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.
Increased Retirement Plan Startup Credit Proposed for Micro Businesses
Representative Claudia Tenney (R-NY) has introduced the Retirement Investment in Small Employers (RISE) Act.
IRS Releases 2024 Cost-of-Living Adjusted Retirement Savings Limitations
The IRS has issued Notice 2023-75, which contains the 2024 cost-of-living increases for qualified retirement plan dollar limitations on benefits and contributions under the Internal Revenue Code (IRC).
PBGC Updates Maximum Guarantee Table for 2024
The Pension Benefit Guarantee Corporation (PBGC) has updated its table titled, “Present Value of PBGC Maximum Guarantee.
DOL Releases Proposed Fiduciary Rule
The Department of Labor (DOL) has released a new proposed rule updating the definition of an investment advice fiduciary under ERISA.
Retirement Plan Disaster Assistance May Be Available for Kansas Severe Storms
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on October 26, 2023, for severe storms, straight-line winds, tornadoes, and flooding in Kansas.
How SECURE 2.0 Changed the Hardship Rules
SECURE 2.0 expands hardship self-certification.
SECURE 2.0 Changes Catch-Up Contribution Rules
SECURE 2.0 requires that all catch-up contributions for a participant whose FICA wages for the prior year exceed $145,000 (indexed) be made on a Roth basis.
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