defined contribution plan

Hardship Distributions May Be Permitted for Mississippi Severe Storms

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 26, 2023, for severe storms, straight-line winds, and tornados in Mississippi.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

Defined Benefit Plan

Deadline Relief for New York Severe Winter Storm and Snowstorm

The IRS has announced the postponement of certain tax-related deadlines for victims of severe winter storms and snowstorms in New York.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

Defined Benefit Plan

Employer Tax Credits, Part 2

The SECURE 2.0 Act modifies one small-employer credit and creates another. These credits may make establishing and contributing to a plan much more attractive. Ultimately, these credits may make it possible for employers to adopt and run a plan with no out-of-pocket expense for the first few years that a plan is in place.

FuturePlan ERISA Team

SECURE 2.0

Defined Contribution Plan

Legislative updates

Prime Interest Rate Increased to 8.00 Percent

Effective March 22, 2023, the prime interest rate increased from 7.75 percent to 8.00 percent.

FuturePlan ERISA Team

Defined Contribution Plan

Hardship Distributions May Be Permitted for Vermont Severe Storm

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 20, 2023, for severe storm and flooding in Vermont.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

DOL Reopens Comment Period on Proposed QPAM Exemption

The Department of Labor (DOL) has reopened the comment period for receiving written comments related to prohibited transaction class exemption 84-14 (the Proposed QPAM Amendment) to April 6, 2023.

FuturePlan ERISA Team

DOL

Defined Contribution Plan

IRS Provides Indexing for Employer Shared Responsibility Payments

The IRS has issued Revenue Procedure 2023-17 announcing the 2024 indexed adjustments to the amounts used to calculate employer shared responsibility payments.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Contribution Plan

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.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

Defined Benefit Plan

Hardship Distributions May Be Permitted for New Hampshire Severe Storm

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 15, 2023, for severe winter storm and flooding in New Hampshire.

FuturePlan ERISA Team

IRS

IRA

Defined Contribution Plan

Hardship Distributions May Be Permitted for New York Severe Winter Storm

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 15, 2023, for severe winter storm and snowstorm in New York.

FuturePlan ERISA Team

IRS

IRA

Defined Contribution Plan

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