Industry & Regulatory News

The IRS has issued Revenue Procedure 2023-31, which addresses requests for undue hardship waiver or administrative exception from the electronic filing requirements for Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits, and Form 5500-EZ, Annual Return of A One Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on September 11, 2023, for Wyoming flooding, for the incident period of June 15, 2023.

The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating interest assumptions under the asset allocation regulation for plans with valuation dates in the fourth quarter of 2023.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on September 7, 2023, for Georgia Hurricane Idalia, for the incident period of August 30, 2023.

The Department of Labor has sent a proposed rule titled “Retirement Security” (formerly titled “Conflict of Interest in Investment Advice”, also known as the Fiduciary Rule) to the Office of Management and Budget (OMB).

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on September 5, 2023, for Maine severe storm and flooding, for the incident period of June 29, 2023.

The Internal Revenue Service (IRS) has announced the postponement of certain tax-related deadlines for victims of Idalia in South Carolina.

Several bills have been introduced in the House of Representatives that would make amendments to the Employee Retirement Income Security Act of 1974 (ERISA).

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on September 4, 2023, for Tennessee severe storms and straight-line winds, for the incident period of July 18–July 21, 2023.

The IRS has announced that plan sponsors who timely filed complete Forms 8955-SSA do not need to respond to CP 283-C penalty notices dated prior to September 1, 2023. In an Employee Plans News bulletin, the IRS indicates the CP 283-C was sent to plan sponsors who timely filed their 2022 Forms 8955-SSA due to an IRS system programming issue.