regulatory and legislative

Document Guidance for Qualified Pre-Approved and 403(b) Plans

The IRS has released Revenue Procedure (Rev. Proc.)  2023-37, which contains new rules for qualified pre-approved plans and 403(b) plans.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Contribution Plan

Disaster Assistance May Be Available for Illinois Excessive Rainfall

The Federal Emergency Management Agency issued a disaster declaration on November 20, 2023, for Illinois excessive rainfall.  

FuturePlan ERISA Team

Defined Contribution Plan

IRA

Proposal Would Increase Retirement Plan Access for Younger Workers

Senator Bill Cassidy (R-LA), and co-sponsor Tim Kaine (D-VA) have introduced the “Helping Young Americans Save for Retirement Act”.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

IRS Announces Applicable Federal Rates for December 2023

The IRS has issued Revenue Ruling 2023-21, which contains the applicable federal rates (AFR) for December 2023.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

Retirement Plan Disaster Assistance May Be Available for Arkansas Severe Storms

The Federal Emergency Management Agency issued a disaster declaration on November 14, 2023, for Arkansas severe storms, straight-line winds, and tornadoes for the incident period of June 25-June 26, 2023.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

Defined Benefit Plan

DOL Final Rule on QPAM Exemptions at OMB

The Office of Management and Budget has received a final rule from the Department of Labor titled “Proposed Amendment to PTE 84-14 for Plan Asset Transactions Determined by an Independent Qualified Plan Asset Manager”.

FuturePlan ERISA Team

DOL

Fiduciary Issues

Defined Contribution Plan

Defined Benefit Plan

HSA

IRA

DOL Proposes Expanded Definition of Investment Advice Fiduciary

The proposed rule expands the definition of fiduciary; requires that advice being given to a broader range of retirement investors meet fiduciary standards; and treats more rollover recommendations as fiduciary advice.

FuturePlan ERISA Team

Washington Pulse

DOL

Regulations

IRS Releases 2024 Tax Inflation Adjustments

The IRS has issued Revenue Procedure 2023-34, which contains cost-of-living adjustments for taxable years beginning in 2024 for over 60 tax provisions, including cafeteria plans.

FuturePlan ERISA Team

IRS

IRS Guidance

Beneficial Ownership Reporting and IRA Owned LLCs

A Department of Treasury and Financial Crimes Enforcement Network (FinCEN) final rule that implements requirements of the Corporate Transparency Act (CTA), will impose beneficial ownership information (BOI) reporting requirements affecting IRA-owned LLCs.

FuturePlan ERISA Team

IRA

Increased Retirement Plan Startup Credit Proposed for Micro Businesses

Representative Claudia Tenney (R-NY) has introduced the Retirement Investment in Small Employers (RISE) Act.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

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