Federal Prime Interest Rate Increased to 4.75%
Effective June 15, 2022, the Federal Prime interest rate increased from 4.00% to 4.75%.
RISE & SHINE Act Approved by Committee
The Senate HELP Committee unanimously passed out of committee S.4353 the RISE & SHINE Act (previously announced), with two amendments.
Senate HELP Committee Retirement Bill Introduced
The Senate HELP committee’s RISE & SHINE Act has been introduced.
Senators Announce Cryptocurrency Bill
The “Lummis-Gillibrand Responsible Financial Innovation Act” is set to be introduced in the Senate.
IRS Announces Pre-Examination Compliance Pilot
The IRS is piloting a pre-examination retirement plan compliance program beginning in June 2022.
Financial Freedom Act Proposed in House
Representative Byron Donalds (R-FL) and several Republican co-sponsors have introduced HR 7860, the Financial Freedom Act of 2022.
Senate Committee Releases Retirement Bill Discussion Draft
The RISE & SHINE Act shares some similarities to, and builds upon the Securing a Strong Retirement Act bill that passed the House in March.
Proposed Enhanced Disclosures About ESG Investment Practices
The SEC has issued a proposed rule that would add reporting requirements for registered investment advisors, registered investment companies, certain advisers that are exempt from registration, and business development companies.
Emergency Savings Proposal Introduced
Senators Todd Young (R-IN), and Cory Booker (D-NJ) have introduced the Emergency Savings Act of 2022.
IRS Explains Impact of Missed Deadline for Plan Restatements
In the May 23, 2022, issue of Employee Plans News, the IRS explains the applicability of the Employee Plans Compliance Resolution System for pre-approved plans that are not restated by appropriate deadlines.
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