legislative updates

Build Back Better Provisions Resurface in White House Budget Proposal

President Biden’s fiscal year 2024 budget includes proposed retirement account restrictions for certain taxpayers.

FuturePlan ERISA Team

IRS

IRA

Defined Benefit Plan

Legislative updates

Senate Confirms New IRS Commissioner

The United States Senate on Thursday confirmed Danny Werfel, in a 54-42 vote, as the next commissioner of the Internal Revenue Service.

FuturePlan ERISA Team

IRS

Legislative updates

SECURE 2.0 Requires New Plans to Contain Automatic Enrollment Feature

Credible studies have concluded that employers who automatically enroll plan participants into a retirement plan help place them on a lifetime path to meaningful savings.

FuturePlan ERISA Team

SECURE 2.0

Legislative updates

Defined Contribution Plan

Proposals Supporting ESG in Retirement Plans Introduced

Representative Suzan DelBene (D-WA) and co-sponsors Sean Casten (D-IL), Juan Vargas (D-CA), and Dean Phillips (D-MN) have introduced the Freedom to Invest in a Sustainable Future Act.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

DOL

Improved Coverage for Long-Term, Part-Time Employees

The SECURE 2.0 Act has shortened the time necessary to allow part time workers access to 401(k) plans. 

FuturePlan ERISA Team

SECURE 2.0

Legislative updates

Defined Contribution Plan

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. 

FuturePlan ERISA Team

SECURE 2.0

Legislative updates

Defined Contribution Plan

SECURE 2.0 Act Changes RMD Rules

On December 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023, which included the SECURE 2.0 Act. 

FuturePlan ERISA Team

SECURE 2.0

Legislative updates

IRA

Defined Contribution Plan

Defined Benefit Plan

COVID-19 National Emergency Expected to End May 11

Earlier this week, President Biden announced his intent to extend the national emergency concerning the COVID-19 pandemic through May 11, 2023.

FuturePlan ERISA Team

Legislative updates

Form 5500 Guidance Under SECURE Act of 2019 Has Left the OMB

A final rule from the DOL titled “Implement SECURE Act and Related Revisions to Employee Benefit Plan Annual Reporting on the Form 5500” has left the OMB.

FuturePlan ERISA Team

Legislative updates

SECURE Act

SECURE 2.0 Employer Tax Credits

This credit applies to qualified plans (defined contribution and defined benefit plans under IRC Sec. 401(a) and 403(a)), and SEP and SIMPLE plans.

FuturePlan ERISA Team

SECURE 2.0

Defined Contribution Plan

Legislative updates

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