Regulatory and Legislative

DOL Reopens Comment Period on Proposed QPAM Exemption

The Department of Labor (DOL) has reopened the comment period for receiving written comments related to prohibited transaction class exemption 84-14 (the Proposed QPAM Amendment) to April 6, 2023. The DOL held a public hearing on November 17, 2022, at which time a supplementary comment period ran until January 6, 2023.

Details of the proposed amendment were previously announced.

DOL Defined Contribution Plan

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.