Regulatory and Legislative

DOL Invites Public Hearing on QPAM Exemption

The Department of Labor (DOL) is extending the comment period for receiving written comments related to prohibited transaction class exemption 84-14 (the Proposed QPAM Amendment) to October 11, 2022. The DOL also intends to hold a public hearing on November 17, 2022, at which time a supplementary comment period will begin, and close approximately 14 days after the hearing transcript is posted on the EBSA’s web page.

Details of the proposed amendment were previously announced.

DOL Defined Contribution Plan Legislative updates

Regulatory and Legislative

IRS Announces Applicable Federal Rates for May

The IRS has issued Revenue Ruling 2024-09, which contains the applicable federal rates (AFR) for May 2024.

Regulatory and Legislative

IRS Provides Further RMD Transition Relief Under the SECURE Act

The IRS has issued Notice 2024-35 to provide additional transition relief for certain specified RMDs for 2024.

Regulatory and Legislative

Disaster Assistance May Be Available for Oregon Severe Storms

The Federal Emergency Management Agency issued a disaster declaration on April 13, 2024, for Oregon severe winter storms, straight-line-winds, landslides, and mudslides.