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Defined benefit plan
Regulatory and Legislative
Retirement Spotlight: IRS Releases Final Guidance on Penalty Exceptions for Failure to File Correct Information Returns or Furnish Payee Statements
The Internal Revenue Service (IRS) has released final regulations that provide de minimis error safe harbor exceptions to penalties for failure to file correct information returns or furnish correct payee statements.
Regulatory and Legislative
Bill Introduced to Require PBGC to Recover Special Financial Assistance Overpayments
Senator Bill Cassidy (R-LA), ranking member of the Senate Health, Education, Labor, and Pensions Committee, and Rep. Virginia Foxx (R-NC), chair of the House Education and the Workforce Committee, introduced the GHOST Act.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for Maine
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on January 30, 2024, for Maine severe storms and flooding, for the incident period of December 17, 2023 – December 21, 2023.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for West Virginia
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on January 30, 2024, for West Virginia severe storms, flooding, landslides, and mudslides, for the incident period of August 28, 2023 – August 30, 2023.
Regulatory and Legislative
IRS Announces Deadline Relief for Severe Storms in Connecticut
The IRS has announced the postponement of certain tax-related deadlines for victims in parts of Connecticut affected by severe storms, flooding, and a potential dam breach.
Regulatory and Legislative
Agencies Release Reporting and Disclosure RFI Under SECURE 2.0
The Department of Treasury, the Department of Labor, and the Pension Benefit Guaranty Corporation have released a Request for Information (RFI) pursuant to Section 319 of SECURE 2.0.
Regulatory and Legislative
Washington Pulse: IRS Releases Guidance on SECURE 2.0 Provisions
The Internal Revenue Service (IRS) has released Notice 2024-02, which provides guidance in a question and answer format regarding several provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0).
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for Rhode Island Severe Storms
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on January 7, 2024 for Rhode Island severe storms, flooding, and tornadoes, for the incident period of September 10 – September 13, 2023.
Regulatory and Legislative
IRS Finalizes Rule to Update Minimum Present Value Requirements for DB Plan Distributions
The IRS has issued a final rule to update minimum present value requirements for defined benefit plan distributions.
Regulatory and Legislative
DOL Posts FAQs on PLESAs Under SECURE 2.0
The Department of Labor (DOL) has announced the release of a set of frequently asked questions intended to provide general compliance information under ERISA regarding pension-linked emergency savings account (PLESA) arrangements that are allowed under SECURE 2.0.