Industry & Regulatory News

The IRS has released updated Instructions for Form 5307, Application for Determination for Adopters of Modified Nonstandardized Pre-Approved Plans.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on May 25, 2023, for a California severe storm and flooding, for the incident period of March 11, 2023 – March 16, 2023.

The IRS provided a reminder in the May 24, 2023, edition of Employee Plans News that beginning June 1, 2023, the IRS is expanding the determination letter program to include individually designed and terminating 403(b) plans.

A bill introduced by Representative Frank Lucas (R-OK) was approved by the House Financial Services Committee with bipartisan support by a vote of 35-12. H.R. 3063 would amend securities laws to allow collective investment trusts (CITs) in 403(b) plans.

The SECURE 2.0 Act provides more ways for individuals to access their retirement savings and creates new exceptions to the 10% early distribution penalty tax.

The IRS has issued Notice 2023-43 to address questions and provide interim guidance related to Section 305 of SECURE 2.0.

Congressional leadership from the House Committee on Ways and Means and the Senate Committee on Finance have sent a letter to officials at the Treasury Department indicating that Congress intends to introduce technical correction legislation to correct erroneous statutory language for several SECURE 2.0 provisions in order to accurately carry out Congressional intent.

This infographic is part of a multi-part series that describes the penalty-free distribution options created by SECURE 2.0

ERISA imposes certain requirements on employers (who also usually act as plan sponsors and plan administrators) that offer health and benefit plans to employees.

When it comes to offering a Flexible Spending Account (FSA), employers do not usually have the capabilities or the time to manage all aspects of the plan, so it makes sense to contract with a third-party administrator (TPA) to carry out administrative functions, particularly the time-consuming task of claims processing.