Pension Content

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...

ICI has been engaged with US Treasury and Internal Revenue Service (IRS) officials regarding significant difficulties experienced by collective investment trusts (CITs) in receiving treaty benefits. The attached letter, memorandum, and addendums follow up on a recent meeting between...

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...

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...