Industry & Regulatory News

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Oklahoma Severe Storms, Straight-line Winds, and Tornadoes

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on July 19, 2023, for severe storms, straight-line winds, and tornadoes in Oklahoma, for the incident period of June 14, 2023 – June 18, 2023.

July 20 2023

Industry & Regulatory News

IRS Announces Applicable Federal Rates for August 2023

The IRS has issued Revenue Ruling 2023-13, which contains the applicable federal rates (AFR) for August 2023.

July 19 2023

Industry & Regulatory News

DOL Begins SECURE 2.0 Mandated Review of Pension Risk Transfer Interpretive Bulletin

The Department of Labor (DOL) has released a paper to initiate consultation with the ERISA Advisory Council as a first step in fulfilling the requirements of Section 321 of the SECURE 2.0 Act (SECURE 2.0) titled “Review of Pension Risk Transfer Interpretive Bulletin.”

July 19 2023

Industry & Regulatory News

Retirement Spotlight: IRS Issues Interim Guidance on Plan Corrections under SECURE 2.0 Act

The SECURE 2.0 Act of 2022, (SECURE 2.0) provisions affecting the Employee Plans Compliance Resolution System (EPCRS) support the IRS trend toward shifting certain types of retirement account corrections to the Self Correction Program (SCP).

July 17 2023

Industry & Regulatory News

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

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on July 14, 2023, for severe storms and flooding in Vermont, for the incident period beginning July 7, 2023. 

July 17 2023

Industry & Regulatory News

Lawsuit Over Tip Compensation Settled

Plaintiffs in a lawsuit against Hyatt Corp. who sued over its practices relating to tip wages agreed to settle their claims for $1.5 million.

July 17 2023

Industry & Regulatory News

IRS Provides Additional RMD Transition Relief Under SECURE/SECURE 2.0

The IRS has issued Notice 2023-54 to provide transition relief for required minimum distributions (RMDs) in connection with the change in required beginning date (RBD) to age 73 under SECURE 2.0, and guidance for certain specified RMDs for 2023.

July 14 2023

Industry & Regulatory News

IRS Announces Deadline Relief for Vermont Flooding

The IRS has announced the postponement of certain tax-related deadlines for victims of flooding in Vermont. The tax relief postpones various tax filing deadlines that began on July 9, 2023.

July 14 2023

Industry & Regulatory News

SEC Finalizes Money Market Fund Reforms

The Securities and Exchange Commission (SEC) has released a final rule that amends certain rules governing money market funds. A fact sheet highlights the following changes.

July 13 2023

Industry & Regulatory News

PBGC Issues Benefits Payable and Allocation Guidance for Single-Employer Plans

The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating regulations regarding benefits payable in terminated single-employer plans and allocation of assets in single-employer plans.

July 11 2023