Industry & Regulatory News

A resolution for congressional disapproval of the Department of Labor’s rule “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights” passed the House in a 216-204 vote.

President Biden has announced his intent to nominate Julie Su to serve as Secretary of the Department of Labor.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on February 27, 2023, for severe winter storms and snowstorms in South Dakota, for the incident period of December 12, 2022 – December 25, 2022.

Representative Suzan DelBene (D-WA) and co-sponsors Sean Casten (D-IL), Juan Vargas (D-CA), and Dean Phillips (D-MN) have introduced the Freedom to Invest in a Sustainable Future Act.

The IRS has released a proposed rule intending to clarify the use and timing of the allocation of forfeitures in qualified retirement plans.

The IRS has issued Notice 2023-19, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The Department of Labor’s (DOL’s) Employee Benefits Security Administration, the IRS, and the Pension Benefit Guaranty Corporation (PBGC) have released a third and final phase that implements a September 2021 regulatory proposal.

The SECURE 2.0 Act makes it easier for individuals who own the entire interest in an unincorporated trade or business to make elective deferrals to a 401(k) plan for their first plan year.

The IRS has released final regulations amending rules intended to increase the filing of electronic returns in accordance with the Taxpayer First Act of 2019.

The Securities and Exchange Commission (SEC) has issued a final rule “Shortening the Securities Transaction Settlement Cycle.”