Industry & Regulatory News

Industry & Regulatory News
IRS Issues Deadline Relief for Illinois Storm Victims

December 28, 2021 – The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, and tornados in Illinois. The tax relief postpones various tax filing deadlines that began December 10, 2021. Affected individuals and households who reside or have a business in Bond, Cass, Coles, Effingham, Fayette, Jersey, Macoupin, Madison, Menard, Montgomery, Morgan, Moultrie, Pike, and Shelby counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

December 30 2021
Industry & Regulatory News
IRS Issues Deadline Relief for Alabama Storm Victims

December 28, 2021 – The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of severe storms and flooding in Alabama. The tax relief postpones various tax filing deadlines that began October 6, 2021. Affected individuals and households who reside or have a business in Jefferson and Shelby counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

December 30 2021
Industry & Regulatory News
DOL Issues "Supplemental Statement" to 2020 Information Letter

December 22, 2021 – The Department of Labor’s Employee Benefit Security Administration (EBSA) has issued a supplemental statement to a June 2020 Information Letter. The letter addressed whether plan fiduciaries should offer private equity investments as investment options in individual account defined contribution plans. The 2020 letter indicated that such plans could potentially include managed asset allocation funds with a private equity component, but pointed out that a plan fiduciary should take into account whether it is prudent to include such an investment, particularly if it is a component of a plan’s qualified default investment alternative (QDIA).

December 22 2021
Industry & Regulatory News
IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

The IRS has issued Notice 2022-2, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. Updates include the corporate bond monthly yield curve, the corresponding spot segment rates used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates 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 standards for single-employer DB plans.

December 17 2021
Industry & Regulatory News
IRS Issues Deadline Relief for Kentucky Storm Victims

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for Kentucky victims of severe storms, flooding, and tornadoes. The tax relief postpones various tax filing and payment deadlines that occurred starting December 10. The areas included in the relief are Caldwell, Fulton, Graves, Hopkins, Marshall, Muhlenberg, Taylor, and Warren counties.

December 16 2021
Industry & Regulatory News
IRS Issues Draft Instructions for Reporting of Qualified Disaster Retirement Plan Distributions and Repayments

The IRS has provided draft Instructions for Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments.

December 07 2021
Industry & Regulatory News
IRS Issues Required Amendments List for Individually Designed Plans

On November 30, 2021, the IRS released Notice 2021-64 containing the 2021 required amendments list. This annually issued list describes changes in retirement plan qualification requirements and amendment deadlines for individually designed qualified and individually designed 403(b) plans. Some items require plans to be amended, while others do not. The list of changes to qualification requirements are as follows.

December 01 2020
Industry & Regulatory News
Washington Pulse: House Version of "Build Back Better" Act Contains Retirement Plan and Benefits Provisions

On November 19, 2021, the U.S. House of Representatives passed H.R. 5376, the Build Back Better Act ("BBB Act" or "the Act"). Following quickly on the heels of the Infrastructure Investment and Jobs Act, the BBB Act contains several retirement and benefits provisions that may affect financial organizations, service providers, and consumers. This bill has gone through numerous revisions as it made its journey to the House floor for a vote. It will now go to the Senate, which will likely make further revisions. So the Act’s final version—if passed by both the House and Senate—may be different from the current version.

November 24 2021
Industry & Regulatory News
IRS Provides Guidance on Information Reporting of Health Insurance Coverage

On November 22, 2021, the Department of the Treasury released a Notice of Proposed Rulemaking (NPR) entitled, "Information Reporting of Health Insurance Coverage and Other Issues Under Internal Revenue Code Sections (IRC Secs.) 5000A, 6055, and 6056," that extend the applicable deadlines to furnish statements, clarify that certain Medicaid coverage is not minimum essential coverage, and provide a deadline to submit comments relating to 2016 proposed rules affecting reporting. Comments related to the NPR are due 60 days following the publication of the NPR in the federal register. The NPR provides as follows.

November 23 2021
Industry & Regulatory News
Build Back Better Bill Passes House, Moves to Senate

The House of Representatives passed the $1.9 trillion Build Back Better bill in a 220-213 near party line vote. The House-passed version of the bill contains several IRA provisions, including

November 19 2021