Pension Operations Advisory Content

The Office of Information and Regulatory Affairs recently released its Spring 2023 Unified Agenda of Regulatory and Deregulatory Actions (Agenda), which includes updated Agency Rule Lists from the Department of Labor (DOL) and the Treasury Department and Internal Revenue Service (IRS)...

On June 9, 2023, ICI submitted the attached letter requesting that the Treasury Department and Internal Revenue Service include guidance on certain issues concerning retirement security on their 2023–2024 Priority Guidance Plan. ICI submitted a separate letter with recommendations...

At ICI's 2023 Leadership Summit, SEC Chair Gensler delivered remarks which focused on fund dilution and liquidity and how it relates to financial stability, outstanding SEC rule proposals related to money market funds and liquidity risk management, hard close, and swing pricing, and...

We recently became aware of a change to Iowa state law that, effective for tax years beginning January 1, 2023 or later, excludes from taxation certain types of retirement income for eligible taxpayers. Previously retirement income was included in net income for Iowa state income tax...

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...