regulatory and legislative

Deadline Relief for Severe Storms in Connecticut

The IRS has announced the postponement of certain tax-related deadlines for victims in parts of Connecticut affected by severe storms, flooding, and a potential dam breach.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

Defined Benefit Plan

HSA

DOL Issues Final Rule on Prohibited Transaction Exemption Procedures

The Department of Labor has released amendments that 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

Agencies Release Reporting and Disclosure RFI Under SECURE 2.0

The Department of Treasury, the Department of Labor, and the Pension Benefit Guaranty Corporation have released a Request for Information pursuant to Section 319 of SECURE 2.0.

FuturePlan ERISA Team

SECURE 2.0

Legislative updates

IRS

IRS Guidance

DOL

Defined Benefit Plan

Defined Contribution Plan

DOL Releases Proposed Regulation on Automatic Portability Under SECURE 2.0

The Department of Labor has announced the release of a proposed regulation on automatic portability transactions pursuant to Section 120 of SECURE 2.0.

FuturePlan ERISA Team

SECURE 2.0

DOL

Legislative updates

Defined Contribution Plan

DOL Posts FAQs on PLESAs Under SECURE 2.0

The Department of Labor has announced the release of a set of frequently asked questions intended to provide general compliance information.

FuturePlan ERISA Team

Defined Benefit Plan

Defined Contribution Plan

DOL

Legislative updates

SECURE 2.0

IRS Finalizes Rule to Update Minimum Present Value Requirements for DB Plan Distributions

The IRS has issued a final rule to update minimum present value requirements for defined benefit plan distributions.

FuturePlan ERISA Team

Defined Benefit Plan

IRS

Legislative updates

Retirement Plan Disaster Assistance May Be Available for Rhode Island Severe Storms

The Federal Emergency Management Agency issued a disaster declaration on January 7, 2024 for Rhode Island severe storms, flooding, and tornadoes.

FuturePlan ERISA Team

Defined Benefit Plan

Defined Contribution Plan

IRA

IRS

IRS Guidance

Washington Pulse: IRS Releases Guidance on SECURE 2.0 Provisions

The Internal Revenue Service has released Notice 2024-02, which provides guidance in a question and answer format regarding several provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0).

FuturePlan ERISA Team

SECURE 2.0

Defined Benefit Plan

Defined Contribution Plan

IRA

IRS

IRS Guidance

Washington Pulse

IRS Announces Applicable Federal Rates for February

The IRS has issued Revenue Ruling 2024-03, which contains the applicable federal rates (AFR) for February 2024.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Contribution Plan

IRA

OMB Completes Review of DOL Automatic Portability Exemption Proposal

A Department of Labor proposed rule titled Exemption for Certain Automatic Portability Transactions has been removed from the Office of Management and Budget’s list for review.

FuturePlan ERISA Team

DOL

Legislative updates

SECURE 2.0

Defined Contribution Plan

IRA

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