regulatory updates

DOL Withdraws Independent Contractor Rule

The Department of Labor (DOL) Wage and Hour Division is withdrawing the independent contractor rule that was scheduled to take effect on May 7, 2021.

FuturePlan ERISA Team

Defined Contribution Plan

DOL

Health and Welfare

Securing a Strong Retirement Act Re-Introduced

House Ways and Means Committee Chairman Richard Neal (D-MA) and Ranking Member Kevin Brady (R-TX) have introduced the Securing a Strong Retirement Act of 2021.

FuturePlan ERISA Team

Defined Benefit Plan

Defined Contribution Plan

DOL

IRA

Legislative updates

SECURE Act

Deadline Relief for Alabama Storm Victims

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for Alabama victims of severe storms, straight-line winds, and tornadoes.

FuturePlan ERISA Team

IRA

IRS

Defined Benefit Plan

Defined Contribution Plan

Deadline Relief for Kentucky Severe Storms Victims

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for Kentucky victims of severe storms.

FuturePlan ERISA Team

IRA

IRS

Defined Benefit Plan

Defined Contribution Plan

DOL Releases Additional Investment Advice Guidance

This latest DOL guidance package presents helpful information in a more understandable format.

FuturePlan ERISA Team

Retirement Spotlight

DOL

Defined Contribution Plan

Defined Benefit Plan

Fiduciary Issues

IRS Clarifies Partial Plan Termination During Pandemic

The IRS released a Q&A on the temporary partial plan termination rules for qualified retirement plans in accordance with the Taxpayer Certainty and Disaster Tax Relief Act of 2020.

FuturePlan ERISA Team

COVID-19

Defined Contribution Plan

IRS Guidance

Department of Labor Releases Cybersecurity Guidance

On April 14, the DOL’s (EBSA) issued—for the first time—guidance on best practices for maintaining cybersecurity.

FuturePlan ERISA Team

Washington Pulse

DOL

Defined Contribution Plan

Defined Benefit Plan

Fiduciary Issues

IRS Provides Details on Beneficiary Rules and CRD Repayments

The 2020 tax year version of IRS Publication 590-B reflects the following noteworthy updates pursuant to the passage of the SECURE, CARES, and Consolidated Appropriations Acts.

FuturePlan ERISA Team

Defined Contribution Plan

IRA

IRS Guidance

SECURE Act

Additional Prohibited Transaction Exemption Guidance

The Department of Labor (DOL) has issued two pieces of guidance on its new fiduciary advice prohibited transaction exemption, PTE 2020-02.

FuturePlan ERISA Team

Defined Contribution Plan

DOL

Fiduciary Issues

IRA

DOL Releases Cybersecurity Guidance for Plan Sponsors

The DOL’s Employee Benefits Security Administration today released a three-part guidance package on cybersecurity for plan sponsors, plan fiduciaries, service providers, and participants.

FuturePlan ERISA Team

Defined Contribution Plan

DOL

Fiduciary Issues

IRA

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