Federal Prime Interest Rate Increased to 5.50 Percent
Effective July 27, 2022, the Federal prime interest rate increased from 4.75 percent to 5.50 percent.
DOL Releases Proposed Amendment to QPAM Exemption
The Department of Labor has announced a proposed amendment to the Class Prohibited Transaction Exemption 84-14, also known as the Qualified Professional Asset Manager (QPAM) Exemption.
DOL Guidance on Employee Benefit Plan Audit Independence
The Office of Management and Budget has received a final rule from the Department of Labor (DOL) titled, “Interpretive Bulletin Relating to the Independence of Employee Benefit Plan Accounts.”
Updated Yield Curves and Segment Rates for DB Plans
The IRS has issued Notice 2022-32, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Temporary Waiver of RMDs Proposed in House
Representative Warren Davidson (R-OH) has introduced HR 8331, a bill that would provide for a suspension of RMDs from retirement plans and IRAs for the 2022 calendar year.
Proposed Amendment for QPAM Exemptions Has Left OMB
A Proposed Rule titled “Proposed Amendment to PTE 84-14 for Plan Asset Transactions Determined by an Independent Qualified Plan Asset Manager” (QPAM) has left the Office of Management and Budget.
Ascensus Announces FuturePlan Leadership Change
Current Head of Sales Kasey Price Named President of FuturePlan, Effective August 1, 2022
Dresher, PA—July 14, 2022—Ascensus—whose technology and expertise helps millions of people save for retirement, education, and healthcare— announced today that Kasey Price will assume the role of President of FuturePlan by Ascensus on Aug. 1, 2022.
IRS Releases Additional Guidance on Special Financial Assistance
The IRS has released Revenue Ruling 2022-13 on the applicability of Internal Revenue Code (IRC) Section 432(b)(7) following a merger involving a multiemployer DB plan that has received special financial assistance.
PBGC Special Financial Assistance for Multiemployer Plans Final Rule Released
The PBGC has released a final rule outlining terms for underfunded multiemployer plans seeking special financial assistance (SFA) under the ARP Act of 2021.
IRS Posts Updated Publication 1179
The IRS has released the latest version of Publication 1179 (Revenue Procedure 2022-25), General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns.
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