Regulatory Compliance

The Department of Labor (DOL) has released interim final rules and an amendment to a prohibited transaction class exemption (PTE) to make it easier for Chapter 7 bankruptcy trustees to distribute assets from bankrupt companies’ retirement plans.  The guidance issued May 16 by the DOL’s Employee... READ MORE

The IRS has updated static mortality tables to be used for defined benefit plans under Internal Revenue Code (IRC) Section 430(h)(3)(A) and Section 303(h)(3)(A) of ERISA. The IRS made the announcement in Notice 2024-42.  These updated tables apply for calculation of the funding target and other... READ MORE

While not quite the bump received from last year’s record inflation, the health savings account (HSA) limits will still receive an increase for 2025, as determined under Section 223 of the Internal Revenue Code.  The new limits were announced May 9 by the IRS in Revenue Procedure 2024-25. The IRS... READ MORE

Ann Y. Orr has been named to serve as the Acting Director of the Pension Benefit Guaranty Corporation (PBGC).  Orr has been named to fill the office that had been held by Gordon Hartogensis. His five-year term as PBGC Director ended on April 30, 2024.  Orr is not new at the PBGC. She served as... READ MORE

At the upcoming 2024 ASPPA Spring National Conference, I look forward to learning from many top industry experts and ERISA attorneys during the conference, as well as receive updates on SECURE 2.0 and developments in Washington D.C. Highlights. To highlight only a few sessions, TPA plan... READ MORE

The effects of the SECURE 2.0 Act cover the gamut from profound and far-reaching to the more mundane yet still important—and that includes reporting about certain retirement plans and saving arrangements.  In FS-2024-18, a fact sheet issued May 2, the IRS reminds businesses that beginning with tax... READ MORE

Disasters can create a sudden need for resources to address the situation at hand.  But some resources are more readily accessible than others—resorting to certain kinds of funds can itself create some hardship.  To help avoid that circumstance and risk having a response to an emergency itself... READ MORE

While sympathizing with the participant-plaintiffs in the case, a federal judge finds no obligation to use “reasonable” life expectancy and interest rates in a pension calculation conversion. Plaintiffs Thomas Reichert, Stuart Buck, and Kenneth Henrich (on behalf of themselves and others similarly... READ MORE

One week after the release of the final retirement security rule, senior officials with the Department of Labor’s Employee Benefits Security Administration (EBSA) defended the rollout of the fiduciary rule while taking a deeper dive to explain some of the key changes.   The DOL on April 23... READ MORE