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Industry & Regulatory News
Proposal Allowing CITs in 403(b) Plans Passes out of Committee
A bill introduced by Representative Frank Lucas (R-OK) was approved by the House Financial Services Committee with bipartisan support by a vote of 35-12. H.R. 3063 would amend securities laws to allow collective investment trusts (CITs) in 403(b) plans.
Industry & Regulatory News
SECURE 2.0 Provides New Ways to Take Penalty-Free Distributions
The SECURE 2.0 Act provides more ways for individuals to access their retirement savings and creates new exceptions to the 10% early distribution penalty tax.
Industry & Regulatory News
IRS Provides EPCRS Guidance Related to SECURE 2.0
The IRS has issued Notice 2023-43 to address questions and provide interim guidance related to Section 305 of SECURE 2.0.
Industry & Regulatory News
Congressional Leaders Inform Treasury on SECURE 2.0 Technical Fixes
Congressional leadership from the House Committee on Ways and Means and the Senate Committee on Finance have sent a letter to officials at the Treasury Department indicating that Congress intends to introduce technical correction legislation to correct erroneous statutory language for several SECURE 2.0 provisions in order to accurately carry out Congressional intent.
Industry & Regulatory News
SECURE 2.0 Adds New Penalty-Free Distribution Option for Certain Emergency Expenses
This infographic is part of a multi-part series that describes the penalty-free distribution options created by SECURE 2.0
Industry & Regulatory News
Court Refuses to Dismiss Lawsuit Over Recordkeeping Fees
The U.S. District Court for the Northern District of Illinois has ruled in favor of the plaintiffs in a motion to dismiss a lawsuit against Pactiv Evergreen Services, Inc., which claims it breached its fiduciary duty to a 401(k) plan it sponsors.
Industry & Regulatory News
Retirement Plan Disaster Assistance May Be Available for Tennessee Severe Storms
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on May 17, 2023, for Tennessee severe thunderstorms and possible strong tornadoes, for the incident period of March 1, 2023 – March 3, 2023.
Industry & Regulatory News
2024 HSA Limits Released
The IRS has issued Revenue Procedure 2023-23, providing inflation-adjusted amounts for health savings accounts (HSAs) for calendar year 2024.
Industry & Regulatory News
IRS Announces Applicable Federal Rates for June 2023
The IRS has issued Revenue Ruling 2023-10, which contains the applicable federal rates (AFR) for June 2023.
Industry & Regulatory News
IRS Issues Yield Curves and Segment Rates for DB Plan Calculations
The IRS has issued Notice 2023-40, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.