Defined contribution plan

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on August 10, 2023, for Hawaii Wildfires, for the incident period beginning August 8, 2023, and continuing.

The Department of Labor’s (DOL’s) Wage and Hour Division has released a final rule updating the Davis-Bacon and Related Acts Regulations.

Senators Tim Kaine (D-VA) and Bill Cassidy (R-LA), and Representative Kathy Manning (D-NC), have reintroduced the Auto Reenroll Act of 2023, bicameral legislation to permit plan sponsors to reenroll non-participating eligible employees at least once every three years unless the individual affirmatively opts out again. 

The IRS has issued Notice 2023-53, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The Securities and Exchange Commission has released a proposed rule that would require broker-dealers and investment advisers to take certain steps to address conflicts of interest associated with use of predictive data analytics.

Effective July 26, 2023, the prime interest rate increased from 8.25 percent to 8.50 percent.

The Government Accountability Office (GAO) has released a report titled “403(b)
Retirement Plans: Department of Labor Should Update Educational Materials to Better Inform Plan Sponsors and Participants”.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on July 22, 2023, for severe storms and flooding in New York, for the incident period of July 9, 2023 – July 10, 2023.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on July 19, 2023, for severe storms and flooding in Minnesota, for the incident period of April 11, 2023 – April 30, 2023.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on July 19, 2023, for severe storms, straight-line winds, and tornadoes in Oklahoma, for the incident period of June 14, 2023 – June 18, 2023.