Regulatory and Legislative

PBGC Updates Interest Assumptions for Valuing Benefits for Second Quarter 2023

The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating interest assumptions under the asset allocation regulation for plans with valuation dates in the second quarter of 2023. These interest assumptions are used for valuing benefits under terminating single-employer plans. The rule is effective April 1, 2023.

Defined Contribution Plan Legislative updates

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.