ERISA News

Industry & Regulatory News

Lawsuit Over Tip Compensation Settled

Plaintiffs in a lawsuit against Hyatt Corp. who sued over its practices relating to tip wages agreed to settle their claims for $1.5 million.

July 17 2023

Industry & Regulatory News

IRS Provides Additional RMD Transition Relief Under SECURE/SECURE 2.0

The IRS has issued Notice 2023-54 to provide transition relief for required minimum distributions (RMDs) in connection with the change in required beginning date (RBD) to age 73 under SECURE 2.0, and guidance for certain specified RMDs for 2023.

July 14 2023

Industry & Regulatory News

IRS Announces Deadline Relief for Vermont Flooding

The IRS has announced the postponement of certain tax-related deadlines for victims of flooding in Vermont. The tax relief postpones various tax filing deadlines that began on July 9, 2023.

July 14 2023

Industry & Regulatory News

SEC Finalizes Money Market Fund Reforms

The Securities and Exchange Commission (SEC) has released a final rule that amends certain rules governing money market funds. A fact sheet highlights the following changes.

July 13 2023

Industry & Regulatory News

PBGC Issues Benefits Payable and Allocation Guidance for Single-Employer Plans

The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating regulations regarding benefits payable in terminated single-employer plans and allocation of assets in single-employer plans.

July 11 2023

Industry & Regulatory News

Outbreak Period Ends

The National Emergency in response to COVID-19 that began on March 20, 2020, ended on May 11, 2023. The Outbreak Period ended July 10, 2023, 60-days after the end of the National Emergency.

July 11 2023

Industry & Regulatory News

SECURE 2.0 Will Allow a Special Emergency Savings Account Within Certain Qualified Plans

Congress has wrestled with Americans’ lack of emergency savings for years. Numerous proposals have been offered, but no substantial measures have passed. Until now.

July 11 2023

Industry & Regulatory News

Proposal Allowing Annuities as QDIA Re-Introduced

Representatives Donald Norcross (D-NJ) and co-sponsor Tim Walberg (R-MI) have re-introduced the Lifetime Income for Employees Act. H.R. 3942 would allow annuities as a default investment in 401(k) plans.

July 11 2023

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for North Dakota Flooding

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on July 5, 2023, for North Dakota flooding, for the incident period of April 10, 2023 – May 6, 2023.

July 07 2023

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Maine Severe Storm and Flooding

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on July 6, 2023, for Maine severe storm and flooding, for the incident period of April 30, 2023 – May 1, 2023.

July 07 2023