News

The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating interest assumptions under the asset allocation regulation for plans with valuation dates in the first quarter of 2023.

Effective December 14, 2022, the federal prime interest rate increased from 7 percent to 7.50 percent.

Earlier this year, the IRS released proposed regulations to update the mortality tables that are used to calculate minimum required contributions for single-employer defined benefit (DB) pension plans.

Senators John Hickenlooper (D-CO) and Tom Tillis (R-NC), and Representatives Terri Sewell (D-AL) and Lloyd Smucker (R-PA) introduced the Retirement Savings for Americans Act.

The DOL’s EBSA, the IRS, and the PBGC jointly released the 2022 Form 5500, Annual Return/Report of Employee Benefit Plan, and the 2022 Form 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan.

The new table is effective January 1, 2023.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe winter storm and snowstorm in New York.

Earlier this year, the IRS issued Notice 2022-27, further extending temporary relief from the physical presence requirements for certain elections.

The DOL’s final rule titled Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights has been published in the Federal Register.

FEMA has issued a disaster declaration for severe storms, flooding, landslides, and mudslides in West Virginia.