ira

IRS Announces Applicable Federal Rates for February

The IRS has issued Revenue Ruling 2024-03, which contains the applicable federal rates (AFR) for February 2024.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Contribution Plan

IRA

OMB Completes Review of DOL Automatic Portability Exemption Proposal

A Department of Labor proposed rule titled Exemption for Certain Automatic Portability Transactions has been removed from the Office of Management and Budget’s list for review.

FuturePlan ERISA Team

DOL

Legislative updates

SECURE 2.0

Defined Contribution Plan

IRA

DOL Issues Final Rule to Clarify Employee or Independent Contractor Status

The Department of Labor Wage and Hour Division has issued a news release and final rule to clarify whether a worker qualifies as an employee or an independent contractor under the Fair Labor Standards Act.

FuturePlan ERISA Team

Legislative updates

IRA

Defined Contribution Plan

Defined Benefit Plan

Roth IRA Rollover Proposal Introduced in House

Representatives Darin LaHood (R-IL), and Linda Sanchez (D-CA) have introduced H.R. 6757.

FuturePlan ERISA Team

Legislative updates

IRA

Defined Contribution Plan

Defined Benefit Plan

IRS Issues SECURE 2.0 Guidance

The IRS has released Notice 2024-2, Miscellaneous Changes Under the SECURE 2.0 Act of 2022.

FuturePlan ERISA Team

SECURE 2.0

IRS

IRS Guidance

Defined Contribution Plan

IRA

IRS Issues Exceptions to Penalties for Failure to File Correct Information Returns or Payee Statements

The IRS has released final regulations that provide de minimis error safe harbor exceptions to penalties for failure to file correct information returns or furnish correct payee statements.

FuturePlan ERISA Team

IRS

IRA

Defined Contribution Plan

IRS Announces Applicable Federal Rates for January 2024

The IRS has issued Revenue Ruling 2024-02, which contains the applicable federal rates (AFR) for January 2024.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Contribution Plan

IRA

Retirement Plan Disaster Assistance May Be Available for Tennessee Severe Storms

The Federal Emergency Management Agency issued a disaster declaration on December 13, 2023, for Tennessee severe storms and tornadoes, for the incident period of December 9, 2023.

FuturePlan ERISA Team

Defined Contribution Plan

Defined Benefit Plan

IRA

IRS

IRS Guidance

Proposed Automatic Portability Exemption at OMB

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

FuturePlan ERISA Team

Defined Contribution Plan

IRA

DOL

SECURE 2.0 Technical Corrections Draft Released

The Senate and House committees of jurisdiction have released a draft containing technical corrections and other clarifications to SECURE 2.0.

FuturePlan ERISA Team

529 account

Defined Contribution Plan

IRA

Legislative updates

SECURE 2.0

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