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Defined benefit plan
Regulatory and Legislative
DOL Amendment to Abandoned Plan Program Has Left OMB
Department of Labor (DOL) guidance titled “Amendment of Abandoned Plan Program” that has been with the Office of Management and Budget (OMB) since last July, has left OMB. According to the abstract filed with OMB, the principal purpose of the amendments is to permit bankruptcy trustees to use the DOL’s program to terminate and wind up the plans of sponsors in liquidation under Chapter 7 of the U.S. Bankruptcy Code.
Regulatory and Legislative
How IRS Notice 2024-35 Affects Beneficiaries
Proposed RMD regulations were released in February 2022.
Under the proposed regulations, if an account owner dies on or after their required beginning date, beneficiaries who are subject to the 10-year rule must take annual life expectancy payments during the first nine years.
Regulatory and Legislative
IRS Issues Yield Curves and Segment Rates for DB Plan Calculations (24)
The Internal Revenue Service has issued Notice 2024-34, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Regulatory and Legislative
DOL Fiduciary Rule Has Left OMB
A final rule titled “Retirement Security Rule: Definition of an Investment Advice Fiduciary” has left the Office of Management and Budget (OMB).
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for Alaska Severe Storm, Flooding, and Landslides
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 6, 2024, for Alaska severe storm, flooding, and landslides, for the incident period of November 20, 2023.
Regulatory and Legislative
IRS Announces Deadline Relief for Maine Severe Storms and Flooding (1)
The IRS has announced the postponement of certain tax-related deadlines for victims of Maine severe storms and flooding.
Regulatory and Legislative
DOL Releases Final Rule on QPAM Exemptions
The Department of Labor has issued a final rule “Amendment to Prohibited Transaction Class Exemption 84-14 (PTE 84-14) for Transactions Determined by Independent Qualified Professional Asset Managers (the QPAM Exemption)”.
Regulatory and Legislative
Agencies Extend Comment Deadline on Reporting and Disclosure RFI Under SECURE 2.0
The Department of Treasury, the Department of Labor, and the Pension Benefit Guaranty Corporation have extended the deadline for comments related to a Request for Information (RFI) released in January pursuant to Section 319 of SECURE 2.0.
Regulatory and Legislative
Washington Pulse: DOL Releases Final Rule Clarifying Employee or Independent Contractor Status
The Department of Labor (DOL) issued a final rule to assist employers when determining whether a worker is considered an employee or an independent contractor under the Fair Labor Standards Act (FLSA).
Regulatory and Legislative
Washington Pulse: DOL Releases Proposed Regulations for Automatic Portability Transactions
The Department of Labor (DOL) has released proposed regulations related to the implementation of section 120 of the SECURE 2.0 Act (SECURE 2.0).