regulatory updates

2023 Mortality Rates and Tables for DB Plans

The IRS has issued Notice 2022-22, containing “mortality improvement rates” and “static mortality tables” to be used in certain liability determinations for defined benefit (DB) pension plans.

FuturePlan ERISA Team

Defined Benefit Plan

IRS

IRS Guidance

DOL Launches Roundtable Discussions on Retirement

The Department of Labor (DOL) has kicked off what is to be a series of roundtable discussions on how to improve retirement security for workers.

FuturePlan ERISA Team

Defined Contribution Plan

Defined Benefit Plan

IRA

IRA Bankruptcy Exemption Increases

Effective April 1, 2022, the maximum aggregate bankruptcy exemption amount for IRAs increased from $1,362,800 to $1,512,350.

FuturePlan ERISA Team

IRA

Additional 403(b) Plan Document Guidance Released

The IRS has released a revised Section 403(b) Pre-Approved Plans Listing of Required Modifications and Information Package (April 2022).

FuturePlan ERISA Team

IRS

IRS Guidance

IRS Announces Applicable Federal Rates for May 2022

The IRS has issued Revenue Ruling 2022-9, which contains the applicable federal rates (AFR) for May 2022.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

Updated Yield Curves and Segment Rates for DB Plans

The IRS has issued Notice 2022-16, 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

U.S. House Passes Significant Retirement Bill

The U.S. House of Representatives passed the Securing a Strong Retirement Act of 2022 (SSRA) by a 414-5 vote on March 29, 2022.

FuturePlan ERISA Team

Legislative updates

SECURE Act

IRA

Defined Contribution Plan

Defined Benefit Plan

DOL

ESOP

Washington Pulse

Penalty-Free Distributions for Domestic Abuse Victims Proposed

Senators Catherine Cortez Masto (D-NV) and John Cornyn (R-TX) have introduced the Savings Access for Escaping and Rebuilding Act of 2022 (SAFER Act).

FuturePlan ERISA Team

Defined Contribution Plan

Legislative updates

Comment Period for Prohibited Transaction Exemption Guidance Extended

The DOL’s Employee Benefit Security Administration has announced the extension of the public comment period for proposed amendments to procedures governing the filing and processing of prohibited transaction exemption applications.

FuturePlan ERISA Team

Defined Benefit Plan

Defined Contribution Plan

DOL

Protecting America’s Retirement Security Act Approved by Committee

The House Committee on Education and Labor approved to release the Protecting America’s Retirement Security Act without amendments to the House floor for consideration.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

DOL

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