Industry & Regulatory News
Retirement Spotlight: IRS and DOL Release Guidance for PLESA Provisions
In January 2024, the Internal Revenue Service (IRS) released Notice 2024-22, providing guidance with respect to anti-abuse rules for Pension-Linked Emergency Savings Accounts (PLESAs), a new provision created by the SECURE 2.0 Act of 2022 (SECURE 2.0).
Retirement Plan Disaster Assistance May Be Available for Ohio Tornadoes
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on May 2, 2024, for Ohio tornadoes, for the incident period of March 14, 2024.
IRS Reminds Businesses of SECURE 2.0 Impacts on Form W-2
The Internal Revenue Service is reminding businesses who sponsor a retirement plan that certain provisions of SECURE 2.0 that became effective in 2023 may impact their Form W-2 reporting requirements.
IRS Releases FAQs on SECURE 2.0 Disaster Relief
The Internal Revenue Service (IRS) has released a set of frequently asked questions (FAQs) regarding rules for distributions from retirement plans and individual retirement arrangements (IRAs) under Section 331 of SECURE 2.0 for individuals affected by federally declared major disasters.
Retirement Plan Disaster Assistance May Be Available for Nebraska Storms
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 3, 2024, for Nebraska severe storms, straight-line winds, and tornadoes, for the incident period of April 25, 2024 – April 27, 2024.
Proposal to Disallow Certain Abortion Expenses as Qualified Medical Expenses Introduced
Representative Alex Mooney (R-WV), and seven Republican co-sponsors have introduced H.R. 8049, the Protecting Life in Health Savings Accounts Act.
Retirement Plan Disaster Assistance May Be Available for Oklahoma Severe Storm Victims
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 30, 2024, for Oklahoma Severe Storms, Straight-line Winds, Tornadoes, and Flooding, for the incident period of April 25, 2024, and continuing.
Retirement Plan Disaster Assistance May Be Available for Kansas Winter Storm
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 28, 2024, for a Kansas Winter Storm, for the incident period of January 8, 2024–January 16, 2024.
Retirement Plan Disaster Assistance May Be Available for Washington Storms
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 28, 2024, for Washington severe winter storms, straight-line winds, flooding, landslides, and mudslides, for the incident period of January 5, 2024–January 29, 2024.
ERISA Insights: DOL Releases Final Fiduciary Rule for Investment Advisers
The Department of Labor (DOL) has released a final rule updating the definition of an investment advice fiduciary under ERISA.
