Industry & Regulatory News

Industry & Regulatory News

IRS Announces Deadline Relief for Alaska Severe Storms, Landslides, and Mudslides

The IRS has announced the postponement of certain tax-related deadlines for victims of Alaska severe storms, landslides, and mudslides.

March 27 2024

Industry & Regulatory News

Washington Pulse: DOL Releases Final Rule Clarifying Employee or Independent Contractor Status

The Department of Labor (DOL) issued a final rule to assist employers when determining whether a worker is considered an employee or an independent contractor under the Fair Labor Standards Act (FLSA).

March 25 2024

Industry & Regulatory News

Washington Pulse: DOL Releases Proposed Regulations for Automatic Portability Transactions

The Department of Labor (DOL) has released proposed regulations related to the implementation of section 120 of the SECURE 2.0 Act (SECURE 2.0).

March 25 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Rhode Island Severe Storms and Flooding

The Federal Emergency Management Agency (FEMA) issued disaster declaration 4765 and 4766 on March 20, 2024, for Rhode Island severe storms and flooding, for the incident periods of December 17-19, 2023, and January 9-13, 2024.

March 21 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Maine Severe Storms and Flooding

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 20, 2024, for Maine severe storms and flooding, for the incident period of January 9 – 13, 2024.

March 21 2024

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

The Internal Revenue Service has issued Notice 2024-29, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

March 20 2024

Industry & Regulatory News

SECURE 2.0 Permits De Minimis Financial Incentives

For plan years beginning after December 29, 2022, employers that sponsor 401(k) or 403(b) plans may offer employees a “de minimis” financial incentive, such as a gift card, as long as the cost of the incentive is paid by the employer and not paid from plan assets.

March 19 2024

Industry & Regulatory News

Contributions Limits Increased for SIMPLE Plans

Employers that sponsor a SIMPLE plan may allow increased salary deferral limits for their employees, starting in tax year 2024.

March 19 2024

Industry & Regulatory News

SECURE 2.0 Expands Roth Options for Employer-Sponsored Retirement Plans

The SECURE 2.0 Act contains provisions that allow individuals to place more of their assets into Roth accounts.

March 19 2024

Industry & Regulatory News

Mid-Year Termination of SIMPLE IRA

An employer that maintains a SIMPLE IRA plan is generally not permitted to maintain another retirement plan in which employees may accrue benefits—a principle known as the exclusive plan rule.

March 19 2024