regulatory updates

DOL Releases Final ESG Guidance

The DOL has posted a final rule regarding guidance initially focused on restricting the use of environmental, social, and governance (ESG) investments.

FuturePlan ERISA Team

Defined Benefit Plan

Defined Contribution Plan

DOL

Fiduciary Issues

Proposed DOL Rule to Help Define "Employee" vs. "Independent Contractor"

The DOL's Wage and Hour Division has published a notice of proposed rulemaking to help define "employee" under the FLSA, which sets the standards for minimum wage and overtime payments

FuturePlan ERISA Team

DOL

Sequel to SECURE Act Introduced

Richard Neal (D-MA) and Kevin Brady (R-TX) have introduced the Securing a Strong Retirement Act of 2020, described as building on major retirement legislation enacted in December 2019.

FuturePlan ERISA Team

Defined Contribution Plan

IRA

SECURE Act

Legislative updates

IRS Updates California Wildfire-Related Deadline Extensions

The IRS has updated previously-issued Announcement CA-2020-07, which describes the postponement of deadlines for victims of California wildfires that began on September 4, 2020.

FuturePlan ERISA Team

Defined Contribution Plan

IRS Guidance

IRA

IRS Announces Louisiana Hurricane-Related Deadline Extensions

The IRS has issued Announcement LA-2020-05, which describes the postponement of deadlines for victims of Hurricane Delta, damage from which began on October 6, 2020.

FuturePlan ERISA Team

Defined Contribution Plan

IRA

IRS Guidance

IRS Announces 2021 Inflation-Adjusted Welfare Benefits

The IRS has inflation-adjusted amounts for various provisions of the Internal Revenue Code (IRC), including employer-provided welfare benefits.

FuturePlan ERISA Team

Health and Welfare

IRS

2021 Retirement Savings Limitations Released

The IRS has issued Notice 2020-79, which contains the 2021 retirement savings plan limitations.

FuturePlan ERISA Team

Defined Contribution Plan

IRA

IRS Guidance

IRS Revises Rollover Self-Certification Rules

The IRS has issued modified guidance for taxpayers to self-certify their eligibility for an extension of the 60-day deadline to complete an otherwise-eligible rollover. 

FuturePlan ERISA Team

Defined Contribution Plan

IRS

IRS Guidance

IRA

New Guidance on Escheated Retirement Plan Account

The IRS has issued guidance for qualified retirement plans that escheat certain accounts of unresponsive or missing participants or beneficiaries to state unclaimed property funds.

FuturePlan ERISA Team

Defined Contribution Plan

IRS

IRS Guidance

Updated Yield Curves and Segment Rates for DB Plans

The IRS has posted Notice 2020-77, guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

FuturePlan ERISA Team

Defined Benefit Plan

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