The Department of Labor (DOL) finalized the Fiduciary Rule’s transition period extension from January 1, 2018 to July 1, 2019, as it had previously announced in August. The DOL reported that it has not yet completed the...more
House Republicans this week released much-anticipated legislation to reform individual and corporate income taxation. Titled the “Tax Cuts and Jobs Act,” the legislation proposes substantial revisions to the Internal Revenue...more
On October 19th, the IRS released a memorandum titled “Missing Participants and Beneficiaries and Required Minimum Distributions” (the “Memo”) to its plan auditors that provides guidelines for when a plan’s efforts to locate...more
Retirement Plan Limits -
The IRS updated very few of the retirement plan limits effective for the plan year that begins on or after January 1, 2018.
Social Security Tax and Wage Base -
For calendar year 2018, the...more
We addressed hurricane relief for retirement plans offered by the IRS and other agencies in previous blog posts While the IRS relief allows for easier access to retirement funds on account of losses due to the recent...more
The Department of Labor (DOL) has proposed an extension of the transition period of its Fiduciary Rule from January 1, 2018 to July 1, 2019. At the same time, the DOL signaled that significant changes will be made to the...more
The IRS issued an announcement that may allow participants and beneficiaries of 401(k) plans or 403(b) plans that have been affected by Hurricane Harvey easier access to their retirement funds until January 31,...more
Transition Period Extension -
In an August 9th court filing, the DOL announced it will extend the transition period for three prohibited transaction exemptions relating to the fiduciary investment advice rule (the...more
8/10/2017
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On May 22, Department of Labor (DOL) Secretary Alexander Acosta announced that, despite President Trump’s memorandum ordering further analysis of the fiduciary investment advice rule (Fiduciary Rule), there was no legal...more
The Department of Labor (DOL) has now made clear that it intends for its controversial “Fiduciary Rule” to become effective on June 9, 2017. The Fiduciary Rule expands the definition of “fiduciary investment advice” under...more
The Presidential Memorandum directing the Department of Labor (the “Department”) to review the Fiduciary Rule (the “Rule”) produced its first significant regulatory impact for the investment advisor community yesterday as the...more
On March 10th, in connection with the DOL’s recent proposal to delay the applicability of the fiduciary rule, the DOL issued temporary guidance (Field Assistance Bulletin No. 2017-01) regarding how it will enforce the rule in...more
In July of 2015, the IRS announced that it would end its regular determination letter program for individually designed plans effective January 1, 2017. At the time of this announcement, many plan sponsors and other...more