defined contribution plan

SEC Finalizes Rule to Modernize Shareholder Reports and Disclosures

The SEC has released a final rule to amend requirements for shareholder reports for mutual funds and exchange-traded funds (ETFs) and rules for investment company advertisements.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

Fiduciary Issues

SEC Proposes Requirements for Investment Advisor Outsourcing

The SEC has released a proposed rule to prohibit investment advisers from outsourcing certain services or functions without first meeting due diligence and ongoing monitoring requirements related to the “covered function”.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

Fiduciary Issues

Hardship Distributions May Be Permitted for Illinois Severe Storms

The Federal Emergency Management Agency (FEMA) has issued a disaster declaration for severe storm and flooding in Illinois, beginning October 14, 2022.

FuturePlan ERISA Team

IRS

Defined Contribution Plan

Defined Benefit Plan

IRS Announces Applicable Federal Rates for November 2022

The IRS has issued Revenue Ruling 2022-20, which contains the applicable federal rates (AFR) for November 2022.

FuturePlan ERISA Team

IRS

Defined Contribution Plan

Treasury Issues Final Rule on Employer-Sponsored Coverage and Premium Tax Credit

The Department of Treasury has issued a final rule amending the affordability determination used to determine a family’s eligibility for the premium tax credit.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

PBGC Proposes Rule Addressing Withdrawal Liability for Multiemployer Plans

The PBGC is proposing to 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

2023 Taxable Wage Base Announced

The Social Security Administration has announced the 2023 adjustments for benefits and certain other limitations that are subject to annual cost-of-living adjustment (COLA) indices.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

Proposed Rule Updating Employee Classification Under FLSA

The DOL Wage and Hour Division has released a proposed rule titled Employee or Independent Contractor Classification Under the Fair Labor Standards Act that is scheduled to be published on October 13, 2022.

FuturePlan ERISA Team

Defined Benefit Plan

Defined Contribution Plan

DOL

IRS Announces Targeted RMD Relief for Certain 2021 and 2022 Beneficiary Distributions under SECURE Act

The IRS has released Notice 2022-53, announcing its intent to issue final regulations related to RMDs that will apply no earlier than the 2023 distribution calendar year.

FuturePlan ERISA Team

Defined Contribution Plan

IRS

IRA

IRS Guidance

IRS Requests Comments on Form 5558 Revisions

The IRS has issued a notice and request for comments related to Form 5558, Application for Extension of Time to File Certain Employee Plan Returns.

FuturePlan ERISA Team

IRS

Defined Contribution Plan

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