Industry & Regulatory News

The Securities and Exchange Commission (SEC) has issued a proposed rule “Safeguarding Advisory Client Assets.”

The IRS has issued Revenue Ruling 2023-05, which contains the applicable federal rates for March 2023.

The SECURE 2.0 Act gives certain employers a general business tax credit for immediately including military spouses in their defined contribution plan.

The Department of Labor’s Employee Benefits and Security Administration (EBSA) recently released a proposed amendment to the Voluntary Fiduciary Correction Program (VFCP) to include a Self-Correction Component (SCC) for transactions eligible for correction under the program.

The IRS recently updated its Operational Compliance List identifying changes in qualification requirements and Internal Revenue Code section 403(b) requirements effective in 2022. The list does not include annual, monthly, or other periodic changes that routinely occur, but is updated periodically by the IRS to reflect new legislation and IRS guidance to help plan sponsors maintain operational compliance.

The Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) is reopening the comment period for its proposed amendments to the Voluntary Fiduciary Correction Program (VFCP) and amendments to Prohibited Transaction Exemption 2002-51, as originally proposed in November 2022. In reopening the comment period that had originally closed January 20, 2023, EBSA is citing section 305 of the SECURE 2.0 Act of 2022 that provides for the expansion of the IRS’s Employee Plans Compliance Resolution System (EPCRS).

The IRS has released Announcement 2023-6, stating that it expects to issue opinion letters for pre-approved defined benefit plans that were filed with the IRS during the third remedial amendment cycle “on February 28, 2023, or, in some cases, as soon as possible thereafter.”

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on February 5, 2023, for severe winter storms, snowstorms, and straight-line winds in North Dakota, for the incident period of November 9, 2022 – November 11, 2022.

Defined Benefit/Cash Balance Plan Key Priorities.

Please note: These provisions may be prioritized differently based on your individual business needs. 

Defined Contribution Plan Key Priorities. 

Please note: These provisions may be prioritized differently based on your individual business needs.