IRS Issues Interim Guidance on Plan Corrections under SECURE 2.0 Act
The SECURE 2.0 Act of 2022, provisions affecting the Employee Plans Compliance Resolution System support the IRS trend toward shifting certain types of retirement account corrections to the Self Correction Program.
IRS Announces Deadline Relief for Vermont Flooding
The IRS has announced the postponement of certain tax-related deadlines for victims of flooding in Vermont.
IRS Provides Additional RMD Transition Relief Under SECURE, SECURE 2.0
The IRS has issued Notice 2023-54 to provide transition relief for required minimum distributions in connection with the change in required beginning date to age 73 under SECURE 2.0, and guidance for certain specified RMDs for 2023.
SEC Finalizes Money Market Fund Reforms
The Securities and Exchange Commission (SEC) has released a final rule that amends certain rules governing money market funds.
Proposal Allowing Annuities as QDIA Re-Introduced
Representatives Donald Norcross (D-NJ) and co-sponsor Tim Walberg (R-MI) have re-introduced the Lifetime Income for Employees Act. H.R. 3942 would allow annuities as a default investment in 401(k) plans.
SECURE 2.0 Will Allow a Special Emergency Savings Account Within Certain Qualified Plans
Pension-Linked Emergency Savings Accounts
Outbreak Period Ends
The National Emergency in response to COVID-19 that began on March 20, 2020, ended on May 11, 2023.
PBGC Issues Benefits Payable and Allocation Guidance for Single-Employer Plans
The Pension Benefit Guarantee Corporation has issued a final rule updating regulations regarding benefits payable in terminated single-employer plans and allocation of assets in single-employer plans.
Disaster Assistance May Be Available for Maine Severe Storm and Flooding
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on July 6, 2023, for Maine severe storm and flooding.
Disaster Assistance May Be Available for South Dakota Flooding
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on July 6, 2023, for South Dakota flooding.
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