Regulatory and Legislative

DOL Releases Spring 2022 Regulatory Agenda

The Department of Labor has posted online its upcoming guidance priorities. A number of the guidance items deal with retirement savings arrangements, including the following.

Two items in the “prerule” stage include improving the effectiveness of retirement plan disclosures and guidance on pooled employer plans
A former initiative to modernize the Form 5500 appears in the proposed rule stage
A rulemaking to amend the definition of fiduciary to include persons who render investment advice for a fee to employee benefit plans and IRAs
Revised procedures for granting prohibited transaction exemptions
A final rule regarding pension benefit statement lifetime income illustrations as required under the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019
Updates to the Voluntary Fiduciary Correction Program
A third final rule concerning Form 5500 changes related to the SECURE Act
A final rule regarding prudence and loyalty in selecting plan investments and exercising shareholder rights
Amendments to the abandoned plan program

Defined Contribution Plan DOL

Regulatory and Legislative

IRS Provides 403(b) Amendment Cycle Updates

The Internal Revenue Service has announced that it intends to begin issuing opinion letters regarding Cycle 2 pre-approved 403(b) plans, including the 2022 cumulative list of changes in those requirements.

Regulatory and Legislative

DOL’s Final Restated Voluntary Fiduciary Correction Program at OMB

The Office of Management and Budget has received a final rule from the Department of Labor titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program”.

Regulatory and Legislative

IRS Announces Deadline Relief for Montana Storms

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms and straight-line winds in the Crow Tribe of Montana.