The Internal Revenue Service (IRS) issued Notice 2021-64, containing the 2021 Required Amendments (RA) List for certain individually designed retirement plans.
On October 21, 2021, Governor Kathy Hochul signed New York Assembly Bill A3213 which transforms the New York State Secure Choice Savings Program—a voluntary payroll deduction IRA program for private-sector workers in New York enacted in 2018 under A9505—into a mandatory automatic...
The IRS has posted the latest in a series of early release drafts of the 2022 IRS Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments.
The Internal Revenue Service (IRS) has posted a draft copy of the Instructions for Forms 1099-R and 5498 (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) for the 2022 tax year.
The Internal Revenue Service has released annual cost of living and other adjustments applicable to dollar limitations for pension and retirement plans. The news release is available here and Notice 2021-61, which also contains the updated limits, is available here.
ICI recently filed the attached amicus brief in Hughes v. Northwestern, urging the US Supreme Court to affirm the Seventh Circuit's decision and clarify for the lower courts that its well- established and common-sense pleading standards apply to excessive fee cases.
On October 29, 2021, the Institute submitted the attached comment letter to the Department of Labor (DOL) on the proposed revisions to the Form 5500 Annual Return/Report forms required for employee pension and welfare benefit plans. The proposed revisions were jointly released by DOL...
On October 25, 2021, the Department of Labor (DOL) issued Field Assistance Bulletin (FAB) 2021-02, announcing an extension of the temporary enforcement policy related to its prohibited transaction exemption for investment advice fiduciaries, PTE 2020-02. Under the temporary...
On October 13, 2021, the Department of Labor (DOL) released a proposal (the "Proposal") addressing the selection of investments for ERISA plans and proxy voting by plan fiduciaries. The Proposal would amend two rules finalized at the end of the Trump Administration, "Financial Factors...
