SEC “Hard Close” Proposal Published in Federal Register
The SEC proposed rule titled, Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N-PORT Reporting, has been published in the federal register.
Updated Yield Curves and Segment Rates for DB Plans
The IRS has issued Notice 2023-5, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
IRS Announces Applicable Federal Rates for January 2023
The IRS has issued Revenue Ruling 2023-1, which contains the applicable federal rates (AFR) for January 2023.
How IRS Notice 2022-53 Affects Beneficiaries
IRS will not enforce 50% excess accumulation penalty tax for certain beneficiaries.
PBGC Updates Interest Assumptions for Valuing Benefits
The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating interest assumptions under the asset allocation regulation for plans with valuation dates in the first quarter of 2023.
Federal Prime Interest Rate Increased to 7.50 Percent
Effective December 14, 2022, the federal prime interest rate increased from 7 percent to 7.50 percent.
Proposed Regulations to Update Mortality Tables Delayed
Earlier this year, the IRS released proposed regulations to update the mortality tables that are used to calculate minimum required contributions for single-employer defined benefit (DB) pension plans.
New Bipartisan Retirement Savings Bill Introduced
Senators John Hickenlooper (D-CO) and Tom Tillis (R-NC), and Representatives Terri Sewell (D-AL) and Lloyd Smucker (R-PA) introduced the Retirement Savings for Americans Act.
2022 Form 5500 Series Informational Copies Released
The DOL’s EBSA, the IRS, and the PBGC jointly released the 2022 Form 5500, Annual Return/Report of Employee Benefit Plan, and the 2022 Form 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan.
PBGC Updates Expected Retirement Table for 2023
The new table is effective January 1, 2023.
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