regulatory updates

IRS Clarifies Partial Plan Termination During Pandemic

The IRS released a Q&A on the temporary partial plan termination rules for qualified retirement plans in accordance with the Taxpayer Certainty and Disaster Tax Relief Act of 2020.

FuturePlan ERISA Team

COVID-19

Defined Contribution Plan

IRS Guidance

Department of Labor Releases Cybersecurity Guidance

On April 14, the DOL’s (EBSA) issued—for the first time—guidance on best practices for maintaining cybersecurity.

FuturePlan ERISA Team

Washington Pulse

DOL

Defined Contribution Plan

Defined Benefit Plan

Fiduciary Issues

IRS Provides Details on Beneficiary Rules and CRD Repayments

The 2020 tax year version of IRS Publication 590-B reflects the following noteworthy updates pursuant to the passage of the SECURE, CARES, and Consolidated Appropriations Acts.

FuturePlan ERISA Team

Defined Contribution Plan

IRA

IRS Guidance

SECURE Act

Additional Prohibited Transaction Exemption Guidance

The Department of Labor (DOL) has issued two pieces of guidance on its new fiduciary advice prohibited transaction exemption, PTE 2020-02.

FuturePlan ERISA Team

Defined Contribution Plan

DOL

Fiduciary Issues

IRA

DOL Releases Cybersecurity Guidance for Plan Sponsors

The DOL’s Employee Benefits Security Administration today released a three-part guidance package on cybersecurity for plan sponsors, plan fiduciaries, service providers, and participants.

FuturePlan ERISA Team

Defined Contribution Plan

DOL

Fiduciary Issues

IRA

Updated Yield Curves and Segment Rates for DB Plans

The IRS has issued Notice 2021-27, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations.

FuturePlan ERISA Team

Retirement

Employer

Defined Benefit Plan

IRS Sets 2021 Retirement Plan Compliance Priorities

The IRS’ Tax Exempt and Government Entities Compliance Governance Board has approved the following to be prioritized and resourced, primarily through examination.

FuturePlan ERISA Team

Retirement

Employer

Congress Votes to Extend Paycheck Protection Program

A proposal to extend the Paycheck Protection Program (PPP) through the end of May has passed the Senate by a vote of 92-7. 

FuturePlan ERISA Team

Defined Benefit Plan

Defined Contribution Plan

Legislative updates

Adeyemo Confirmed as Deputy Secretary of the Treasury

Wally Adeyemo has been confirmed as Deputy Secretary of the Treasury after the Senate approved him in a bipartisan voice vote.

FuturePlan ERISA Team

IRS

Marty Walsh Confirmed as Secretary of Labor

Former Boston Mayor Marty Walsh was confirmed on Monday as Secretary of the Department of Labor (DOL). 

FuturePlan ERISA Team

DOL

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