Regulatory and Legislative

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on January 30, 2024, for West Virginia severe storms, flooding, landslides, and mudslides, for the incident period of August 28, 2023 – August 30, 2023.

The Internal Revenue Service (IRS) has announced the postponement of certain tax-related deadlines for victims of severe storms, flooding, and tornadoes in Rhode Island.

The Internal Revenue Service has issued Notice 2024-23 providing relief for taxpayers impacted by system issues affecting the Maryland Prepaid College Trust.

The IRS has announced the postponement of certain tax-related deadlines for victims in parts of Connecticut affected by severe storms, flooding, and a potential dam breach.

The Department of Labor has released amendments that supersede the Department’s existing procedure governing applications for exemptions from the prohibited transaction provisions of the Employee Retirement Security Act of 1974 (ERISA) and the Internal Revenue Code.

The Department of Treasury, the Department of Labor, and the Pension Benefit Guaranty Corporation have released a Request for Information (RFI) pursuant to Section 319 of SECURE 2.0.

The Department of Labor (DOL) has announced the release of a proposed regulation on automatic portability transactions pursuant to Section 120 of SECURE 2.0.

The Internal Revenue Service (IRS) has released Notice 2024-02, which provides guidance in a question and answer format regarding several provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0).

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on January 7, 2024 for Rhode Island severe storms, flooding, and tornadoes, for the incident period of September 10 – September 13, 2023.

The IRS has issued a final rule to update minimum present value requirements for defined benefit plan distributions.