News

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

IRS Releases 2024 Cost-of-Living Adjusted Retirement Savings Limitations

The IRS has issued Notice 2023-75, which contains the 2024 cost-of-living increases for qualified retirement plan dollar limitations on benefits and contributions under the Internal Revenue Code (IRC).

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Contribution Plan

IRA

Defined Benefit Plan

PBGC Updates Maximum Guarantee Table for 2024

The Pension Benefit Guarantee Corporation (PBGC) has updated its table titled, “Present Value of PBGC Maximum Guarantee.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

Defined Benefit Plan

DOL Releases Proposed Fiduciary Rule

The Department of Labor (DOL) has released a new proposed rule updating the definition of an investment advice fiduciary under ERISA.

FuturePlan ERISA Team

DOL

Legislative updates

Defined Contribution Plan

Fiduciary Issues

Retirement Plan Disaster Assistance May Be Available for Kansas Severe Storms

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on October 26, 2023, for severe storms, straight-line winds, tornadoes, and flooding in Kansas.

FuturePlan ERISA Team

Defined Benefit Plan

Defined Contribution Plan

IRA

How SECURE 2.0 Changed the Hardship Rules

SECURE 2.0 expands hardship self-certification. 

FuturePlan ERISA Team

SECURE 2.0

Legislative updates

SECURE 2.0 Changes Catch-Up Contribution Rules

SECURE 2.0 requires that all catch-up contributions for a participant whose FICA wages for the prior year exceed $145,000 (indexed) be made on a Roth basis.

FuturePlan ERISA Team

SECURE 2.0

Legislative updates

Retirement Savings for Americans Act Reintroduced

Senators John Hickenlooper (D-CO) and Thom Tillis (R-NC), and Representatives Terri Sewell (D-AL) and Lloyd Smucker (R-PA) have re-introduced the Retirement Savings for Americans Act.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

IRS Publishes 2024 Mortality Table for DB Plans

The IRS has issued Notice 2023-73, specifying the mortality table used in determining minimum present value under IRC 417(e)(3) and ERISA section 205(g)(3).

FuturePlan ERISA Team

IRS

Defined Contribution Plan

Defined Benefit Plan

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