regulatory and legislative

DOL Releases Proposed Regulation on Automatic Portability Under SECURE 2.0

The Department of Labor has announced the release of a proposed regulation on automatic portability transactions pursuant to Section 120 of SECURE 2.0.

FuturePlan ERISA Team

SECURE 2.0

DOL

Legislative updates

Defined Contribution Plan

DOL Posts FAQs on PLESAs Under SECURE 2.0

The Department of Labor has announced the release of a set of frequently asked questions intended to provide general compliance information.

FuturePlan ERISA Team

Defined Benefit Plan

Defined Contribution Plan

DOL

Legislative updates

SECURE 2.0

IRS Finalizes Rule to Update Minimum Present Value Requirements for DB Plan Distributions

The IRS has issued a final rule to update minimum present value requirements for defined benefit plan distributions.

FuturePlan ERISA Team

Defined Benefit Plan

IRS

Legislative updates

Retirement Plan Disaster Assistance May Be Available for Rhode Island Severe Storms

The Federal Emergency Management Agency issued a disaster declaration on January 7, 2024 for Rhode Island severe storms, flooding, and tornadoes.

FuturePlan ERISA Team

Defined Benefit Plan

Defined Contribution Plan

IRA

IRS

IRS Guidance

Washington Pulse: IRS Releases Guidance on SECURE 2.0 Provisions

The Internal Revenue Service has released Notice 2024-02, which provides guidance in a question and answer format regarding several provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0).

FuturePlan ERISA Team

SECURE 2.0

Defined Benefit Plan

Defined Contribution Plan

IRA

IRS

IRS Guidance

Washington Pulse

IRS Announces Applicable Federal Rates for February

The IRS has issued Revenue Ruling 2024-03, which contains the applicable federal rates (AFR) for February 2024.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Contribution Plan

IRA

OMB Completes Review of DOL Automatic Portability Exemption Proposal

A Department of Labor proposed rule titled Exemption for Certain Automatic Portability Transactions has been removed from the Office of Management and Budget’s list for review.

FuturePlan ERISA Team

DOL

Legislative updates

SECURE 2.0

Defined Contribution Plan

IRA

Updated Yield Curves and Segment Rates for DB Plans

The Internal Revenue Service has issued Notice 2024-21, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Benefit Plan

IRS Issues Limited Guidance for PLESAs Under SECURE 2.0

The IRS has released Notice 2024-22, providing guidance on anti-abuse rules under Section 127 of the SECURE 2.0 Act with respect to Pension-Linked Emergency Savings Accounts.

FuturePlan ERISA Team

IRS

Legislative updates

SECURE 2.0

Defined Contribution Plan

PBGC Announces 2024 Inflation Adjustments for Civil Penalties

The Pension Benefit Guaranty Corporation has published in the Federal Register inflation-adjusted penalty amounts for failure to provide certain notices or other material information.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

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