Retirement Spotlight – EBSA Proposes VFCP Amendments
The Department of Labor’s Employee Benefits and Security Administration (EBSA) recently released a proposed amendment to the Voluntary Fiduciary Correction Program (VFCP).
SECURE 2.0 Act Changes RMD Rules
On December 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023, which included the SECURE 2.0 Act.
SECURE 2.0 Employer Tax Credits
This credit applies to qualified plans (defined contribution and defined benefit plans under IRC Sec. 401(a) and 403(a)), and SEP and SIMPLE plans.
Deadline Relief for California Severe Storms
The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, flooding and landslides in California.
Updated Yield Curves and Segment Rates for DB Plans
The IRS has issued Notice 2023-12, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
IRS Announces Applicable Federal Rates for February 2023
The IRS has issued Revenue Ruling 2023-03, which contains the applicable federal rates (AFR) for February 2023.
Distributions May Be Permitted for Alabama Severe Storms
FEMA has issued a disaster declaration for severe storms, straight-line winds, and tornadoes in Alabama, for January 12, 2023.
Distributions May Be Permitted for Washington Severe Winter Storm
FEMA has issued a disaster declaration for severe winter storm, straight-line winds, flooding, landslides, and mudslides in Washington, for the period of November 3, 2022 – November 8, 2022.
Distributions May Be Permitted for California Winter Storms
FEMA has issued a disaster declaration for severe winter storms, flooding, landslides, and mudslides in California, starting on December 27, 2022.
Distributions May Be Permitted for Georgia Severe Weather
FEMA has issued a disaster declaration for severe weather in Georgia, for January 12, 2023.
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