House Passes the Build Back Better Act
On November 19, 2021, the U.S. House of Representatives passed H.R. 5376, the Build Back Better Act (“BBB Act” or “the Act”).
Infrastructure Bill Signed into Law
The Infrastructure Act includes additional pension funding relief, disaster relief changes, and new digital asset reporting requirements.
Form 5500 Changes Proposed
In September 2021, the DOL, IRS, and Pension Benefit Guaranty Corporation (PBGC), collectively referred to as the “Agencies”, released proposed changes to Form 5500, Annual Return/Report of Employee Benefit Plan.
IRS Makes Changes to Plan Correction Program
The IRS has released Revenue Procedure (Rev. Proc.) 2021-30, which contains significant updates to the Employee Plans Compliance Resolution System (EPCRS).
Department of Labor Releases Cybersecurity Guidance
On April 14, the DOL’s (EBSA) issued—for the first time—guidance on best practices for maintaining cybersecurity.
American Rescue Plan Act Provides Coronavirus Relief
President Biden has signed legislation that funds another round of assistance as the nation copes with the health and economic effects of the coronavirus pandemic.
IRS Releases Final QPLO Regulations
Plan participants have more time to roll over certain plan loan offsets under the Tax Cuts & Jobs Act of 2017 (TCJA).
DOL Releases Final PTE on Investment Advice
The DOL addresses how financial organizations or professionals can receive certain compensation that would otherwise violate the prohibited transaction rules.
Spending Bill Contains Coronavirus Relief
On December 21, 2020, Congress passed additional measures to provide economic relief from the effects of the coronavirus pandemic. On December 27, 2020, it was signed into law.
DOL Releases Final Rule for Pooled Plan Provider Registration
The DOL has issued final regulations on registering as a pooled plan provider (PPP), which is one of the initial steps that such providers must take before offering PEPs.
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