IRS Updates Letter Ruling Procedures for DB Plan Spin-Offs
The IRS has issued Revenue Procedure (Rev. Proc.) 2022-28, which updates Rev. Proc. 2022-3, on whether the IRS will issue letter rulings or determination letters.
Senate Finance Releases Its Version of SECURE 2.0
The Senate Finance Committee has released an outline of its version of proposed retirement reform on the heels of passage of the Rise & Shine Act out of the Senate HELP committee last week.
Big Changes May be in Store for the Davis-Bacon Act
The Davis-Bacon Act (DBA) has played a major role in the construction industry for over 90 years.
Starter-K Companion Legislation Introduced in House
Representatives Linda T. Sánchez (D-CA) and Darin LaHood (R-IL) introduced the Starter-K Act, legislation intending to expand access to retirement savings for more Americans.
Auto-Portability Legislation Introduced
Senators Tim Scott (R-SC) and Sherrod Brown (D-OH) have introduced the Advancing Auto Portability Act of 2022.
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.
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