regulatory and legislative

SEC Proposes Rule Changes to Custody of Investment Advisor Client Assets

The Securities and Exchange Commission (SEC) has issued a proposed rule “Safeguarding Advisory Client Assets.”

FuturePlan ERISA Team

Fiduciary Issues

SEC Finalizes Changes to Clearance and Settlement of Securities

The Securities and Exchange Commission (SEC) has issued a final rule “Shortening the Securities Transaction Settlement Cycle.”

FuturePlan ERISA Team

Fiduciary Issues

IRS Announces Applicable Federal Rates for March 2023

The IRS has issued Revenue Ruling 2023-05, which contains the applicable federal rates for March 2023.

FuturePlan ERISA Team

IRS

Military Spouse Retirement Plan Eligibility Credit for Small Employers

The SECURE 2.0 Act gives certain employers a general business tax credit for immediately including military spouses in their defined contribution plan. 

FuturePlan ERISA Team

SECURE 2.0

Legislative updates

Defined Contribution Plan

Retirement Spotlight – EBSA Proposes VFCP Amendments

The Department of Labor’s Employee Benefits and Security Administration (EBSA) recently released a proposed amendment to the Voluntary Fiduciary Correction Program (VFCP).

FuturePlan ERISA Team

DOL

Retirement Spotlight

Defined Contribution Plan

IRS Updates Operational Compliance List

The IRS recently updated its Operational Compliance List identifying changes in qualification requirements and Internal Revenue Code section 403(b) requirements effective in 2022.

FuturePlan ERISA Team

IRS

DOL Extending Comment Period for VFCP Update

The DOL’s EBSA is reopening the comment period for its proposed amendments to the VFCP and amendments to Prohibited Transaction Exemption 2002-51.

FuturePlan ERISA Team

DOL

SECURE 2.0 Act Increases RMD Age

On December 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023, which included the SECURE 2.0 Act. 

FuturePlan ERISA Team

SECURE 2.0

Legislative updates

IRA

Defined Contribution Plan

Defined Benefit Plan

IRS Announces Issuance Opinion Letters for Pre-Approved DB Plans

The IRS has released Announcement 2023-6, stating that it expects to issue opinion letters for pre-approved defined benefit plans that were filed with the IRS during the third remedial amendment cycle.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Benefit Plan

Hardship Distributions May Be Permitted for North Dakota Storms

FEMA issued a disaster declaration on February 5, 2023, for severe winter storms, snowstorms, and straight-line winds in North Dakota.

FuturePlan ERISA Team

IRS

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