Pension Content

On January 18, 2024, the Department of Labor (DOL) released proposed regulations to implement section 120 of the SECURE 2.0 Act, which provides a statutory exemption for certain automatic portability transactions. The statutory exemption allows for the receipt of fees and compensation...

The IRS recently released updated guidance for amending retirement plan documents to reflect law changes, including various changes made by the SECURE 2.0 Act. For pre-approved plans, the IRS updated the Listings of Required Modifications (LRMs) and the Cumulative List of Changes in...

IRS and DOL each recently issued guidance related to pension-linked emergency savings accounts (PLESAs). PLESAs, which were created by § 127 of the SECURE 2.0 Act, are optional short-term savings accounts for non-highly compensated individuals which are established and maintained as...

On January 19, 2024, the Department of Labor (DOL) released a new request for information (RFI) soliciting public input to develop a record as it reviews the effectiveness of existing reporting and disclosure requirements for retirement plans, as required by the SECURE 2.0 Act. The...

On November 27, 2023, IRS and Treasury published proposed rules for the treatment of long-term part-time employees under 401(k) plans, pursuant to the SECURE Act and the SECURE 2.0 Act.

On December 20, 2023, the Internal Revenue Service (IRS) issued Notice 2024-02 (the "Notice"), the long awaited "grab bag" guidance, in Q&A format, on various issues related to the SECURE 2.0 Act changes to the Internal Revenue Code (the "Code"). As a reminder, ICI submitted a letter...

On January 2, 2024, ICI submitted a letter to the Department of Labor (DOL) commenting on its recent regulatory package on fiduciary investment advice ("Proposal"). The Proposal includes proposed amendments to the regulation defining who is a "fiduciary" under section 3(21) of ERISA...

The Office of Information and Regulatory Affairs recently released its Fall 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 December 6, 2023, ICI submitted the attached letter to the Office of Management and Budget (OMB), expressing significant concerns regarding the substantial proposed changes and the cost-benefit analysis included in the Department of Labor's (DOL) proposed amendments to Prohibited...