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Legislative updates
Regulatory and Legislative
Bill Allowing CITs in 403(b) Plans Re-Introduced
Senators Katie Britt (R-AL), Raphael Warnock (D-GA), Bill Cassidy (R-LA), and Gary Peters (D-MI), have introduced S.424, the Retirement Fairness for Charities and Educational Institutions Act.
Regulatory and Legislative
Washington Pulse: IRS Releases Proposed Mandatory Automatic Enrollment Regulation
The Internal Revenue Service (IRS) has issued a proposed regulation, providing guidance for employers that are required to include an automatic enrollment provision with their 401(k) or 403(b) plan.
Regulatory and Legislative
ERISA Insights - IRS Releases Proposed Rule for Catch-Up Contribution Provisions Under SECURE 2.0
The Internal Revenue Service has released proposed catch-up regulations that apply to certain retirement plans as provided by Sections 109, 117, and 603 of the SECURE 2.0 Act of 2022.
Regulatory and Legislative
ERISA Insights - IRS Releases Proposed Rule for Automatic Enrollment Provisions Under SECURE 2.0
The Internal Revenue Service has released proposed automatic enrollment regulations that apply to certain retirement plans as provided by Sections 101 and 341 of the SECURE 2.0 Act of 2022.
Regulatory and Legislative
PBGC Premium Filing Deadlines Change for 2025 Plan Years
The Pension Benefit Guaranty Corporation has issued Technical Update 25-1 that provides guidance on the timing of premium payments for plan years beginning in 2025.
Regulatory and Legislative
DOL Final Rule Updating VFCP Has Left OMB
Department of Labor guidance titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program” has left the Office of Management and Budget.
Regulatory and Legislative
PBGC Updates Tables for Certain 2025 Valuations
The Pension Benefit Guaranty Corporation has released a final rule updating the table for determining expected retirement ages for participants in pension plans undergoing distress or involuntary termination to reflect valuation dates falling in 2025.
Regulatory and Legislative
Proposal Restricting Use of Private Placement Life Insurance Introduced
Senate Finance Committee Chair Ron Wyden (D-OR) has released draft legislation titled Protecting Proper Life Insurance from Abuse Act.
Regulatory and Legislative
Retirement Spotlight - IRS Releases Final Regulations on Tax Withholding Requirements
These regulations address a payor’s obligation to withhold income taxes when those payments or distributions are made to payees outside of the United States.
Regulatory and Legislative
IRS Releases Interim Guidance on Inadvertent Benefit Overpayments
The Internal Revenue Service recently issued Notice 2024-77, providing interim guidance on the treatment of “inadvertent benefit overpayments” from defined benefit and defined contribution plans as provided by Section 301 of the SECURE 2.0 Act of 2022.