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.”
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.”
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.
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.
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).
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.
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.
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.
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.
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.
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