ERISA News

Industry & Regulatory News

Affordable Insulin Now Act Proposed in House

Representative Angie Craig (D-MN) has reintroduced the Affordable Insulin Now Act in the House.

March 14 2023

Industry & Regulatory News

PBGC Updates Interest Assumptions for Valuing Benefits for Second Quarter 2023

The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating interest assumptions under the asset allocation regulation for plans with valuation dates in the second quarter of 2023.

March 14 2023

Industry & Regulatory News

Proposal Would Allow Permanent HDHP Waiver for Telehealth Services

Sen. John Kennedy, (R-La), has introduced the Telehealth HSA Act. The Act would make permanent the ability of high deductible health plans (HDHPs) to waive the deductible for telehealth services without causing plan participants to lose the ability to contribute to a health savings account (HSA).

March 13 2023

Industry & Regulatory News

Hardship Distributions May Be Permitted for Tennessee Severe Winter Storms

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 8, 2023, for severe winter storms in Tennessee, for the incident period of December 22, 2022, to December 27, 2022.

March 13 2023

Industry & Regulatory News

Build Back Better Provisions Resurface in White House Budget Proposal

President Biden’s fiscal year 2024 budget includes proposed retirement account restrictions for certain taxpayers — similar to those included in the Build Back Better Act passed by the House in 2021 — but left by the wayside enroute to the passage of the Inflation Reduction Act of 2022.

March 10 2023

Industry & Regulatory News

Senate Confirms New IRS Commissioner

The United States Senate on Thursday confirmed Danny Werfel, in a 54-42 vote, as the next commissioner of the Internal Revenue Service. Mr. Werfel, who was nominated in November 2022 as his predecessor Charles Rettig’s term ended, will serve through November 2027.

March 10 2023

Industry & Regulatory News

SECURE 2.0 Requires New Plans to Contain Automatic Enrollment Feature

Credible studies have concluded that employers who automatically enroll plan participants into a retirement plan help place them on a lifetime path to meaningful savings.

March 09 2023

Industry & Regulatory News

IRS Provides IRA Reporting Relief in Light of SECURE 2.0 Act’s RMD Age Change

On March 7, The IRS has issued Notice 2023-23, guidance that addresses required minimum
distribution (RMD) reporting by IRA trustees, custodians, and issuers.

March 08 2023

Industry & Regulatory News

Hardship Distributions May Be Permitted for Oklahoma Severe Winter Storms

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 3, 2023, for severe winter storms in Oklahoma, for the incident period of December 21, 2022 – December 25, 2022.

March 08 2023
IRS

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