DOL Releases Final Rule on QPAM Exemptions
The Department of Labor has issued a final rule “Amendment to Prohibited Transaction Class Exemption 84-14 (PTE 84-14) for Transactions Determined by Independent Qualified Professional Asset Managers (the QPAM Exemption)”.
IRS Announces Deadline Relief for Alaska Severe Storms
The IRS has announced the postponement of certain tax-related deadlines for victims of Alaska severe storms, landslides, and mudslides.
DOL Releases Final Rule Clarifying Employee or Independent Contractor Status
The Department of Labor issued a final rule to assist employers when determining whether a worker is considered an employee or an independent contractor under the Fair Labor Standards Act.
DOL Releases Proposed Regulations for Automatic Portability Transactions
The Department of Labor has released proposed regulations related to the implementation of section 120 of the SECURE 2.0 Act.
Disaster Assistance May Be Available for Maine Severe Storms
The Federal Emergency Management Agency issued a disaster declaration on March 20, 2024, for Maine severe storms and flooding.
Disaster Assistance May Be Available for Rhode Island Severe Storms
The Federal Emergency Management Agency issued disaster declaration 4765 and 4766 on March 20, 2024, for Rhode Island severe storms and flooding.
Updated Yield Curves and Segment Rates for DB Plans
The Internal Revenue Service has issued Notice 2024-29, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations.
Mid-Year Termination of SIMPLE IRA
Employers may now terminate a SIMPLE IRA and replace it with a safe harbor plan.
Contributions Limits Increased for SIMPLE Plans
Employers that sponsor a SIMPLE plan may allow increased salary deferral limits for their employees, starting in tax year 2024.
SECURE 2.0 Expands Roth Options for SEP and SIMPLE Plans
Before SECURE 2.0’s enactment, SEP and SIMPLE IRA plan contributions had to be made as pre-tax contributions, but now employers may allow employees to elect to have contributions into a SEP or SIMPLE IRA made as Roth contributions.
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