Compliance December 28th, 2023 IRS Notice Clarifies SECURE 2.0 Automatic Enrollment, Tax Credits, Other Features The grab-bag notice also provided guidance on de minimis incentives, distributions for the terminally ill and Roth matching.
Compliance December 22nd, 2023 IRS 2023 Changes List for Pre-Approved Plans Is Out The list contains many SECURE 2.0 provisions, but includes amendments stemming from other laws as well.
Compliance December 22nd, 2023 SECURE 2.0 Provisions Advisers Need to Know in 2024 Groom Law Group, Chartered, compares current retirement provisions with new ones that take effect in 2024.
Compliance December 21st, 2023 Empower, SPARK Push Back Against Fiduciary Proposal Their concerns arise from the wide range of sales conversations that take place between recordkeepers and plan sponsors and the...
Compliance December 20th, 2023 Appeals Court Sets Aside Share Repurchase Disclosure Rule The SEC could not meet a 30-day deadline to correct issues in the rule.
Compliance December 19th, 2023 Debating the Fiduciary Proposal: Pros and Cons Two industry players debate issues surrounding rollovers, annuity sales, and access for smaller accounts.
Compliance December 19th, 2023 Former Maryland Governor Martin O’Malley Confirmed as SSA Commissioner O’Malley says he will set his focus on employee morale and improving Social Security Administration response time.
Compliance December 18th, 2023 House Judiciary Committee Issues Subpoenas to BlackRock, State Street for ESG Documents The Republican-controlled committee alleges collusive behavior against the fossil fuel industry by asset managers participating in climate-related initiatives.
Compliance December 18th, 2023 IRS Publishes Revised Form 8881 The one-page form marks the symbolic start of SECURE 2.0’s enhanced tax credits for small business retirement plan startups.
Compliance December 15th, 2023 SEC Suggests Retirement Assets Should Not Count Toward Accredited Investor Threshold The regulator’s report on the accredited investor definition noted that many only qualify because of their DC plan assets.
Compliance December 15th, 2023 Clorox Seeks Dismissal of 401(k) Forfeiture Complaint The company argues in the filing that its fiduciaries followed IRS guidance on how unused retirement assets can be used.
Compliance December 14th, 2023 Credit Suisse Fined $10M by SEC for Not Properly Reporting State-Level Infraction The bank had previously been cited by New Jersey for making misleading statements to investors but did not seek relief...
Compliance December 14th, 2023 Treasury Secondary Transaction Rule Finalized by SEC The rule requires more trades to be centrally cleared and is intended to improve market transparency and liquidity.
Compliance December 13th, 2023 Adviser, Planner Communities Give Qualified Support for Fiduciary Proposal The highly controversial proposal from the DOL has received support from major industry actors, including the CFP Board and FPA,...
Compliance December 13th, 2023 Litigation Trends to Watch in 2024: Drop in TDF Suits, More Forfeiture Complaints Attorneys from Faegre Drinker Biddle & Reath LLP discuss qualified retirement plan litigation trends for the new year.
Compliance December 12th, 2023 Fiduciary Rule Proposal Faces 1st Day of Dissent, Advocacy The DOL’s Retirement Security rule is seen as overbearing by some, necessary by others.
Compliance December 8th, 2023 DOL, IRS Announce Spring Regulatory Agendas The agendas contain important updates on fiduciary corrections and ESOP valuation.
Compliance December 7th, 2023 Congress Publishes SECURE 2.0 Corrections Draft Legislation The bill would correct errors related to catch-ups, RMDs and Starter Plans.
Compliance December 6th, 2023 Proposed Bill Would Revoke Pensions for Expelled Congressional Reps New legislation would disqualify George Santos—and others expelled from Congress—from a pension.
Compliance December 5th, 2023 Inspector General Report Calls for Greater EBSA Authority The report argues that EBSA should have more authority over the Federal Thrift Plan and resources to conduct audits.