Prime Interest Rate Increased to 8.5 Percent
Effective July 26, 2023, the prime interest rate increased from 8.25 percent to 8.50 percent.
Updated Yield Curves and Segment Rates for DB Plans
The IRS has issued Notice 2023-53, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
GAO Reports on 403(b) Plans
The Government Accountability Office has released a report titled “403(b) Retirement Plans: Department of Labor Should Update Educational Materials to Better Inform Plan Sponsors and Participants”.
Retirement Plan Disaster Assistance May Be Available for New York Severe Storms and Flooding
The Federal Emergency Management Agency issued a disaster declaration on July 22, 2023, for severe storms and flooding in New York.
Retirement Plan Disaster Assistance May Be Available for Minnesota Severe Storms
The Federal Emergency Management Agency issued a disaster declaration on July 19, 2023, for severe storms and flooding in Minnesota.
Retirement Plan Disaster Assistance May Be Available for Oklahoma Severe Storms
The Federal Emergency Management Agency issued a disaster declaration on July 19, 2023, for severe storms, straight-line winds, and tornadoes in Oklahoma.
IRS Announces Applicable Federal Rates for August 2023
The IRS has issued Revenue Ruling 2023-13, which contains the applicable federal rates (AFR) for August 2023.
DOL Begins SECURE 2.0 Mandated Review of Pension Risk Transfer Interpretive Bulletin
The Department of Labor has released a paper to initiate consultation with the ERISA Advisory Council as a first step in fulfilling the requirements of Section 321 of the SECURE 2.0 Act titled “Review of Pension Risk Transfer Interpretive Bulletin.”
Retirement Plan Disaster Assistance May Be Available for Vermont Severe Storms
The Federal Emergency Management Agency issued a disaster declaration on July 14, 2023, for severe storms and flooding in Vermont, for the incident period beginning July 7, 2023.
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.
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