regulatory updates

DOL Releases Interpretive Bulletin on Auditor Independence

The Department of Labor (DOL) has released Interpretive Bulletin 2022-01 (IB) relating to independence requirements for accountants who audit employee benefit plans.

FuturePlan ERISA Team

DOL

Defined Contribution Plan

Defined Benefit Plan

Deadline Relief for Mississippi Water Crisis Victims

The IRS has announced the postponement of certain tax-related deadlines for victims of a water crisis in Mississippi.

FuturePlan ERISA Team

IRS

IRS Guidance

DOL’s Proposed Restated Voluntary Fiduciary Correction Program at OMB

The Office of Management and Budget has received a proposed rule from the Department of Labor (DOL) titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program”.

FuturePlan ERISA Team

DOL

Fiduciary Issues

Defined Contribution Plan

IRS Issues Updates for DB Plan Calculations

The IRS has issued Notice 2022-35, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

FuturePlan ERISA Team

Defined Benefit Plan

IRS

IRS Guidance

DOL to Reopen Comment Period for Proposed Prohibited Transaction Procedure

The DOL has announced a public hearing scheduled for September 15, 2022.

FuturePlan ERISA Team

DOL

Legislative updates

IRS Announces Applicable Federal Rates for September 2022

The IRS has issued Revenue Ruling 2022-17, which contains the applicable federal rates (AFR) for September 2022.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

IRS Final Rule on Electronic Filing Requirements at OMB

The Office of Management and Budget has received a final rule from the IRS titled “Electronically Filed Returns”.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

HSA

IRS Issues Deadline Relief for Missouri Storm Victims

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

FuturePlan ERISA Team

IRS

Retirement Protection Act Proposed in House

Representatives David Schwikert (R-AZ) and Byron Donalds (R-FL) have introduced H.R. 8579, the Retirement Protection Act.

FuturePlan ERISA Team

Legislative updates

Proxy Vote Changes for Index Funds Proposed in House

Representatives Bill Huizenga (R-MI) and Blaine Luetkemeyer (R-MO) have introduced HR 8521, the Investor Democracy is Expected (INDEX) Act.

FuturePlan ERISA Team

Defined Contribution Plan

Legislative updates

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