Hardship Distributions May Be Permitted for South Dakota Severe Storms
FEMA issued a disaster declaration on February 27, 2023, for severe winter storms and snowstorms in South Dakota.
Proposals Supporting ESG in Retirement Plans Introduced
Representative Suzan DelBene (D-WA) and co-sponsors Sean Casten (D-IL), Juan Vargas (D-CA), and Dean Phillips (D-MN) have introduced the Freedom to Invest in a Sustainable Future Act.
Proposed Rule on Use of Forfeitures in Qualified Plans Released
The IRS has released a proposed rule intending to clarify the use and timing of the allocation of forfeitures in qualified retirement plans.
Improved Coverage for Long-Term, Part-Time Employees
The SECURE 2.0 Act has shortened the time necessary to allow part time workers access to 401(k) plans.
Additional Final Form 5500 Guidance Issued
The revisions are effective for plan years beginning on or after January 1, 2023.
IRS Finalizes Electronic Filing Requirements for Certain Information Returns
The IRS has released final regulations amending rules intended to increase the filing of electronic returns in accordance with the Taxpayer First Act of 2019.
Military Spouse Retirement Plan Eligibility Credit for Small Employers
The SECURE 2.0 Act gives certain employers a general business tax credit for immediately including military spouses in their defined contribution plan.
Retirement Spotlight – EBSA Proposes VFCP Amendments
The Department of Labor’s Employee Benefits and Security Administration (EBSA) recently released a proposed amendment to the Voluntary Fiduciary Correction Program (VFCP).
SECURE 2.0 Act Changes RMD Rules
On December 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023, which included the SECURE 2.0 Act.
SECURE 2.0 Employer Tax Credits
This credit applies to qualified plans (defined contribution and defined benefit plans under IRC Sec. 401(a) and 403(a)), and SEP and SIMPLE plans.
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