On November 1, 2023, the IRS issued Notice 2023-75, which provides certain cost-of-living adjustments for a wide variety of tax-related items, including retirement plan contribution maximums and other limitations. Several key figures are highlighted below. These cost-of-living adjustments are effective January 1, 2024.

On November 3, 2023, the DOL published a proposed rule broadening the definition of an investment advice fiduciary under ERISA. The newest iteration of this rule is the most recent attempt by the DOL to update the definition of fiduciary after the 2016 Conflict of Interest Rule (the 2016 rule) was set aside by the US Court of Appeals for the Fifth Circuit in litigation. The newest iteration of this rule is the most recent attempt by the DOL to update the definition of fiduciary after the 2016 Conflict of Interest Rule (the 2016 rule) was set aside by the US Court of Appeals for the Fifth Circuit in litigation.

On October 20, 2023, the IRS published final regulations prescribing mortality tables under Code Section 430 that apply to defined benefit pension plans. The IRS also issued proposed regulations to update the requirements for a single-employer-defined benefit plan to use customized mortality tables as a substitute for the IRS-prescribed tables.

On September 21, 2023, the Federal District Court for the Northern District of Texas (the court) issued a ruling on a case involving a challenge to a 2022 amendment to the DOL’s 2020 Investment Duties Rule (the 2020 Rule). (The amendment is referred to hereinafter as the 2022 Rule). The court determined the 2022 Rule should remain in effect.

On September 13, 2023, the IRS released Revenue Procedure (Rev. Proc.) 2023-31, which provides guidance on exceptions from electronic filing requirements for certain filers of Forms 8955-SSA and 5500-EZ. Rev. Proc. 2023-31 applies to filings submitted with respect to plan years beginning on or after January 1, 2024.

On July 17, 2023, the IRS released an issue snapshot on the deductibility of employer 401(k) contributions made after the plan year end. Issue Snapshots represent the IRS’ periodic research summaries on tax-related issues. This snapshot discusses how IRC timing rules apply to employers who establish a new 401(k) plan after the end of the tax year. These rules determine whether a retirement plan can be retroactively established and, if so...

On August 25, 2023, the IRS released Notice 2023-62, which provides transition relief for implementation of the new Roth catch-up contribution requirement under section 603 of the SECURE 2.0 Act.

On August 11, 2023, the DOL published a request for information (RFI) soliciting public comments on certain SECURE 2.0 provisions that impact ERISA’s reporting and disclosure framework. The public feedback will inform future DOL rulemaking or other guidance.

On August 4, 2023, the Ninth Circuit Court of Appeals affirmed in part and reversed in part the US District Court for the Central District of California’s granting of summary judgment to the defendants in an ERISA class action brought by former AT&T employees who contributed to AT&T’s retirement plan (the plaintiffs), a defined contribution plan. Defendants in the case are the plan’s administrator, AT&T Services, Inc., and the...

The IRS recently issued Notice 2023-54, which provides transition relief to address changes made by the SECURE Act and the SECURE 2.0 Act in required minimum distribution (RMD) requirements for qualified plans such as 401(k) plans, IRAs, Roth IRAs, 403(b) plans, and 457(d) eligible deferred compensation plans.