Legislative updates

Industry & Regulatory News

Bill Introduced to Require PBGC to Recover Special Financial Assistance Overpayments

Senator Bill Cassidy (R-LA), ranking member of the Senate Health, Education, Labor, and Pensions Committee, and Rep. Virginia Foxx (R-NC), chair of the House Education and the Workforce Committee, introduced the GHOST Act.

January 31 2024

Industry & Regulatory News

Agencies Release Reporting and Disclosure RFI Under SECURE 2.0

The Department of Treasury, the Department of Labor, and the Pension Benefit Guaranty Corporation have released a Request for Information (RFI) pursuant to Section 319 of SECURE 2.0.

January 22 2024

Industry & Regulatory News

DOL Releases Proposed Regulation on Automatic Portability Under SECURE 2.0

The Department of Labor (DOL) has announced the release of a proposed regulation on automatic portability transactions pursuant to Section 120 of SECURE 2.0.

January 19 2024

Industry & Regulatory News

DOL Posts FAQs on PLESAs Under SECURE 2.0

The Department of Labor (DOL) has announced the release of a set of frequently asked questions intended to provide general compliance information under ERISA regarding pension-linked emergency savings account (PLESA) arrangements that are allowed under SECURE 2.0.

January 18 2024

Industry & Regulatory News

IRS Finalizes Rule to Update Minimum Present Value Requirements for DB Plan Distributions

The IRS has issued a final rule to update minimum present value requirements for defined benefit plan distributions.

January 18 2024

Industry & Regulatory News

OMB Completes Review of DOL Automatic Portability Exemption Proposal

A Department of Labor (DOL) proposed rule titled Exemption for Certain Automatic Portability Transactions has been removed from the Office of Management and Budget’s list for review, signaling that it may be released soon.

January 17 2024

Industry & Regulatory News

Legislation Proposed to Expand 529 Use

Senator Mike Lee (R-UT) has introduced S. 3520, the Achieving Choice in Education Act or the ‘‘ACE Act’’.

January 16 2024

Industry & Regulatory News

IRS Issues Limited Guidance for PLESAs Under SECURE 2.0

The IRS has released Notice 2024-22, providing guidance on anti-abuse rules under Section 127 of the SECURE 2.0 Act with respect to Pension-Linked Emergency Savings Accounts (PLESAs).

January 12 2024

Industry & Regulatory News

PBGC Announces 2024 Inflation Adjustments for Civil Penalties

The Pension Benefit Guaranty Corporation has published in the Federal Register inflation-adjusted penalty amounts for failure to provide certain notices or other material information and for failure to provide certain multiemployer notices.

January 11 2024

Industry & Regulatory News

DOL Issues Final Rule to Clarify Employee or Independent Contractor Status

The Department of Labor (DOL) Wage and Hour Division has issued a news release and final rule to clarify whether a worker qualifies as an employee or an independent contractor under the Fair Labor Standards Act.

January 09 2024