Pension Content

On March 23, 2023, the Seventh Circuit Court of Appeals issued a new decision (attached) reexamining Hughes v. Northwestern, a plan fee case on which the US Supreme Court opined in 2022 and remanded back to the Seventh Circuit. The case relates to the investment lineup and fees in two...

ICI on April 6, 2023, submitted additional comments to the US Department of Labor (DOL) on proposed amendments to the QPAM Exemption (the "Proposal"). The comment letter is attached.

ICI submitted the attached letter to Treasury and IRS requesting guidance and relief relating to the SECURE 2.0 Act, which was signed into law on December 29, 2022 and makes several changes to the rules for retirement plans, IRAs and 529 plans.

On February 23, 2023, the Department of Labor (DOL), Internal Revenue Service (IRS), and Pension Benefit Guaranty Corporation (PBGC) (collectively, the "Agencies")—the federal agencies with authority over retirement plans—jointly released final revisions to the Form 5500 Annual Return...

ICI signed the attached letter supporting the recent IRS proposed regulation on "Use of an Electronic Medium to Make Participant Elections and Spousal Consents," which would provide permanent relief from the physical presence requirement for remote witnessing of spousal consent by a...

On March 7, 2023, the Internal Revenue Service (IRS) issued Notice 2023-23, providing relief (as requested by ICI) with respect to incorrect required minimum distribution (RMD) notices provided to IRA owners who turn 72 in 2023. As you know, section 107 of the SECURE 2.0 Act raised...

On February 24, 2023, the Internal Revenue Service (IRS) and the Treasury Department released proposed regulations describing when forfeitures may be used or allocated in a qualified retirement plan. Comments on the proposal are due by May 30, 2023.

On February 13, 2023, a US District Court in Florida issued a ruling vacating the Department of Labor's (DOL's) interpretation, articulated in FAQ guidance, regarding when in the context of a rollover recommendation, an advice provider meets the regulatory 5-part test and is therefore...

The Department of Labor (DOL) has reopened the comment period for the proposed updates to its Voluntary Fiduciary Correction Program (VFCP), which is designed to encourage the voluntary correction of fiduciary violations by allowing plan fiduciaries to avoid civil penalties and excise...

On January 26, 2023, attorneys general from 25 states (joined by three additional organizations and one individual) filed a lawsuit against the Department of Labor (DOL) attempting to invalidate the final rule on "Prudence and Loyalty in Selecting Plan Investments and Exercising...