Proposed DOL Rule to Help Define "Employee" vs. "Independent Contractor"
The DOL's Wage and Hour Division has published a notice of proposed rulemaking to help define "employee" under the FLSA, which sets the standards for minimum wage and overtime payments
Sequel to SECURE Act Introduced
Richard Neal (D-MA) and Kevin Brady (R-TX) have introduced the Securing a Strong Retirement Act of 2020, described as building on major retirement legislation enacted in December 2019.
IRS Updates California Wildfire-Related Deadline Extensions
The IRS has updated previously-issued Announcement CA-2020-07, which describes the postponement of deadlines for victims of California wildfires that began on September 4, 2020.
IRS Announces Louisiana Hurricane-Related Deadline Extensions
The IRS has issued Announcement LA-2020-05, which describes the postponement of deadlines for victims of Hurricane Delta, damage from which began on October 6, 2020.
IRS Announces 2021 Inflation-Adjusted Welfare Benefits
The IRS has inflation-adjusted amounts for various provisions of the Internal Revenue Code (IRC), including employer-provided welfare benefits.
2021 Retirement Savings Limitations Released
The IRS has issued Notice 2020-79, which contains the 2021 retirement savings plan limitations.
IRS Revises Rollover Self-Certification Rules
The IRS has issued modified guidance for taxpayers to self-certify their eligibility for an extension of the 60-day deadline to complete an otherwise-eligible rollover.
New Guidance on Escheated Retirement Plan Account
The IRS has issued guidance for qualified retirement plans that escheat certain accounts of unresponsive or missing participants or beneficiaries to state unclaimed property funds.
Updated Yield Curves and Segment Rates for DB Plans
The IRS has posted Notice 2020-77, guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
PBGC’s November Interest Rate Assumptions for DB Calculations
Interest assumptions for benefit payments with valuation dates in November 2020 to be published in the October 15, 2020 Federal Register.
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