legislative updates

New Bipartisan Retirement Savings Bill Introduced

Senators John Hickenlooper (D-CO) and Tom Tillis (R-NC), and Representatives Terri Sewell (D-AL) and Lloyd Smucker (R-PA) introduced the Retirement Savings for Americans Act.

FuturePlan ERISA Team

Legislative updates

2022 Form 5500 Series Informational Copies Released

The DOL’s EBSA, the IRS, and the PBGC jointly released the 2022 Form 5500, Annual Return/Report of Employee Benefit Plan, and the 2022 Form 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Contribution Plan

DOL

Legislative updates

Bill Proposed to Amend Family Attribution Rules

Senator Mark Kelly (D-AZ) and co-sponsor Senator Bill Cassidy (R-LA) have introduced S. 5125 the Family Attribution Modernization Act.

FuturePlan ERISA Team

Legislative updates

Hardship Distributions May Be Permitted for South Carolina Hurricane Ian

The Federal Emergency Management Agency (FEMA) has issued a disaster declaration for Hurricane Ian in South Carolina, beginning September 25, 2022, and ending October 4, 2022.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

IRA

DOL Releases Updated VFCP

The Department of Labor (DOL) has released a proposed amendment to its Voluntary Fiduciary Protection Program (VFCP).

FuturePlan ERISA Team

DOL

Defined Contribution Plan

Legislative updates

PBGC Extends Comment Period for Withdrawal Liability Proposed Rule

The PBGC is extending the comment period for a proposed rule that would provide interest rate assumptions that may be used by a plan actuary in determining a withdrawing employer’s liability under a multiemployer plan.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

Fiduciary Issues

PBGC Proposes Modifications to Form 5500 Schedule R and SB Reporting

The PBGC has submitted to the Office of Management and Budget an information collection request and extension related to Form 5500 series annual reporting requirements.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

Fiduciary Issues

SEC Re-Proposes Mutual Fund “Hard Close”

The SEC has released a proposed rule titled “Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N-PORT Reporting.”

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

Fiduciary Issues

SEC Adopts Rules to Enhance Proxy Voting Disclosures

The SEC has finalized rules to amend Form N-PX, Annual Report Of Proxy Voting Record of Registered Management Investment Company.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

Fiduciary Issues

Auto-Portability Legislation Introduced in House

Representatives Brad Schneider and Ron Estes have introduced HR 9252, Advancing Auto-Portability Act.

FuturePlan ERISA Team

Legislative updates

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