FuturePlan ERISA Team

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.

The IRS has announced the postponement of certain tax-related deadlines for victims of Alaska severe storms, landslides, and mudslides.

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).

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).

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 20, 2024, for Maine severe storms and flooding, for the incident period of January 9 – 13, 2024.

The Federal Emergency Management Agency (FEMA) issued disaster declaration 4765 and 4766 on March 20, 2024, for Rhode Island severe storms and flooding, for the incident periods of December 17-19, 2023, and January 9-13, 2024.

The Internal Revenue Service has issued Notice 2024-29, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

An employer that maintains a SIMPLE IRA plan is generally not permitted to maintain another retirement plan in which employees may accrue benefits—a principle known as the exclusive plan rule.

Employers that sponsor a SIMPLE plan may allow increased salary deferral limits for their employees, starting in tax year 2024.

For plan years beginning after December 29, 2022, employers that sponsor 401(k) or 403(b) plans may offer employees a “de minimis” financial incentive, such as a gift card, as long as the cost of the incentive is paid by the employer and not paid from plan assets.