Federal Prime Interest Rate Increased to 7 Percent
Effective November 2, 2022, the federal prime interest rate increased from 6.25 percent to 7 percent.
PBGC Updates Maximum Guarantee Table For 2023
The 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 2023.
SEC Final Rule on Broker-Dealer Electronic Recordkeeping Requirements Set for Publication in Federal Register
The Securities and Exchange Commission (SEC) is adopting amendments to the recordkeeping rules applicable to broker-dealers, security-based swap dealers (SBSDs), and major security-based swap participants (MSBSPs).
Proposed Restated Voluntary Fiduciary Correction Program Has Left OMB
A Department of Labor proposed rule restating the Voluntary Fiduciary Correction Program (VFCP) has left the Federal Office of Management and Budget.
Auto-Portability Legislation Introduced in House
Representatives Brad Schneider and Ron Estes have introduced HR 9252, Advancing Auto-Portability Act.
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.
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”.
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.
Deadline Extended for Comments on DOL Proposal Updating Employee Classification Under FLSA
The Department of Labor’s Wage and Hour Division has extended the deadline to comment on its proposed rule titled Employee or Independent Contractor Classification Under the FLSA.
IRS Releases 2023 Cost-of-Living Adjusted Retirement Savings Limitations
The IRS has issued Notice 2022-55, which contains the 2023 cost-of-living increases for qualified retirement plan dollar limitations on benefits and contributions under the Internal Revenue Code (IRC).
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