Seyfarth Synopsis: On April 23, 2024, the Department of Labor released its latest attempt to amend its 1975 “fiduciary rule” and seven prohibited transaction class exemptions issued between 1975 and 2020 that investment...more
On April 23, 2024, the DOL finalized its 2023 proposed package of amendments to the regulations defining who is a fiduciary under ERISA by virtue of providing investment advice for a fee, and amendments to seven existing...more
Seyfarth Synopsis: New rules change the method of counting participants for Form 5500 purposes, possibly both eliminating audits and allowing use of the abbreviated Form 5500-SF....more
Seyfarth Synopsis: New IRS guidance suggest that many NFTs may be considered “collectibles,” causing concerns for IRAs and individually-directed accounts under a tax-qualified plan....more
Seyfarth Synopsis: New SEC rules aiming to curb insider trading by directors and officers of public companies took effect on February 27, 2023....more
Seyfarth Synopsis: In November 2022, the Internal Revenue Service (IRS) issued Revenue Procedure 2022-40, which made modifications impacting the remedial amendment period for both individually-designed qualified 401(a) plans...more
Seyfarth Synopsis: In November 2022, the Internal Revenue Service (IRS) announced in Revenue Procedure 2022-40 an expansion to its Determination Letter Program which for the first time will permit individually-designed 403(b)...more
Seyfarth Synopsis: New York City has joined the growing list of jurisdictions to establish a mandatory auto-IRA retirement savings program for private sector employers who do not offer employees access to a retirement plan....more
Seyfarth Synopsis: The central tenets of ERISA are to provide as much freedom as possible, within minimal parameters, to draft ERISA plans, and then to honor the terms of the plans. COVID-19 may very well cause increased...more
Earlier this year, the IRS announced that it had failed to receive Office of Management and Budget approval and that, consequently, certain questions it had added to the Form 5500 series were not required to be answered by...more
It took only 9 years since first announcing its intention to issue regulations, but the IRS has finally issued proposed regulations for deferred compensation arrangements sponsored by tax-exempt and governmental employers. ...more