Regulatory and Legislative

Bill Allowing CITs in 403(b) Plans Introduced in Senate

Senators Katie Britt (R-AL), Raphael Warnock (D-GA), Bill Cassidy (R-LA), and Gary Peters (D-MI), have introduced S. 4917, the Retirement Fairness for Charities and Educational Institutions Act. According to a press release, the bill would allow collective investment trusts (CITs) as investments in 403(b) plans. Bill text is consistent with text found in H.R. 2799 which passed in the House of Representatives earlier this year.

While SECURE 2.0 amended the Internal Revenue Code to allow CITs for 403(b) arrangements, correlating securities laws amendments required to fully implement the provision were omitted.

Defined Contribution Plan Legislative updates

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for West Virginia Post-tropical Storm Helene

The Federal Emergency Management Agency issued a Major Disaster Declaration on December 9, 2024, for West Virginia Post-tropical Storm Helene.

Regulatory and Legislative

IRS Issues 2024 Required Amendments List for Qualified and 403(b) Plans

The Internal Revenue Service released Notice 2024-82, 2024 Required Amendments List for Qualified and Section 403(b) Plans.

Regulatory and Legislative

IRS Releases Interim Guidance on Inadvertent Benefit Overpayments

The Internal Revenue Service recently issued Notice 2024-77, providing interim guidance on the treatment of “inadvertent benefit overpayments” from defined benefit and defined contribution plans as provided by Section 301 of the SECURE 2.0 Act of 2022.