ERISA News

The Securities and Exchange Commission (SEC) has issued a proposed rule to address cybersecurity risks.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 10, 2023, for severe winter storms, flooding, landslides, and mudslides in California, for the incident period beginning March 9, 2023.

Representative Angie Craig (D-MN) has reintroduced the Affordable Insulin Now Act in the House.

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 second quarter of 2023.

Sen. John Kennedy, (R-La), has introduced the Telehealth HSA Act. The Act would make permanent the ability of high deductible health plans (HDHPs) to waive the deductible for telehealth services without causing plan participants to lose the ability to contribute to a health savings account (HSA).

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 8, 2023, for severe winter storms in Tennessee, for the incident period of December 22, 2022, to December 27, 2022.

President Biden’s fiscal year 2024 budget includes proposed retirement account restrictions for certain taxpayers — similar to those included in the Build Back Better Act passed by the House in 2021 — but left by the wayside enroute to the passage of the Inflation Reduction Act of 2022.

The United States Senate on Thursday confirmed Danny Werfel, in a 54-42 vote, as the next commissioner of the Internal Revenue Service. Mr. Werfel, who was nominated in November 2022 as his predecessor Charles Rettig’s term ended, will serve through November 2027.

Credible studies have concluded that employers who automatically enroll plan participants into a retirement plan help place them on a lifetime path to meaningful savings.

On March 7, The IRS has issued Notice 2023-23, guidance that addresses required minimum
distribution (RMD) reporting by IRA trustees, custodians, and issuers.