Regulatory and Legislative

Bill Proposed in House to Allow CITs in 403(b) Plans

Congressman Patrick McHenry (R-NC), Chairman of the House Financial Services Committee has introduced H.R. 2799, the Expanding Access to Capital Act. Included in the proposed bill is a provision that would amend securities laws to allow collective investment trusts (CITs) in 403(b) plans. While SECURE 2.0 amended the Internal Revenue Code to allow CITs for 403(b) arrangements, correlating securities laws amendments required to fully implement the provision were omitted.

Defined Contribution Plan Legislative updates

Regulatory and Legislative

IRS Provides 2024 Electronic Filing Relief for Form 5330

The IRS notes in a new post that electronic filing of Form 5330, Return of Excise Taxes Related to Employee Benefit Plans, will not be required for the remainder of the 2024 taxable year—confirming that taxpayers may continue to file by paper.

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for New Hampshire Severe Storms

The Federal Emergency Management Agency issued a Major Disaster Declaration on July 10, 2024, for New Hampshire severe winter storm and flooding.

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for Texas Hurricane Beryl

The Federal Emergency Management Agency issued a Major Disaster Declaration on July 9, 2024, for Texas hurricane Beryl.