Proposal Allowing CITs in 403(b) Plans Passes out of Committee
A bill introduced by Representative Frank Lucas (R-OK) was approved by the House Financial Services Committee with bipartisan support by a vote of 35-12.
403(b) Plan Determination Program Opens June 1
The IRS provided a reminder in the May 24, 2023, edition of Employee Plans News that beginning June 1, 2023.
IRS Provides EPCRS Guidance Related to SECURE 2.0
The IRS has issued Notice 2023-43 to address questions and provide interim guidance related to Section 305 of SECURE 2.0.
Congressional Leaders Inform Treasury on SECURE 2.0 Technical Fixes
Congressional leadership from the House Committee on Ways and Means and the Senate Committee on Finance have sent a letter to officials at the Treasury Department.
SECURE 2.0 Provides New Ways to Take Penalty-Free Distributions
The SECURE 2.0 Act provides more ways for individuals to access their retirement savings and creates new exceptions to the 10% early distribution penalty tax.
SECURE 2.0 Adds New Penalty-Free Distribution Option for Certain Emergency Expenses
This infographic is part of a multi-part series that describes the penalty-free distribution options created by SECURE 2.0
Disaster Assistance May Be Available for Tennessee Severe Storms
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on May 17, 2023, for Tennessee severe thunderstorms and possible strong tornadoes, for the incident period of March 1, 2023 – March 3, 2023.
IRS Announces Applicable Federal Rates for June 2023
The IRS has issued Revenue Ruling 2023-10, which contains the applicable federal rates (AFR) for June 2023.
5 Reasons to Add a Cash Balance Plan Before Year End
Cash balance plans are the best way for business owners to significantly reduce their tax burden and accelerate retirement savings.
Updated Yield Curves and Segment Rates for DB Plans
The IRS has issued Notice 2023-40, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
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