News

SECURE 2.0 Permits De Minimis Financial Incentives

For plan years beginning after December 29, 2022, employers that sponsor 401(k) or 403(b) plans may offer employees a “de minimis” financial incentive, such as a gift card, as long as the cost of the incentive is paid by the employer and not paid from plan assets.

FuturePlan ERISA Team

SECURE 2.0

Defined Contribution Plan

Legislative updates

Disaster Assistance May Be Available for Alaska Severe Storm

The Federal Emergency Management Agency issued a disaster declaration on March 15, 2024, for Alaska severe storm, landslides, and mudslides.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

DOL Final Rule on QPAM Exemptions Has Left OMB

A final rule titled, “Proposed Amendment to PTE 84-14 for Plan Asset Transactions Determined by an Independent Qualified Plan Asset Manager,” has left the Office of Management and Budget.

FuturePlan ERISA Team

DOL

Defined Contribution Plan

Fiduciary Issues

IRS Announces Applicable Federal Rates for April

The IRS has issued Revenue Ruling 2024-07, which contains the applicable federal rates (AFR) for April 2024.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

PBGC Updates Interest Assumptions for Valuing Benefits

These interest assumptions are used for valuing benefits under terminating single-employer plans.

FuturePlan ERISA Team

Fiduciary Issues

DOL Sends Final Fiduciary Rule to OMB

The Department of Labor has sent a final fiduciary rule titled “Retirement Security Rule: Definition of an Investment Advice Fiduciary” to the Office of Management and Budget (OMB).

FuturePlan ERISA Team

DOL

Fiduciary Issues

Disaster Assistance May Be Available for Vermont Severe Storms and Flooding

The Federal Emergency Management Agency issued a disaster declaration on March 2, 2024, for Vermont R1 severe storms and flooding.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Contribution Plan

IRA

IRS Announces Deadline Relief for Spokane Area Wildfires

The IRS has announced the postponement of certain tax-related deadlines for victims of wildfires in the Spokane, Washington, area.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Contribution Plan

IRA

Disaster Assistance May Be Available for New Hampshire Severe Storm

The Federal Emergency Management Agency issued a disaster declaration on February 27, 2024, for New Hampshire severe storm and flooding.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

Defined Benefit Plan

Deadline Relief for Severe Storms in San Diego

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms and flooding in San Diego, California.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

Defined Benefit Plan

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