Disaster Assistance May Be Available for California Hurricane Hilary
The Federal Emergency Management Agency issued a disaster declaration on November 21, 2023, for California Hurricane Hilary, for the incident period of August 19-21, 2023.
Document Guidance for Qualified Pre-Approved and 403(b) Plans
The IRS has released Revenue Procedure (Rev. Proc.) 2023-37, which contains new rules for qualified pre-approved plans and 403(b) plans.
Disaster Assistance May Be Available for Illinois Excessive Rainfall
The Federal Emergency Management Agency issued a disaster declaration on November 20, 2023, for Illinois excessive rainfall.
Proposal Would Increase Retirement Plan Access for Younger Workers
Senator Bill Cassidy (R-LA), and co-sponsor Tim Kaine (D-VA) have introduced the “Helping Young Americans Save for Retirement Act”.
IRS Announces Applicable Federal Rates for December 2023
The IRS has issued Revenue Ruling 2023-21, which contains the applicable federal rates (AFR) for December 2023.
Retirement Plan Disaster Assistance May Be Available for Arkansas Severe Storms
The Federal Emergency Management Agency issued a disaster declaration on November 14, 2023, for Arkansas severe storms, straight-line winds, and tornadoes for the incident period of June 25-June 26, 2023.
DOL Final Rule on QPAM Exemptions at OMB
The Office of Management and Budget has received a final rule from the Department of Labor titled “Proposed Amendment to PTE 84-14 for Plan Asset Transactions Determined by an Independent Qualified Plan Asset Manager”.
DOL Proposes Expanded Definition of Investment Advice Fiduciary
The proposed rule expands the definition of fiduciary; requires that advice being given to a broader range of retirement investors meet fiduciary standards; and treats more rollover recommendations as fiduciary advice.
IRS Releases 2024 Tax Inflation Adjustments
The IRS has issued Revenue Procedure 2023-34, which contains cost-of-living adjustments for taxable years beginning in 2024 for over 60 tax provisions, including cafeteria plans.
Beneficial Ownership Reporting and IRA Owned LLCs
A Department of Treasury and Financial Crimes Enforcement Network (FinCEN) final rule that implements requirements of the Corporate Transparency Act (CTA), will impose beneficial ownership information (BOI) reporting requirements affecting IRA-owned LLCs.
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