defined contribution plan

Hardship Distributions May Be Permitted for Florida Hurricane Ian

The Federal Emergency Management Agency (FEMA) has issued a disaster declaration for Florida Hurricane Ian, beginning September 23, 2022.

FuturePlan ERISA Team

Defined Contribution Plan

Deadline Relief for Alaska Victims of Severe Storm, Flooding, and Landslides

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storm, flooding, and landslides in Alaska.

FuturePlan ERISA Team

IRS Guidance

IRA

Defined Contribution Plan

Federal Prime Interest Rate Increased to 6.25 Percent

Effective September 21, 2022, the Federal prime interest rate increased from 5.50 percent to 6.25 percent.

FuturePlan ERISA Team

Defined Contribution Plan

DOL

Deadline Relief for Puerto Rico Victims of Hurricane Fiona

The IRS has announced the postponement of certain tax-related deadlines for victims of hurricane Fiona in Puerto Rico.

FuturePlan ERISA Team

Defined Contribution Plan

IRS

IRS Guidance

Deadline Relief for Arizona Victims of Severe Storms

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms in Arizona.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

Senate Finance Committee Formally Introduces EARN Act

Senators Ron Wyden (D-OR) and Mike Crapo (R-ID), Senate Finance Committee Chair and Ranking Member, have introduced S.4808, the Enhancing American Retirement Now (EARN) Act.

FuturePlan ERISA Team

Legislative updates

IRA

Defined Contribution Plan

DOL Invites Public Hearing on QPAM Exemption

The DOL is extending the comment period for receiving written comments related to prohibited transaction class exemption 84-14 (the Proposed QPAM Amendment) to October 11, 2022.

FuturePlan ERISA Team

DOL

Defined Contribution Plan

Legislative updates

DOL Releases Interpretive Bulletin on Auditor Independence

The Department of Labor (DOL) has released Interpretive Bulletin 2022-01 (IB) relating to independence requirements for accountants who audit employee benefit plans.

FuturePlan ERISA Team

DOL

Defined Contribution Plan

Defined Benefit Plan

DOL’s Proposed Restated Voluntary Fiduciary Correction Program at OMB

The Office of Management and Budget has received a proposed rule from the Department of Labor (DOL) titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program”.

FuturePlan ERISA Team

DOL

Fiduciary Issues

Defined Contribution Plan

IRS Announces Applicable Federal Rates for September 2022

The IRS has issued Revenue Ruling 2022-17, which contains the applicable federal rates (AFR) for September 2022.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

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