ERISA News

Industry & Regulatory News

IRS Announces Applicable Federal Rates for December 2023

The IRS has issued Revenue Ruling 2023-21, which contains the applicable federal rates (AFR) for December 2023.

November 16 2023

Industry & Regulatory News

Bill Would Expand HSA Usage to Wearable Devices

Representative Michelle Steel (R-CA), along with co-sponsors David Schweikert (R-AZ), and Ami Bera (D-CA), have introduced HR 6279, the “Wearable Equipment Adoption and Reinforcement and Investment in Technology Act”, or the “Wear It Act”.

November 16 2023

Industry & Regulatory News

Proposal Would Increase Retirement Plan Access for Younger Workers

Senator Bill Cassidy (R-LA), and co-sponsor Tim Kaine (D-VA) have introduced the “Helping Young Americans Save for Retirement Act”.

November 16 2023

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Arkansas Severe Storms

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on November 14, 2023, for Arkansas severe storms, straight-line winds, and tornadoes for the incident period of June 25-June 26, 2023.

November 15 2023

Industry & Regulatory News

DOL Final Rule on QPAM Exemptions at OMB

The Office of Management and Budget has received a final rule from the Department of Labor (DOL) titled “Proposed Amendment to PTE 84-14 for Plan Asset Transactions Determined by an Independent Qualified Plan Asset Manager”.

November 15 2023

Industry & Regulatory News

Washington Pulse: DOL Proposes Expanded Definition of Investment Advice Fiduciary

The Department of Labor (DOL) recently released a regulatory package that includes a proposed amendment to the regulations that define what constitutes an investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (the “Retirement Security Rule”).

November 10 2023

Industry & Regulatory News

IRS Releases 2024 Tax Inflation Adjustments

The IRS has issued Revenue Procedure 2023-34, which contains cost-of-living adjustments for taxable years beginning in 2024 for over 60 tax provisions, including cafeteria plans.

November 09 2023

Industry & Regulatory News

Beneficial Ownership Reporting and IRA owned LLCs

A Department of Treasury and Financial Crimes Enforcement Network (FinCEN) final rule that implements requirements of the Corporate Transparency Act (CTA), will impose beneficial ownership information (BOI) reporting requirements affecting IRA-owned LLCs.

November 09 2023
IRA

Industry & Regulatory News

Proposal Codifying Preventive Care Guidance Affecting HSAs Introduced

Senator John Thune (R-SD), along with co-sponsor Senator Thomas Carper (D-DE), introduced S. 3224, the Chronic Disease Flexible Coverage Act.

November 08 2023

Industry & Regulatory News

Increased Retirement Plan Startup Credit Proposed for Micro Businesses

Representative Claudia Tenney (R-NY) has introduced the Retirement Investment in Small Employers (RISE) Act to encourage small businesses with no more than 10 employees who received at least $5,000 of compensation in the prior year to adopt retirement plans.

November 06 2023