Defined benefit plan

The Department of Labor has published in the Federal Register several inflation-adjusted penalty amounts for certain failures associated with qualified retirement plans.

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.

The Pension Benefit Guaranty Corporation (PBGC) has indicated they will launch a new and improved e-Filing Portal on February 1, 2024.

The Department of Labor’s Pension Benefits Guaranty Corporation (PBGC)—the agency that insures and has primary governance over defined benefit (DB) pension plans—has issued the 2024 plan year version of its Comprehensive Premium Filing Instructions.

Representatives Darin LaHood (R-IL), and Linda Sanchez (D-CA) have introduced H.R. 6757 to permit rollover contributions from Roth IRAs to designated Roth accounts in a 401(a), 403(a), 403(b) or 457(b) arrangement.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on December 23, 2023, for Utah flooding, for the incident period of May 1 – May 27, 2023.

The IRS has announced the postponement of certain tax-related deadlines for victims of Tennessee storms and tornadoes. The tax relief postpones various tax filing deadlines that began on December 9, 2023.

The IRS has issued Revenue Ruling 2024-1, containing the covered compensation tables for the 2024 plan year. These tables are used in calculations for defined benefit pension plans when permitted disparity, sometimes called integration, is used in determining employer-provided benefits.

The Internal Revenue Service (IRS) has issued Notice 2024-04, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. 

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on December 13, 2023, for Tennessee severe storms and tornadoes, for the incident period of December 9, 2023.