legislative updates

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

House Proposal Would Modify Fiduciary Investment Selection Requirements

Representative Greg Murphy, along with co-sponsor Representatives Carol Miller, David Schweikert, and Lloyd Smucker have introduced HR 9198, the Safeguarding Investment Options for Retirement Act.

FuturePlan ERISA Team

Fiduciary Issues

Legislative updates

Mental Health Matters Act Passes House

H. R. 7780, the Mental Health Matters Act, has passed the House and has been referred to the Senate Committee on Health, Education, Labor & Pensions.

FuturePlan ERISA Team

Healthcare Reform

Legislative updates

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

Deadline Relief for South Carolina Victims of Hurricane Ian

The IRS has announced the postponement of certain tax-related deadlines for victims of Hurricane Ian in South Carolina.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

Gomez Confirmed as Assistant Secretary of Labor for EBSA

The Senate has confirmed Lisa Gomez as Assistant Secretary of Labor for the Employee Benefits Security Administration by a 49 to 36 vote.

FuturePlan ERISA Team

Legislative updates

Retirement Savings Modernization Act Introduced

Senators Tim Scott (R-SC), and Pat Toomey (R-PA), along with Representative Peter Meijer (R-MI), have introduced the Retirement Savings Modernization Act in the Senate and House respectively.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

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