Regulatory and Legislative

Financial Freedom Act Proposed in Senate

Senator Tommy Tuberville (R-AL) has introduced the Financial Freedom Act, legislation aimed at prohibiting the Department of Labor (DOL) from restricting the types of investments that plan participants can choose through participant directed accounts and self-directed brokerage accounts. The bill is in response to regulatory guidance released by the DOL and announced in March.

Defined Contribution Plan DOL 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.