Pension Content

The IRS has issued Revenue Procedure (Rev. Proc.) 2023-37 updating the pre-approved plan programs for qualified plans and 403(b) plans and combining them into one revenue procedure.

On October 31, 2023, the Department of Labor (DOL) released its long-awaited new regulatory package on fiduciary investment advice. The package includes a proposal to amend the regulation defining who is a "fiduciary" under section 3(21) of ERISA and section 4975(e)(3) of the Internal...

The Internal Revenue Service (IRS) 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 2023-75, which also contains the updated limits, is available here. Notably, the...

On October 24, 2023, ICI submitted the attached comment letter (Comment) to IRS and Treasury in response to IRS Notice 2023-62. Notice 2023-62, issued August 25, 2023, effectively provides for a 2-year delay (until taxable years beginning after December 31, 2025) of the applicability...

The IRS and Treasury Department have released their 2023-2024 Priority Guidance Plan listing their priorities for tax regulations and other administrative guidance through June 2024.

On October 10, ICI filed a comment letter with the Securities and Exchange Commission (SEC or "Commission") on its proposal regarding conflicts of interest associated with the use of predictive data analytics (PDA) and other "covered technologies" by broker-dealers and investment...

On October 10, 2023, ICI submitted the attached letter to the Department of Labor (DOL) in response to the request for information (RFI) DOL issued on various provisions of the SECURE 2.0 Act that impact ERISA's reporting and disclosure requirements. The RFI includes 31 questions...

On September 21, 2023, a judge for the US District Court in the Northern District of Texas issued its decision in the case filed by attorneys general from 25 states against the Department of Labor (DOL). The judge granted DOL's cross motion for summary judgment, refusing the states'...

In November 2022, ICI filed an amicus brief in Matney v. Barrick Gold, urging the Tenth Circuit Court of Appeals to affirm the district court's dismissal of a retirement plan fee case. On September 6, 2023, the Tenth Circuit issued an opinion (attached below) affirming the dismissal...