regulatory updates

IRS Expands Circumstances for Extending Discretionary Amendment Deadlines

The IRS has issued Revenue Procedure 2020-40, which makes a minor modification to Revenue Procedures 2016-37 and 2019-39.

FuturePlan ERISA Team

Defined Contribution Plan

IRS Guidance

Lifetime Income Disclosures: A New Requirement for Pension Benefit Statements

The SECURE Act requires ERISA-covered plans to disclose an estimated monthly payment that participants could receive in a lifetime income stream.

FuturePlan ERISA Team

DOL

SECURE Act

Washington Pulse

DOL Rule Issued in Response to 2019 Executive Order

The DOL issued a final rule to formalize its policy and requirements for issuing, modifying, withdrawing, and using DOL guidance, and for making guidance available to the public.

FuturePlan ERISA Team

Defined Benefit Plan

Defined Contribution Plan

DOL

Public Hearing on Proposed Investment Advice Prohibited Transaction Exemption Set

The EBSA has announced a September 3 public hearing on the Improving Investment Advice for Workers and Retirees exemption.

FuturePlan ERISA Team

DOL

Fiduciary Issues

IRA

Proposed Regulations Issued on Pooled Plan Provider Registration

The EBSA has issued proposed regulations on registration requirements for entities that will function as "pooled plan providers", or PEPs, for retirement plans.

FuturePlan ERISA Team

Defined Contribution Plan

DOL

SECURE Act

PEP

Qualified Plan Loan Offset Rollover Rules Proposed by IRS

The IRS has released a notice of proposed rulemaking that takes into account changes made by the TCJA related to rollover rules for qualified plan loan offset (QPLO) amounts.

FuturePlan ERISA Team

Defined Contribution Plan

IRS Guidance

Loan Offset Rollover

DOL Releases Lifetime Income Disclosure Rule

The DOL announced an interim final rule that prescribes how retirement plans are to provide lifetime income information to savers.

FuturePlan ERISA Team

DOL

SECURE Act

Lifetime Income Disclosure

New Fees in 2021 for Certain Determination and Letter Ruling Requests

In Announcement 2020-14, the IRS provides advance notice of fee increases for certain determination applications, effective January 4, 2021.

FuturePlan ERISA Team

Defined Contribution Plan

IRS Guidance

SEC Proposal to Modernize Reports and Disclosures

The SEC has announced a proposal to modify and modernize the disclosure framework of mutual funds and exchange-traded funds that is intended to better serve the needs of retail investors.

FuturePlan ERISA Team

Defined Contribution Plan

IRA

IRS Guidance for Some DB Plans, Distribution Notices

The IRS has released two Notices with more guidance for certain provisions under the CARES and SECURE Acts.

FuturePlan ERISA Team

COVID-19

Defined Benefit Plan

Defined Contribution Plan

IRS Guidance

SECURE Act

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