Regulatory and Legislative

Regulatory and Legislative

IRS Posts Additional Instructions for Benefit Plan Determinations

The IRS has released updated Instructions for Form 5307, Application for Determination for Adopters of Modified Nonstandardized Pre-Approved Plans.

Proposal Allowing CITs in 403(b) Plans Passes out of Committee

A bill introduced by Representative Frank Lucas (R-OK) was approved by the House Financial Services Committee with bipartisan support by a vote of 35-12.

Retirement Plan Disaster Assistance May Be Available for California Severe Storm and Flooding

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on May 25, 2023, for a California severe storm and flooding.

403(b) Plan Determination Program Opens June 1

The IRS provided a reminder in the May 24, 2023, edition of Employee Plans News that beginning June 1, 2023.

SECURE 2.0 Provides New Ways to Take Penalty-Free Distributions

The SECURE 2.0 Act provides more ways for individuals to access their retirement savings and creates new exceptions to the 10% early distribution penalty tax.