Defined contribution plan

Industry & Regulatory News
IRS Issues Deadline Relief for Arkansas Storm Victims

December 29, 2021 – The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of severe storms and tornados in Arkansas. The tax relief postpones various tax filing deadlines that began December 10, 2021. Affected individuals and households who reside or have a business in Craighead, Jackson, Mississippi, Poinsett, and Woodruff counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

December 30 2021
News
DOL Releases Form 5500 Revisions for Multiple-Employer Plans

December 28, 2021 – The Department of Labor’s Employee Benefits Security Administration (EBSA) has issued a notice with final forms revisions for Form 5500, Annual Return/Report of Employee Benefit Plan, and Form 5500-SF, Annual Return/Report of Small Employee Benefit Plan, relating to annual reporting changes for multiple-employer plans (MEPs) and pooled employer plans (PEPs). It specifically revises the Form 5500 and Form 5500-SF instructions for the 2021 reporting year for multiple-employer plans. It is effective for plan years beginning on or after January 1, 2021.

December 30 2021
Industry & Regulatory News
IRS Issues Deadline Relief for Illinois Storm Victims

December 28, 2021 – The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, and tornados in Illinois. The tax relief postpones various tax filing deadlines that began December 10, 2021. Affected individuals and households who reside or have a business in Bond, Cass, Coles, Effingham, Fayette, Jersey, Macoupin, Madison, Menard, Montgomery, Morgan, Moultrie, Pike, and Shelby counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

December 30 2021
Industry & Regulatory News
IRS Issues Deadline Relief for Alabama Storm Victims

December 28, 2021 – The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of severe storms and flooding in Alabama. The tax relief postpones various tax filing deadlines that began October 6, 2021. Affected individuals and households who reside or have a business in Jefferson and Shelby counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

December 30 2021
Industry & Regulatory News
DOL Issues "Supplemental Statement" to 2020 Information Letter

December 22, 2021 – The Department of Labor’s Employee Benefit Security Administration (EBSA) has issued a supplemental statement to a June 2020 Information Letter. The letter addressed whether plan fiduciaries should offer private equity investments as investment options in individual account defined contribution plans. The 2020 letter indicated that such plans could potentially include managed asset allocation funds with a private equity component, but pointed out that a plan fiduciary should take into account whether it is prudent to include such an investment, particularly if it is a component of a plan’s qualified default investment alternative (QDIA).

December 22 2021
Industry & Regulatory News
IRS Issues Deadline Relief for Kentucky Storm Victims

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for Kentucky victims of severe storms, flooding, and tornadoes. The tax relief postpones various tax filing and payment deadlines that occurred starting December 10. The areas included in the relief are Caldwell, Fulton, Graves, Hopkins, Marshall, Muhlenberg, Taylor, and Warren counties.

December 16 2021
Industry & Regulatory News
IRS Issues Required Amendments List for Individually Designed Plans

On November 30, 2021, the IRS released Notice 2021-64 containing the 2021 required amendments list. This annually issued list describes changes in retirement plan qualification requirements and amendment deadlines for individually designed qualified and individually designed 403(b) plans. Some items require plans to be amended, while others do not. The list of changes to qualification requirements are as follows.

December 01 2020
Industry & Regulatory News
Build Back Better Bill Passes House, Moves to Senate

The House of Representatives passed the $1.9 trillion Build Back Better bill in a 220-213 near party line vote. The House-passed version of the bill contains several IRA provisions, including

November 19 2021
Industry & Regulatory News
Committee Leaders Introduce Retirement Legislation in House

Leadership from the House Committee on Education and Labor and its Subcommittee on Health, Employment, Labor and Pensions have introduced the Retirement Improvement and Savings Enhancement (RISE) Act to expand worker access to a secure retirement.

November 10 2021
Industry & Regulatory News
Infrastructure Bill Heads to President for Signature

The much-anticipated Infrastructure Investment and Jobs Act (the Act) has passed the House of Representatives months after its approval in the Senate. The legislation contains the following noteworthy provisions.

November 10 2021