regulatory and legislative

The IRS has announced the postponement of certain tax-related deadlines for victims of Hurricane Nicole in Florida.

The Federal Emergency Management Agency (FEMA) has issued a disaster declaration for Hurricane Nicole in Florida, for the period of November 7, 2022 – November 30, 2022.

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.

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.

The IRS has issued Revenue Ruling 2023-1, which contains the applicable federal rates (AFR) for January 2023.

IRS will not enforce 50% excess accumulation penalty tax for certain beneficiaries.

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.

Effective December 14, 2022, the federal prime interest rate increased from 7 percent to 7.50 percent.

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.

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.