Regulatory and Legislative

Final Regulations for Default Electronic Delivery of Retirement Plan Disclosures

The Department of Labor’s Employee Benefits Security Administration (EBSA) has issued a pre-publication version of highly-anticipated final regulations on default electronic delivery of retirement plan disclosures. These regulations become effective 60 days following their publication in the Federal Register, currently scheduled for Wednesday, May 27.

Retirement plan administrators and service providers have been awaiting these final regulations since they were issued in proposed form in October 2019. This guidance is expected to enhance the ability of retirement plans and their service providers to deliver required disclosures to participants and beneficiaries by electronic means.

Defined Contribution Plan DOL Legislative updates Defined Benefit Plan

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for Nebraska Storms

The Federal Emergency Management Agency issued a Major Disaster Declaration on May 3, 2024, for Nebraska severe storms, straight-line winds, and tornadoes, for the incident period of April 25, 2024 – April 27, 2024.

Regulatory and Legislative

IRS Releases FAQs on SECURE 2.0 Disaster Relief

The Internal Revenue Service has released a set of frequently asked questions regarding rules for distributions from retirement plans and individual retirement arrangements (IRAs) under Section 331 of SECURE 2.0 for individuals affected by federally declared major disasters.

Regulatory and Legislative

IRS Reminds Businesses of SECURE 2.0 Impacts on Form W-2

The Internal Revenue Service is reminding businesses who sponsor a retirement plan that certain provisions of SECURE 2.0 that became effective in 2023 may impact their Form W-2 reporting requirements.