News

Retirement Protection Act Proposed in House

Representatives David Schwikert (R-AZ) and Byron Donalds (R-FL) have introduced H.R. 8579, the Retirement Protection Act.

FuturePlan ERISA Team

Legislative updates

Proxy Vote Changes for Index Funds Proposed in House

Representatives Bill Huizenga (R-MI) and Blaine Luetkemeyer (R-MO) have introduced HR 8521, the Investor Democracy is Expected (INDEX) Act.

FuturePlan ERISA Team

Defined Contribution Plan

Legislative updates

IRS Extends Remedial Amendment Period for SECURE Act

The IRS issued Notice 2022-33 which extends the deadline for amendments to retirement plans and IRAs to adopt provisions enacted under the SECURE Act, the Miners Act, and some provisions under the CARES Act.

FuturePlan ERISA Team

IRS Guidance

Legislative updates

Deadline Relief for Island of St. Croix, U.S. VI

The IRS has announced the postponement of certain tax-related deadlines for victims of a water shortage and health impact from unprecedented sargassum seagrass influx on the island of St. Croix, U.S. Virgin Islands.

FuturePlan ERISA Team

IRA

IRS

Defined Contribution Plan

Another Cryptocurrency Proposal Introduced in Senate

Senators Debbie Stabenow (D-MI), and John Boozman (R-AR), along with Senators Cory Booker (D-NJ) and John Thune (R-SD), have introduced the “Digital Commodities Consumer Protection Act.”

FuturePlan ERISA Team

Legislative updates

Additional ACA FAQs Released

The Departments of Labor, Health and Human Services and Treasury issued a joint FAQ related to the coverage of contraceptive products as preventive services by group health plans or issuers.

FuturePlan ERISA Team

DOL

HSA

Healthcare Reform

Senate Proposal Would Modify Fiduciary Investment Selection Requirements

Senator Mike Braun (R-IN) and seven republican co-sponsors have introduced S. 4613, the Maximize Americans’ Retirement Security Act.

FuturePlan ERISA Team

Legislative updates

Federal Prime Interest Rate Increased to 5.50 Percent

Effective July 27, 2022, the Federal prime interest rate increased from 4.75 percent to 5.50 percent.

FuturePlan ERISA Team

DOL

Defined Contribution Plan

DOL Releases Proposed Amendment to QPAM Exemption

The Department of Labor has announced a proposed amendment to the Class Prohibited Transaction Exemption 84-14, also known as the Qualified Professional Asset Manager (QPAM) Exemption.

FuturePlan ERISA Team

DOL

Defined Contribution Plan

DOL Guidance on Employee Benefit Plan Audit Independence

The Office of Management and Budget has received a final rule from the Department of Labor (DOL) titled, “Interpretive Bulletin Relating to the Independence of Employee Benefit Plan Accounts.”

FuturePlan ERISA Team

DOL

Defined Benefit Plan

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