Industry & Regulatory News

Industry & Regulatory News

SEC Proposes Rule Changes to Custody of Investment Advisor Client Assets

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

February 16 2023

Industry & Regulatory News

IRS Announces Applicable Federal Rates for March 2023

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

February 16 2023
IRS

Industry & Regulatory News

Military Spouse Retirement Plan Eligibility Credit for Small Employers

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

February 15 2023

Industry & Regulatory News

EBSA Proposes VFCP Amendments

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.

February 14 2023

Industry & Regulatory News

IRS Updates Operational Compliance List

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.

 

February 13 2023
IRS

Industry & Regulatory News

DOL Extending Comment Period for VFCP Update

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).

February 13 2023
DOL

Industry & Regulatory News

IRS Announces Issuance Opinion Letters and Restatement Deadline for Pre-Approved Defined Benefit Plans

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.”

February 08 2023

Industry & Regulatory News

Hardship Distributions May Be Permitted for North Dakota Severe Winter Storms

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.

February 07 2023
IRS

Industry & Regulatory News

Defined Benefit/Cash Balance Plan Key Priorities

Defined Benefit/Cash Balance Plan Key Priorities.

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

February 02 2023

Industry & Regulatory News

Defined Contribution Plan Key Priorities

Defined Contribution Plan Key Priorities. 

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

February 02 2023