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Industry & Regulatory News
IRS Announces Deadline Relief for Severe Storms in Connecticut
The IRS has announced the postponement of certain tax-related deadlines for victims in parts of Connecticut affected by severe storms, flooding, and a potential dam breach.
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.
Industry & Regulatory News
Washington Pulse: IRS Releases Guidance on SECURE 2.0 Provisions
The Internal Revenue Service (IRS) has released Notice 2024-02, which provides guidance in a question and answer format regarding several provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0).
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.
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.
Industry & Regulatory News
Retirement Plan Disaster Assistance May Be Available for Rhode Island Severe Storms
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on January 7, 2024 for Rhode Island severe storms, flooding, and tornadoes, for the incident period of September 10 – September 13, 2023.
Industry & Regulatory News
IRS Issues Yield Curves and Segment Rates for DB Plan Calculations
The Internal Revenue Service (IRS) has issued Notice 2024-21, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
DOL Announces 2024 Inflation Adjustments for Civil Penalties
The Department of Labor has published in the Federal Register several inflation-adjusted penalty amounts for certain failures associated with qualified retirement plans.
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.
Industry & Regulatory News
PBGC Announces Changes to e-Filing Portal
The Pension Benefit Guaranty Corporation (PBGC) has indicated they will launch a new and improved e-Filing Portal on February 1, 2024.