FuturePlan ERISA Team

The Office of Management and Budget has received a proposed rule from the Department of Labor (DOL) titled “Exemption for Certain Automatic Portability Transactions”.

The Department of Labor (DOL) has issued a final rule updating the Davis-Bacon Act (DBA) and the Davis-Bacon Related Acts (together “DBRA”) nearly 40 years after the Department last completed a comprehensive revision of the guidelines.

The IRS has released a proposed rule reflecting statutory changes made by the SECURE Act and SECURE 2.0 related to long-term, part-time employees. The SECURE Act of 2019 expanded coverage for 401(k) plans to allow those who had worked at least 500 hours in three consecutive years to participate under a plan’s salary deferral provision – with service required to be counted beginning with plan years on or after January 1, 2021. SECURE 2.0 shortened this wait to two years effective for 2025 and later plan years, and expanded applicability to ERISA-covered 403(b) plans allowing salary deferrals.

The IRS has released Revenue Procedure (Rev. Proc.) 2023-37, which contains new rules for qualified pre-approved plans and 403(b) plans.

Senator Bill Cassidy (R-LA), and co-sponsor Tim Kaine (D-VA) have introduced the “Helping Young Americans Save for Retirement Act”.

The IRS has issued Revenue Ruling 2023-21, which contains the applicable federal rates (AFR) for December 2023.

The Office of Management and Budget has received a final rule from the Department of Labor (DOL) titled “Proposed Amendment to PTE 84-14 for Plan Asset Transactions Determined by an Independent Qualified Plan Asset Manager”.

The Department of Labor (DOL) recently released a regulatory package that includes a proposed amendment to the regulations that define what constitutes an investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (the “Retirement Security Rule”).

A Department of Treasury and Financial Crimes Enforcement Network (FinCEN) final rule that implements requirements of the Corporate Transparency Act (CTA), will impose beneficial ownership information (BOI) reporting requirements affecting IRA-owned LLCs.

The IRS has issued Revenue Procedure 2023-34, which contains cost-of-living adjustments for taxable years beginning in 2024 for over 60 tax provisions, including cafeteria plans.