regulatory updates

Updated Yield Curves and Segment Rates for DB Plans

The IRS has issued Notice 2022-14, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Benefit Plan

Proposed Rule on Prohibited Transaction Exemption Procedures

The DOL has released a proposal that would supersede the Department’s existing procedure governing applications for exemptions from the prohibited transaction provisions of ERISA and the Internal Revenue Code.

FuturePlan ERISA Team

DOL

Defined Contribution Plan

Defined Benefit Plan

DOL Final Rule on SECURE Act Group of Plan Reporting at OMB

Final regulations entitled, Implement SECURE Act and Related Revisions to Employee Benefit Plan Annual Reporting on the Form 5500, issued by the Department of Labor’s EBSA, have been received by the federal OMB.

FuturePlan ERISA Team

SECURE Act

Defined Contribution Plan

DOL

IRA Opinion Letter Program Temporarily Suspended

The temporary suspension will allow the IRS to update the prototype IRA opinion letter program, issue revised model forms and LRMs, and issue published guidance to reflect recent legislation.

FuturePlan ERISA Team

IRS

IRA

SECURE Act

DOL Releases Proposed Rule Updating Davis-Bacon Regulations

The Department of Labor’s (DOL’s) Wage and Hour Division has released a proposed rule Updating the Davis-Bacon and Related Acts Regulations.

FuturePlan ERISA Team

DOL

Defined Contribution Plan

PBGC Issues Interest Rate Assumptions for DB Plans

The PBGC has issued updated interest rate assumptions for benefit payments in terminating single-employer defined benefit (DB) pension plans.

FuturePlan ERISA Team

Defined Benefit Plan

DOL Issues Compliance Release on Cryptocurrencies

The DOL has issued Compliance Assistance Release 2022-01 on the use of cryptocurrencies as plan investments in 401(k) plans.

FuturePlan ERISA Team

DOL

Fiduciary Issues

IRS Releases Proposed Required Minimum Distribution Regulations

After a two year wait, we have guidance regarding certain changes brought about by the SECURE Act.

FuturePlan ERISA Team

IRS

IRS Guidance

SECURE Act

Defined Contribution Plan

Defined Benefit Plan

IRA

Legislation Proposed to Automatically Re-enroll Employees

Bill text has been made available for legislation introduced by Senator Tim Kaine (D-VA) intending to improve participation in employer-sponsored retirement plans.

FuturePlan ERISA Team

Defined Contribution Plan

Legislative updates

IRS Issues User Fee Guidance for EAs and ERPAs

The IRS has issued a proposed rule to increase the renewal fee for Enrolled Agents (EA) and Enrolled Retirement Plan Agents (ERPA).

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Contribution Plan

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