12 2023

Industry & Regulatory News

Washington Pulse: Congress Approves Appropriations Bill, Containing the SECURE 2.0 Act of 2022, President’s Signature Expected

The House of Representatives has passed the Consolidated Appropriations Act of 2023, HR 2617, today with a 225-201-1 vote. Included in this bill is the SECURE 2.0 Act of 2022. Following the Senate’s approval on December 22, 2022, the bill will now be presented to the President for his signature.

December 23 2022

Industry & Regulatory News

Washington Pulse: Some Big Changes May be in Store for the Davis-Bacon Act

The Davis-Bacon Act (DBA) has played a major role in the construction industry for over 90 years. Passed in 1931, it has been described by the Supreme Court as a “minimum wage law designed for the benefit of construction workers.” The DBA generally requires payment of locally prevailing wages under direct federal contracts and for covered contractors and their subcontractors. The employer’s obligation can be met by paying the applicable prevailing wage entirely as cash wages or by a combination of cash wages and employer-provided, bona fide fringe benefits—including pension and health benefits.

June 21 2022

Industry & Regulatory News

Washington Pulse: IRS Issues Proposed MEP Rule

Employers of all types have expressed interest in learning more about multiple employer plans (MEPs). But the unified plan rule, sometimes known as the “one bad apple rule,” has discouraged some employers from pursuing MEP participation.

May 02 2022

Industry & Regulatory News

Washington Pulse: U.S. House Passes Significant Retirement Bill

The U.S. House of Representatives passed the Securing a Strong Retirement Act of 2022 (SSRA) by a 414-5 vote on March 29, 2022. H.R. 2954 (also commonly referred to as “SECURE 2.0”) contains over 50 retirement plan provisions—nearly double the number as the original Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The U.S. Senate is expected to take up a similar bipartisan bill later this year, which could result in the need for a conference committee to reconcile differences between the two bills.

April 13 2022