IRS Releases Guidance on Inadvertent Benefit Overpayments Under SECURE 2.0
The Internal Revenue Service has released Notice 2024-77, Guidance Under Sections 414(aa) and 402(c)(12) of the Internal Revenue Code with Respect to Inadvertent Benefit Overpayments.
IRS and DOL Release Guidance for PLESA Provisions
While SECURE 2.0 provided the basic framework to establish PLESAs, the IRS was required to issue regulations to address remedies that employers can use to prevent misuse of these types of accounts.
IRS Issues Interim Guidance on Plan Corrections under SECURE 2.0 Act
The SECURE 2.0 Act of 2022, provisions affecting the Employee Plans Compliance Resolution System support the IRS trend toward shifting certain types of retirement account corrections to the Self Correction Program.
Proposed Regulations Govern Making Participant Elections and Spousal Consents Electronically
Responding to numerous requests to make the temporary provisions permanent, the IRS issued proposed regulations.
Retirement Spotlight – EBSA Proposes VFCP Amendments
The Department of Labor’s Employee Benefits and Security Administration (EBSA) recently released a proposed amendment to the Voluntary Fiduciary Correction Program (VFCP).
Retirement Spotlight – DOL’s Final ESG Rule Clarifies Duties
In this latest guidance, the DOL amends the “Investment Duties” regulation.
Retirement Spotlight – Department of Labor Changes “Employee vs. Contractor” Rule
The Department of Labor’s Wage and Hour Division has once again released guidance on the definition of “employee.”
Federal Prime Interest Rate Increased to 4.75%
Effective June 15, 2022, the Federal Prime interest rate increased from 4.00% to 4.75%.
IRS Finalizes Postponement Period for Federally Declared Disasters
The average number of natural disasters continues to rise. As a result, Congress and the IRS have tried to keep pace by providing relief for those affected by major disasters and emergencies.
DOL Releases Additional Investment Advice Guidance
This latest DOL guidance package presents helpful information in a more understandable format.
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