regulatory updates

Federal Prime Interest Rate Increased to 6.25 Percent

Effective September 21, 2022, the Federal prime interest rate increased from 5.50 percent to 6.25 percent.

FuturePlan ERISA Team

Defined Contribution Plan

DOL

IRS Announces Applicable Federal Rates for October 2022

The IRS has issued Revenue Ruling 2022-18, which contains the applicable federal rates (AFR) for October 2022.

FuturePlan ERISA Team

IRS

PBGC Issues Interest Rate Assumptions for DB Plans

The PBGC has issued updated interest rate assumptions for benefit payments in terminating single-employer defined benefit (DB) pension plans.

FuturePlan ERISA Team

Legislative updates

Defined Benefit Plan

IRS Releases Draft 2023 Form W-4R

The IRS has posted a draft 2023 Form W-4R, Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions.

FuturePlan ERISA Team

IRS

Updated Yield Curves and Segment Rates for DB Plans

The IRS has issued Notice 2022-40, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Benefit Plan

Deadline Relief for Puerto Rico Victims of Hurricane Fiona

The IRS has announced the postponement of certain tax-related deadlines for victims of hurricane Fiona in Puerto Rico.

FuturePlan ERISA Team

Defined Contribution Plan

IRS

IRS Guidance

Deadline Relief for Arizona Victims of Severe Storms

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms in Arizona.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

Senate Finance Committee Formally Introduces EARN Act

Senators Ron Wyden (D-OR) and Mike Crapo (R-ID), Senate Finance Committee Chair and Ranking Member, have introduced S.4808, the Enhancing American Retirement Now (EARN) Act.

FuturePlan ERISA Team

Legislative updates

IRA

Defined Contribution Plan

IRS Provides Additional Form W-4P, W-4R Guidance

The IRS has provided additional guidance related to federal income tax withholding requirements for retirement plan and IRA payments.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

DOL Invites Public Hearing on QPAM Exemption

The DOL is extending the comment period for receiving written comments related to prohibited transaction class exemption 84-14 (the Proposed QPAM Amendment) to October 11, 2022.

FuturePlan ERISA Team

DOL

Defined Contribution Plan

Legislative updates

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