Industry & Regulatory News

Industry & Regulatory News

Resolution Disapproving DOL ESG Rule Passes House

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.

March 01 2023

Industry & Regulatory News

Su Nominated as Secretary of Labor

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

March 01 2023
DOL

Industry & Regulatory News

Hardship Distributions May Be Permitted for South Dakota Severe Winter Storms

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.

February 28 2023

Industry & Regulatory News

Proposals Supporting ESG in Retirement Plans Introduced

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.

February 28 2023

Industry & Regulatory News

IRS Releases Proposed Rule on Use of Forfeitures in Qualified Plans

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

February 24 2023

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

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.

February 23 2023

Industry & Regulatory News

Additional Final Form 5500 Guidance Issued

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.

February 23 2023

Industry & Regulatory News

Retroactive First-Year Elective Deferrals for Sole Proprietors

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.

February 21 2023

Industry & Regulatory News

IRS Finalizes Electronic Filing Requirements for Certain Information Returns

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.

February 21 2023

Industry & Regulatory News

SEC Finalizes Changes to Clearance and Settlement of Securities

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

February 16 2023