Industry & Regulatory News

The Internal Revenue Service (IRS) has released final regulations titled “Mortality Tables for Determining Present Value under Defined Benefit Pension Plans”.

The IRS has announced an additional postponement of certain tax-related deadlines for victims of severe winter storms beginning on March 9, 2023, January 8, 2023, and December 27, 2022.

The IRS has issued Revenue Ruling 2023-20, which contains the applicable federal rates (AFR) for November 2023.

Representative Jill Tokuda (D-HI) has introduced HR 5873, the Natural Disaster Tax Relief Act of 2023.

The Pension Benefit Guarantee Corporation has determined premium rates applicable for the 2024 plan year in accordance with indexing rules provided in ERISA Section 4006.

The IRS has announced, in Notice 2023-71, the postponement of certain tax-related deadlines for taxpayers affected by the October 7, 2023, terroristic action in the State of Israel.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on October 11, 2023, for Montana flooding for the incident period of June 1 – June 8, 2023.

The Senate Finance Committee has advanced S. 2860, the Secure and Fair Enforcement Regulation (SAFER) Banking Act by a vote of 14-9.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on October 6, 2023, for Vermont severe storms and flooding, for the incident period of August 3-August 5, 2023.

The Department of Labor (DOL) has responded to fiduciary responsibility questions from Citigroup Inc. (Citi) related to their Racial Equity Asset Manager Program.