Pension Operations Advisory Content

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...

The Department of Labor (DOL) and the Treasury Department and Internal Revenue Service (IRS) recently issued their updated Fall 2022 Semi-Annual Regulatory Agendas (Agendas), which include projected dates for issuance of proposed and final regulations. As described in more detail...

The Internal Revenue Service (IRS) issued a proposed regulation that would provide permanent relief from the physical presence requirement for spousal consents required to be witnessed by a plan representative or a notary public. The proposal includes conditions very similar to the...

On December 29, 2022, the President signed the Consolidated Appropriations Act, 2023 (H.R. 2617), which includes the SECURE 2.0 Act of 2022 ("SECURE 2.0 Act" or the "Act"). The US Senate approved the year-end spending package by a 68-29 vote on December 22, 2022 and the US House of...

On November 22, 2022, the Department of Labor (DOL) released its final rule on "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights" which addresses the consideration of environmental, social, and governance (ESG) factors in selecting plan investments...

The Internal Revenue Service (IRS) issued Notice 2022-62, providing the 2022 Required Amendments (RA) List for certain individually designed retirement plans. Beginning with the RA List from 2019, the annual RA List applies to both individually designed retirement plans qualified...

The IRS and Treasury Department have released their 2022–2023 Priority Guidance Plan listing their priorities for tax regulations and other administrative guidance through June 2023.