President Trump signed into law H.R. 3823, the “Disaster Tax Relief and Airport and Airway Extension Act of 2017”, which delivers temporary tax relief for retirement plans as well as other tax relief to the victims of Hurricanes Harvey, Irma, and Maria while reauthorizing the Federal Aviation Administration (FAA) for six months. The bill contains
The Internal Revenue Service announced that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Irma and Harvey and members of their families. This is similar to relief provided last year to Louisiana flood victims and victims of Hurricane Matthew. Participants in 401(k) plans, employees of public schools and tax-exempt organizations
The IRS in Revenue Procedure 2017-41 updated the procedures for the issuance of opinion and advisory letters by the IRS regarding the qualification in form of Pre-approved Plans. This revenue procedure modifies the IRS’s historic approach to Pre-approved Plans in order to expand the Provider market and encourage employers that currently maintain individually designed plans
On May 22, 2017 Alexander Acosta, the Secretary of the Department of Labor (“DOL”) wrote an opinion piece in the Wall Street Journal on the Fiduciary Rule. In it he states: “The Labor Department has concluded that it is necessary to seek additional public input on the entire Fiduciary Rule, and we will do so.
On February 3, 2017, President Trump issued an executive order which directs the Department of Labor (“DOL”) to review the Fiduciary Duty Rule, specifically, Term “Fiduciary”; Conflict of Interest Rule Retirement Investment Advice, 81 Fed. Reg. 20946 (April 8, 2016) (Fiduciary Duty Rule or Rule). The President’s order states that the Fiduciary Duty Rule may
In January 2017, the U.S. Department of Labor, Employee Benefits Security Administration released it CONSUMER PROTECTIONS FOR RETIREMENT INVESTORS – FAQS ON YOUR RIGHTS AND FINANCIAL ADVISERS. Per the Department of Labor, beginning on April 10, 2017, retirement investors will benefit from important new protections requiring that financial advisers act in their best interest. While
The Internal Revenue Service announced on October 27, 2016 cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. The IRS issued technical guidance detailing these items in Notice 2016-62. Highlights of limitations that remain unchanged from 2016 The contribution limit for employees who participate in 401(k), 403(b), most 457