Regulatory and Legislative

IRS Announces Applicable Federal Rates for January 2023

The IRS has issued Revenue Ruling 2023-1, which contains the applicable federal rates (AFR) for January 2023. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as "72(t) payments."

IRS IRS Guidance Defined Contribution Plan IRA

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.

Regulatory and Legislative

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.

Regulatory and Legislative

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.