ERISA News

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Utah Flooding

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.

December 26 2023

Industry & Regulatory News

IRS Announces Deadline Relief for Tennessee Storms and Tornadoes

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.

December 22 2023

Industry & Regulatory News

IRS Issues SECURE 2.0 Guidance

The IRS has released Notice 2024-2, Miscellaneous Changes Under the SECURE 2.0 Act of 2022. The so-called “Grab Bag” Notice provides guidance to multiple provisions of the SECURE 2.0 Act of 2022.

December 20 2023

Industry & Regulatory News

IRS Issues 2023 Cumulative List of Changes for Drafters of Pre-Approved Defined Contribution Plans

The IRS has issued Notice 2024-3, which contains the 2023 cumulative list of changes in requirements that must be taken into account by drafters of pre-approved defined contribution retirement plan documents for the fourth remedial amendment cycle (Cycle 4).

December 20 2023

Industry & Regulatory News

IRS Issues Exceptions to Penalties for Failure to File Correct Information Returns or Payee Statements

The IRS has released final regulations that provide de minimis error safe harbor exceptions to penalties for failure to file correct information returns or furnish correct payee statements.

December 19 2023

Industry & Regulatory News

IRS Provides 2024 Covered Compensation Tables Used in DB Plans

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.

December 18 2023

Industry & Regulatory News

IRS Announces Applicable Federal Rates for January 2024

The IRS has issued Revenue Ruling 2024-02, which contains the applicable federal rates (AFR) for January 2024. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as "72(t) payments."

December 15 2023

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

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. 

December 15 2023

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Tennessee Severe Storms

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.

December 14 2023

Industry & Regulatory News

Improved Coverage for Long-Term, Part-Time Employees

The SECURE 2.0 Act has shortened the time necessary to allow part-time workers access to 401(k) plans. 

December 13 2023