Regulatory and Legislative

IRS Announces Applicable Federal Rates for February 2022

The IRS has issued Revenue Ruling 2022-3, which contains the applicable federal rates (AFR) for February 2022. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as “72(t) payments.”

Regulatory and Legislative

DOL Final Rule Updating VFCP Has Left OMB

DOL Final Rule Updating VFCP Has Left OMB

Department of Labor guidance titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program” has left the Office of Management and Budget.