defined contribution plan

SEC Adopts Rules to Enhance Proxy Voting Disclosures

The SEC has finalized rules to amend Form N-PX, Annual Report Of Proxy Voting Record of Registered Management Investment Company.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

Fiduciary Issues

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.

FuturePlan ERISA Team

Defined Contribution Plan

DOL

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).

FuturePlan ERISA Team

Defined Contribution Plan

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.

FuturePlan ERISA Team

DOL

Fiduciary Issues

Defined Contribution Plan

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.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

Fiduciary Issues

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”.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

Fiduciary Issues

Hardship Distributions May Be Permitted for Illinois Severe Storms

The Federal Emergency Management Agency (FEMA) has issued a disaster declaration for severe storm and flooding in Illinois, beginning October 14, 2022.

FuturePlan ERISA Team

IRS

Defined Contribution Plan

Defined Benefit Plan

IRS Announces Applicable Federal Rates for November 2022

The IRS has issued Revenue Ruling 2022-20, which contains the applicable federal rates (AFR) for November 2022.

FuturePlan ERISA Team

IRS

Defined Contribution Plan

Treasury Issues Final Rule on Employer-Sponsored Coverage and Premium Tax Credit

The Department of Treasury has issued a final rule amending the affordability determination used to determine a family’s eligibility for the premium tax credit.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

PBGC Proposes Rule Addressing Withdrawal Liability for Multiemployer Plans

The PBGC is proposing to provide interest rate assumptions that may be used by a plan actuary in determining a withdrawing employer’s liability under a multiemployer plan.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

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