News

Industry & Regulatory News
Hardship Distributions May Be Permitted for South Carolina Hurricane Ian

The Federal Emergency Management Agency (FEMA) has issued a disaster declaration for South Carolina Hurricane Ian, beginning September 25, 2022.

September 30 2022
Industry & Regulatory News
IRS Issues Deadline Relief for Florida Victims of Hurricane Ian

The IRS has announced the postponement of certain tax-related deadlines for victims of Hurricane Ian in Florida. The tax relief postpones various tax filing deadlines that began on September 23, 2022. Affected individuals and households who reside or have a business anywhere in the state of Florida, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

September 30 2022
Industry & Regulatory News
Retirement Savings Modernization Act Introduced

Senators Tim Scott (R-SC), and Pat Toomey (R-PA), along with Representative Peter Meijer (R-MI), have introduced the Retirement Savings Modernization Act in the Senate and House respectively. According to a press release, the legislation would enhance retirement savings through access to a wide range of alternative assets and reflect the demands of the modern workforce. The proposal would amend Section 404(a) of ERISA to provide that a fiduciary shall not be liable for a breach of duty solely for recommending, selecting, or monitoring any ‘covered investment’ option for a plan. A list of covered investments is defined as, but is not limited to the following

September 30 2022
Industry & Regulatory News
Gomez Confirmed as Assistant Secretary of Labor for EBSA

The Senate has confirmed Lisa Gomez as Assistant Secretary of Labor for the Employee Benefits Security Administration by a 49 to 36 vote. Ms. Gomez was nominated by President Biden in July 2021, and an initial attempt at confirmation in June failed by a 49-51 vote.

September 30 2022
Industry & Regulatory News
Proposal Introduced to Expand Primary & Behavioral Health Care Access

Senator Angus King (I-ME) has introduced the Primary and Behavioral Health Care Access Act of 2022 (the Act). The Act would amend the Employee Retirement Income Security Act, the Internal Revenue Code, and the Public Health Service Act to require group health plans or health insurance issuers to provide three primary care visits and three behavioral health care visits without cost-sharing.

September 29 2022
Industry & Regulatory News
Hardship Distributions May Be Permitted for Florida Hurricane Ian

The Federal Emergency Management Agency (FEMA) has issued a disaster declaration for Florida Hurricane Ian, beginning September 23, 2022.

September 29 2022
Industry & Regulatory News
IRS Issues Deadline Relief for Alaska Victims of Severe Storm, Flooding, and Landslides

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storm, flooding, and landslides in Alaska. The tax relief postpones various tax filing deadlines that began on September 15, 2022.

September 28 2022
Industry & Regulatory News
IRS Posts Form 4972, Used to Claim Special Tax Treatment for Employer Plan Distributions for 2022

The IRS has posted Form 4972, Tax on Lump-Sum Distributions, for tax year 2022. The form is used to take advantage of special grandfathered taxation options for certain individuals who were born on or before January 1, 1936.

September 26 2022
IRS
Industry & Regulatory News
IRS Extends Remedial Amendment Period for CARES Act and Taxpayer Certainty and Disaster Tax Relief Act

The IRS issued Notice 2022-45 which extends the deadline for amendments to retirement plans and individual retirement arrangements (IRAs) to adopt some provisions relating to distributions and loans under the CARES Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act). The Notice provides that qualified plans, IRAs, and non-governmental 403(b) plans must be amended to adopt applicable provisions of each act no later than December 31, 2025. The previous deadline for such amendments under Notice 2020-50 and Notice 2020-28 IRB 35 was December 31, 2022.

September 26 2022
Industry & Regulatory News
Federal Prime Interest Rate Increased to 6.25 Percent

Effective September 21, 2022, the Federal prime interest rate increased from 5.50 percent to 6.25 percent. The prime interest rate is largely determined by the federal funds rate, as set by the Federal Reserve’s Federal Open Market Committee (FOMC).

September 22 2022