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FuturePlan ERISA Team
Regulatory and Legislative
DOL Final Rule on QPAM Exemptions at OMB
The Office of Management and Budget has received a final rule from the Department of Labor (DOL) titled “Proposed Amendment to PTE 84-14 for Plan Asset Transactions Determined by an Independent Qualified Plan Asset Manager”.
Regulatory and Legislative
Washington Pulse – DOL Proposes Expanded Definition of Investment Advice Fiduciary
The Department of Labor (DOL) recently released a regulatory package that includes a proposed amendment to the regulations that define what constitutes an investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (the “Retirement Security Rule”).
Regulatory and Legislative
Beneficial Ownership Reporting and IRA owned LLCs
A Department of Treasury and Financial Crimes Enforcement Network (FinCEN) final rule that implements requirements of the Corporate Transparency Act (CTA), will impose beneficial ownership information (BOI) reporting requirements affecting IRA-owned LLCs.
Regulatory and Legislative
IRS Releases 2024 Tax Inflation Adjustments
The IRS has issued Revenue Procedure 2023-34, which contains cost-of-living adjustments for taxable years beginning in 2024 for over 60 tax provisions, including cafeteria plans.
Regulatory and Legislative
Increased Retirement Plan Startup Credit Proposed for Micro Businesses
Representative Claudia Tenney (R-NY) has introduced the Retirement Investment in Small Employers (RISE) Act to encourage small businesses with no more than 10 employees who received at least $5,000 of compensation in the prior year to adopt retirement plans.
Regulatory and Legislative
IRS Releases 2024 Cost-of-Living Adjusted Retirement Savings Limitations
The IRS has issued Notice 2023-75, which contains the 2024 cost-of-living increases for qualified retirement plan dollar limitations on benefits and contributions under the Internal Revenue Code (IRC).
Regulatory and Legislative
PBGC Updates Maximum Guarantee Table for 2024
The Pension Benefit Guarantee Corporation (PBGC) has updated its table titled, “Present Value of PBGC Maximum Guarantee,” to reflect applicable values for distributions with annuity starting dates during calendar year 2024.
Regulatory and Legislative
DOL Releases Proposed Fiduciary Rule
The Department of Labor (DOL) has released a new proposed rule updating the definition of an investment advice fiduciary under ERISA.
Regulatory and Legislative
SECURE 2.0 Act Changes RMD Rules
On December 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023, which included the SECURE 2.0 Act.
Regulatory and Legislative
SECURE 2.0 Changes Catch-Up Contribution Rules
Under current law, employers may allow participants age 50 and older to make catch-up contributions on a pretax or Roth basis.