News

Industry & Regulatory News
Infrastructure Bill Heads to President for Signature

The much-anticipated Infrastructure Investment and Jobs Act (the Act) has passed the House of Representatives months after its approval in the Senate. The legislation contains the following noteworthy provisions.

November 10 2021
Industry & Regulatory News
IRS Postpones Requirement to Use Updated Forms W-4P and W-4R Until 2023

The IRS has issued a fourth draft of the 2022 Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments. In it, the IRS indicates that while final versions of the redesigned Form W-4P and Form W-4R will be released for 2022, based on comments received on prior drafts from stakeholders, the IRS will postpone requirements to begin using the redesigned forms until January 1, 2023. Payors should update their system programming for these new forms but may otherwise continue to use the 2021 Form W-4P.

November 05 2021
Industry & Regulatory News
2022 Retirement Savings Limitations Released

The IRS has issued Notice 2021-61, which contains the following 2022 retirement savings limitations.

November 04 2021
Industry & Regulatory News
IRS Issues Deadline Relief for Hurricane Ida Victims in Connecticut

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Hurricane Ida in Connecticut. The tax relief postpones various tax filing deadlines that began September 1, 2021. Affected individuals and households who reside or have a business in Fairfield and New London counties including the Mashantucket Pequot Tribal Nation and Mohegan Tribal Nation, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

November 04 2021
News Releases
Ascensus and Newport Group to Combine and Create a Leading Provider in Tax-Advantaged Savings

Ascensus, whose technology and expertise help millions of people save for retirement, education, and healthcare, announced that it has entered into a definitive agreement under which Newport Group (Newport), the Walnut Creek, California-based retirement services provider, will merge with Ascensus. The newly combined organization will offer a broader set of capabilities and products to benefit institutional partners, clients, advisors, and savers.

November 03 2021
News Releases
Goldman Sachs Asset Management and Ascensus Offer a Retirement Plan Solution for Small and Mid-Sized Businesses

Goldman Sachs Asset Management and Ascensus today announced the launch of Goldman Sachs Workplace Retirement Solution, which provides an integrated 401(k) or ERISA 403(b) retirement program aiming to support the needs of small and mid-sized businesses.

November 02 2021
Industry & Regulatory News
IRS Issues Deadline Relief for Hurricane Ida Victims in Mississippi

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Hurricane Ida in Mississippi. The tax relief postpones various tax filing deadlines that began August 28, 2021. Affected individuals and households who reside or have a business in Amite, Claiborne, Copiah, Covington, Franklin, George, Hancock, Harrison, Jackson, Jefferson, Jefferson Davis, Lawrence, Lincoln, Pearl River, Pike, Simpson, Walthall, Wayne, and Wilkinson counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

October 27 2021
Industry & Regulatory News
IRS Updates Coronavirus-Related Relief FAQs

The IRS recently updated its coronavirus-related relief for retirement plans and IRAs questions and answers (FAQs) for Sec. 2202 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides for special distribution options and rollover rules for plans. The updated FAQs address questions regarding rehires following bona fide retirement and in-service distributions.

October 26 2021
Industry & Regulatory News
DOL Announces New Temporary Enforcement Policy for PTE 2020-02

The Department of Labor (DOL) has extended the transitional relief under Field Assistance Bulletin (FAB) 2018-02 and provided additional temporary non-enforcement guidance related to specific provisions of Prohibited Transaction Exemption (PTE) 2020-02 in FAB 2021-02.

October 26 2021
Industry & Regulatory News
IRS Issues Guidance on Funding Relief for Multiemployer DB Plans

The IRS has released Notice 2021-57, providing guidance for multiemployer defined benefit (DB) plans receiving funding relief under the American Rescue Plan Act of 2021. The Notice provides guidance regarding the plan sponsor’s ability to elect to delay designating a plan as being in endangered, critical, or critical and declining status or to delay updating the plan’s funding improvement or rehabilitation plan, and to extend the plan’s funding improvement or rehabilitation period. The guidance further explains the plan sponsor’s ability to amortize certain investments and other experience losses related to COVID-19 over a 30-year period in determining charges to the funding standard account.

October 13 2021