irs guidance

IRS to Focus on ESOP Compliance

The IRS indicates in a news release its intent to focus on a range of compliance issues that can be associated with Employee Stock Ownership Plans.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Contribution Plan

Defined Benefit Plan

SEC Proposes Requirements for Use of Data Analytics

The Securities and Exchange Commission has released a proposed rule that would require broker-dealers and investment advisers to take certain steps to address conflicts of interest associated with use of predictive data analytics.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

Defined Benefit Plan

Updated Yield Curves and Segment Rates for DB Plans

The IRS has issued Notice 2023-53, 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

IRA

Defined Contribution Plan

Defined Benefit Plan

IRS Issues Interim Guidance on Plan Corrections under SECURE 2.0 Act

The SECURE 2.0 Act of 2022, provisions affecting the Employee Plans Compliance Resolution System support the IRS trend toward shifting certain types of retirement account corrections to the Self Correction Program.

FuturePlan ERISA Team

IRS

IRS Guidance

Retirement Spotlight

Defined Contribution Plan

IRA

SECURE 2.0

IRS Announces Deadline Relief for Vermont Flooding

The IRS has announced the postponement of certain tax-related deadlines for victims of flooding in Vermont.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

Defined Benefit Plan

IRS Provides Additional RMD Transition Relief Under SECURE, SECURE 2.0

The IRS has issued Notice 2023-54 to provide transition relief for required minimum distributions in connection with the change in required beginning date to age 73 under SECURE 2.0, and guidance for certain specified RMDs for 2023.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

Defined Benefit Plan

SECURE 2.0

SECURE Act

Outbreak Period Ends

The National Emergency in response to COVID-19 that began on March 20, 2020, ended on May 11, 2023.

FuturePlan ERISA Team

DOL

IRS

IRS Guidance

IRS Proposes Rules for Determining Corporate Bond Yield Curve

The IRS has released a proposed rule aimed at specifying the methodology used to develop the corporate bond yield curve.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Benefit Plan

Proposed Regulations Govern Making Participant Elections and Spousal Consents Electronically

Responding to numerous requests to make the temporary provisions permanent, the IRS issued proposed regulations.

FuturePlan ERISA Team

IRS

IRS Guidance

Retirement Spotlight

Defined Contribution Plan

IRS Provides EPCRS Guidance Related to SECURE 2.0

The IRS has issued Notice 2023-43 to address questions and provide interim guidance related to Section 305 of SECURE 2.0.

FuturePlan ERISA Team

IRS

IRS Guidance

SECURE 2.0

Defined Contribution Plan

IRA

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