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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
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.
Washington Pulse - IRS Releases Guidance for LTPT Employees of ERISA 403(b) Plans
The Internal Revenue Service recently issued Notice 2024-73, providing guidance regarding the participation of long-term, part-time employees in 403(b) plans subject to Title I of the Employee Retirement Income Security Act.
Regulatory and Legislative
Washington Pulse: New Guidance Released on Matching Contributions for Qualified Student Loan Payments
Recent legislation passed by Congress includes several provisions that enhance the ability of workers to increase their retirement savings. One of these provisions, Section 110 of the SECURE 2.0 Act of 2022 (SECURE 2.0), also enhances the ability of employers that sponsor a 401(k), 403(b), governmental 457(b), or a SIMPLE IRA plan to supplement workers’ retirement savings by providing matching contributions to employees who make qualified student loan payments (QSLPs) in 2024 and later plan years.
Regulatory and Legislative
Washington Pulse: IRS Releases Final RMD Regulations
The Internal Revenue Service (IRS) has released final regulations that revise existing rules that apply to required minimum distributions (RMDs).
Regulatory and Legislative
Washington Pulse: IRS Releases Guidance for Certain SECURE 2.0 Distribution Provisions
The Internal Revenue Service (IRS) has issued Notice 2024-55, providing guidance on two provisions permitted under the SECURE 2.0 Act of 2022 (SECURE 2.0); emergency personal expense distributions and domestic abuse victim distributions. The notice defines these distributions and explains the restrictions associated with taking such distributions, the self-certification rules, repayment details, and withholding and notice requirements.
Regulatory and Legislative
Washington Pulse: Interim Final Rule for Abandoned Plans Released
The Department of Labor (DOL) has issued an interim final rule, expanding the Abandoned Plan Program regulations to also include plans of employers who are in liquidation under Chapter 7 of the U.S. Bankruptcy Code. The DOL has also released a corresponding amendment to prohibited transaction exemption (PTE) 2006-06, Class Exemption for Services Provided in Connection with the Termination of Abandoned Individual Account Plans.
Regulatory and Legislative
Washington Pulse: DOL Releases Final Investment Advice Fiduciary Rule
The Department of Labor (DOL) recently released a regulatory package that includes a final amendment (the Retirement Security Rule) to the regulations that define what constitutes an investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) Title I and Title II (codified in the Internal Revenue Code).
Regulatory and Legislative
Washington Pulse: DOL Releases Final Rule Clarifying Employee or Independent Contractor Status
The Department of Labor (DOL) 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 (FLSA).
Regulatory and Legislative
Washington Pulse: DOL Releases Proposed Regulations for Automatic Portability Transactions
The Department of Labor (DOL) has released proposed regulations related to the implementation of section 120 of the SECURE 2.0 Act (SECURE 2.0).