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Government Affairs
The Pension Benefit Guaranty Corporation (PBGC) intends to ask the Office of Management and Budget (OMB) for approval to extend its collection of information contained in the regulation on special financial assistance (SFA).
The OMB’s approval of the collection of information expires May 31, 2024...
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The Pension Benefit Guaranty Corporation (PBGC) on Dec. 15 issued the interest assumptions under the asset allocation regulation for plans with valuation dates in the first quarter of 2024.
The assumptions are contained in a final rule that amends the PBGC’s regulation on Allocation of Assets in...
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Reps. Darin LaHood (R-Ill.) and Linda Sánchez (D-Calif.) introduced a bill on Dec. 13 that would allow retirement savers to roll over their Roth IRA savings into a Roth workplace retirement plan such as a Roth 401(k), Roth 403(b), or Roth 457(b).
The bipartisan bill, which the American Retirement...
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Electronic filing of the Form 5558, Application for Extension of Time to File Certain Employee Plan Returns, for form year 2023 may not be available starting Jan. 1, 2024 after all.
It appears that the Department of Labor (DOL) has communicated to third-party software developers that the...
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Proposed guidance implementing the SECURE 2.0 Act’s provision providing an exemption for certain automatic portability transactions has moved one step closer to being publicly released.
The Department of Labor on Dec. 5 submitted to the White House Office of Management and Budget for review a...
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In prepared testimony to the Department of Labor's (DOL) leadership and staff, American Retirement Association (ARA) CEO Brian Graff highlighted “the significant regulatory gap” regarding plan-level advice on Dec. 12.
Graff’s comments—made in support of the DOL’s latest attempt to modernize the...
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A key theme that has emerged from Alight’s annual “hot topics” survey is that employers need more guidance on key provisions in the SECURE 2.0 Act before fully embracing them.
In looking at changes employers intend to make to their retirement and financial wellbeing plans in the coming year, the...
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The Office of Management and Budget (OMB) has released the Fall 2023 Pension Benefit Guaranty Corporation (PBGC) regulatory agenda, an update that enumerates proposed rules as well as those in final form.
Valuation Assumptions Rule
A highlight of the fall update is the movement of the rule on...
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The IRS on Dec. 8 announced that there will be no changes to the Required Amendments (RA) List for individually designed plans qualified under Internal Revenue Code (IRC) Sections 401(a) and 403(b) for 2023. The IRS made the announcement in Notice 2023-79.
The RA List establishes the end of the...
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In a positive sign that lawmakers are committed to fixing several errors contained in the SECURE 2.0 Act, the House and Senate have just released a draft technical corrections bill, including changes to allow catch-up contributions and provide parity for Starter 401(k)s championed by the American...
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On Nov. 3, the Department of Labor published its proposal to (1) redefine an “investment advice fiduciary” under ERISA and (2) also modify the prohibited transaction exemptions available to such fiduciaries. That is, the proposal would (1) change who is an ERISA fiduciary and (2) the conditions...
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The rule temporarily reinstating the requirement that employers provide two identifying numbers in order to register with CalSavers could become permanent.
Employers originally had been required to provide (1) their employer payroll tax account number and (2) their federal employer identification...
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Happy Birthday, ERISA!
It’s been 50 years since the Congress passed landmark legislation that protected the savings of American workers and—arguably—created an entire industry. It’s now time for the golden anniversary.
The American Retirement Association announced that it and eight associations...
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The release of a proposed regulation that provides guidance on the “long-term part-time employee” (LTPTE) rules a mere 25 days before they’re effective places too great a burden on plan sponsors to comply, the American Retirement Association (ARA) wrote in a letter to the Internal Revenue Service (...
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Bills before the Massachusetts House and Senate that would expand the Massachusetts Defined Contribution CORE Plan are moving again.
The legislation, introduced early in 2023, has been largely dormant since summer; however, committees in both chambers have given the measures a nod.
About the...
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The guidance the IRS just issued in Revenue Procedure (Rev. Proc.) 2023-37 on qualified and 403(b) pre-approved plans made some significant changes in order to conform, clarify, and update the rules. Here’s a look at some of the key changes, which generally became effective on Nov. 21, 2023, with...
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On Nov. 24, 2023—yes, the day after Thanksgiving!—the Department of Treasury and Internal Revenue Service released a proposed regulation (Prop. Reg.) providing much-anticipated guidance on the “long-term part-time employee” (LTPTE) rules that were first added to the tax code in 2019. These rules...
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Closing the coverage gap wherever and whenever possible is a significant industry priority in the face of potential federal involvement in private retirement plans.
One recently introduced bill from Sens. Bill Cassidy (R-La.) and Tim Kaine (D-Va.), The Helping Young Americans Save for Retirement...
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The IRS has released a draft of the Form 1099-R to be used in 2024. This is an early release draft of the form, as well as its instructions, which the IRS is providing only to inform taxpayers, including benefits recipients.
The form is used to provide information to recipients about...
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The windfall elimination provision (WEP) reduces the Social Security benefits of certain workers who also are eligible for pension benefits from jobs not covered by Social Security. It engenders active discussion, and a Nov. 20 hearing offered a fresh opportunity for people to weigh in on the WEP...
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