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Industry & Regulatory News

IRS Issues 2023 Cumulative List of Changes for Drafters of Pre-Approved Defined Contribution Plans

The IRS has issued Notice 2024-3, which contains the 2023 cumulative list of changes in requirements that must be taken into account by drafters of pre-approved defined contribution retirement plan documents for the fourth remedial amendment cycle (Cycle 4).

December 20 2023

Industry & Regulatory News

IRS Issues Exceptions to Penalties for Failure to File Correct Information Returns or Payee Statements

The IRS has released final regulations that provide de minimis error safe harbor exceptions to penalties for failure to file correct information returns or furnish correct payee statements.

December 19 2023

Industry & Regulatory News

IRS Provides 2024 Covered Compensation Tables Used in DB Plans

The IRS has issued Revenue Ruling 2024-1, containing the covered compensation tables for the 2024 plan year. These tables are used in calculations for defined benefit pension plans when permitted disparity, sometimes called integration, is used in determining employer-provided benefits.

December 18 2023

Industry & Regulatory News

IRS Announces Applicable Federal Rates for January 2024

The IRS has issued Revenue Ruling 2024-02, which contains the applicable federal rates (AFR) for January 2024. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as "72(t) payments."

December 15 2023

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

The Internal Revenue Service (IRS) has issued Notice 2024-04, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. 

December 15 2023

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Tennessee Severe Storms

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on December 13, 2023, for Tennessee severe storms and tornadoes, for the incident period of December 9, 2023.

December 14 2023

Industry & Regulatory News

Improved Coverage for Long-Term, Part-Time Employees

The SECURE 2.0 Act has shortened the time necessary to allow part-time workers access to 401(k) plans. 

December 13 2023

Industry & Regulatory News

OMB Completes Review of DOL Regulatory Terms

Two Department of Labor (DOL) regulatory actions have been removed from the Office of Management and Budget’s list for review, signaling they may be released soon.

December 12 2023

Industry & Regulatory News

Washington Pulse: IRS Issues Proposed Long-Term, Part-Time Regulations

The Internal Revenue Service (IRS) has released a proposed regulation reflecting statutory changes related to long-term, part-time (LTPT) employees made by the SECURE Act of 2019 (SECURE Act) and the SECURE 2.0 Act of 2022 (SECURE 2.0). This proposed regulation would amend Treasury Regulation (Treas. Reg.) 1.401(k)-5 to reflect the rules for LTPT employees, including specific eligibility and vesting requirements. The proposed regulation also provides guidance regarding employer contributions with respect to LTPT employees and the impact that LTPT employees will have on nondiscrimination, coverage testing, and top-heavy benefits.

December 08 2023

Industry & Regulatory News

Proposed Automatic Portability Exemption at OMB

The Office of Management and Budget has received a proposed rule from the Department of Labor (DOL) titled “Exemption for Certain Automatic Portability Transactions”.

December 07 2023