regulatory and legislative

Prime Interest Rate Increased to 8.00 Percent

Effective March 22, 2023, the prime interest rate increased from 7.75 percent to 8.00 percent.

FuturePlan ERISA Team

Defined Contribution Plan

Hardship Distributions May Be Permitted for Vermont Severe Storm

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 20, 2023, for severe storm and flooding in Vermont.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

DOL Reopens Comment Period on Proposed QPAM Exemption

The Department of Labor (DOL) has reopened the comment period for receiving written comments related to prohibited transaction class exemption 84-14 (the Proposed QPAM Amendment) to April 6, 2023.

FuturePlan ERISA Team

DOL

Defined Contribution Plan

IRS Provides Indexing for Employer Shared Responsibility Payments

The IRS has issued Revenue Procedure 2023-17 announcing the 2024 indexed adjustments to the amounts used to calculate employer shared responsibility payments.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Contribution Plan

IRS Intends to Issue Guidance on Certain NFTs as Collectibles

The IRS has issued Notice 2023-27, announcing their intent to issue guidance related to the treatment of certain nonfungible tokens (NFTs) as collectibles under Internal Revenue Code Section (IRC Sec.) 408(m).

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Biden Vetoes Resolution Disapproving DOL ESG Rule

As expected, President Biden has vetoed H.J. 30, a resolution for congressional disapproval of the Department of Labor’s rule “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights.”

FuturePlan ERISA Team

DOL

Legislative updates

Deadline Relief for California Severe Storms

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, flooding, and landslides in California.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

Defined Benefit Plan

Hardship Distributions May Be Permitted for New Hampshire Severe Storm

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 15, 2023, for severe winter storm and flooding in New Hampshire.

FuturePlan ERISA Team

IRS

IRA

Defined Contribution Plan

Hardship Distributions May Be Permitted for New York Severe Winter Storm

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 15, 2023, for severe winter storm and snowstorm in New York.

FuturePlan ERISA Team

IRS

IRA

Defined Contribution Plan

SEC Proposes Additional Requirements to Protect Consumer Financial Information

The SEC has proposed additional requirements for broker-dealers, investment companies, registered investment advisers and transfer agents.

FuturePlan ERISA Team

Defined Contribution Plan

Legislative updates

No Results