ERISA News

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Alaska Severe Storm, Landslides, and Mudslides

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 15, 2024, for Alaska severe storm, landslides, and mudslides, for the incident period of November 20, 2023.

March 18 2024

Industry & Regulatory News

DOL Final Rule on QPAM Exemptions Has Left OMB

A final rule titled, “Proposed Amendment to PTE 84-14 for Plan Asset Transactions Determined by an Independent Qualified Plan Asset Manager,” (QPAM) has left the Office of Management and Budget—suggesting that official release may come soon.

March 18 2024

Industry & Regulatory News

IRS Announces Applicable Federal Rates for April

The IRS has issued Revenue Ruling 2024-07, which contains the applicable federal rates (AFR) for April 2024.

March 18 2024

Industry & Regulatory News

PBGC Updates Interest Assumptions for Valuing Benefits for Second Quarter 2024

The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating interest assumptions under the asset allocation regulation for plans with valuation dates in the second quarter of 2024.

March 13 2024

Industry & Regulatory News

DOL Sends Final Fiduciary Rule to OMB

The Department of Labor has sent a final fiduciary rule titled “Retirement Security Rule: Definition of an Investment Advice Fiduciary” to the Office of Management and Budget (OMB). Text of the final rule is not available until after OMB completes their review. A proposed rule released last fall would expand the definition of investment advice fiduciary under ERISA and would make amendments to prohibited transaction exemptions regarding eligibility and conditions for exemption. A 60-day comment period on the proposal ended January 2, 2024.

March 11 2024

Industry & Regulatory News

IRS Issues Reminder on Appropriate FSA and HSA Medical Expenses

The IRS has released an alert reminding taxpayers that personal expenses for general health and wellness are not considered medical expenses for flexible spending account (FSA) and health savings account (HSA) purposes, and that reimbursement of non-medical expenses results in the arrangement no longer being qualified and all disbursements being includible in income.

March 07 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Vermont Severe Storms and Flooding

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 2, 2024, for Vermont R1 severe storms and flooding, for the incident period of December 18 – December 19, 2023.

March 04 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Spokane Area Wildfires

The IRS has announced the postponement of certain tax-related deadlines for victims of wildfires in the Spokane, Washington, area.

February 29 2024

Industry & Regulatory News

IRS Delays Electronic Filing Requirement for Form 1042

The IRS has issued Notice 2024-26, providing an administrative exemption from the electronic filing requirement for Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, otherwise required to be electronically filed in calendar year 2024.

February 28 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for New Hampshire Severe Storm

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on February 27, 2024, for New Hampshire severe storm and flooding, for the incident period of December 17 – December 21, 2023.

February 28 2024