Search Results for keywords:"retirement plans"

Found 2 results

Search Results: keywords:"retirement plans"

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  • 2025-01067 — Proposed Exemption for the Royal Bank of Canada and Its Current and Future Affiliates (Collectively, RBC or the Applicant) Located in Toronto, Ontario, Canada
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    Type:Notice
    Citation:90 FR 6013
    Reading Time:about 94 minutes

    The U.S. Department of Labor has announced a proposed exemption allowing certain asset managers affiliated with the Royal Bank of Canada (RBC) to continue managing retirement plans, despite a conviction against RBC's Bahamas division for aiding tax fraud in France. The exemption, if granted, would last from March 2025 to March 2030, provided RBC meets specific protective conditions. The decision is driven by the need to avoid disruptions and additional costs for retirement plan clients, as well as to maintain fair investment practices. Public comments on this proposal are invited before March 2025.

    Simple Explanation

    Imagine a bank can keep playing a game, even though one of its friends got in trouble for breaking the rules. The grown-ups in charge are deciding if the bank should still be allowed to play by promising to be very careful and follow new rules.

  • 2025-00501 — Automatic Enrollment Requirements Under Section 414A
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    Type:Proposed Rule
    Citation:90 FR 3092
    Reading Time:about 93 minutes

    The Treasury Department and the IRS have proposed new rules to guide automatic enrollment in certain retirement plans, reflecting changes from the SECURE 2.0 Act of 2022. These regulations will apply to specific retirement plans with automatic contributions, ensuring that they align with the new requirements. Exceptions exist for government, church, and small or new business plans. Public comments are requested, and a hearing is scheduled to discuss these regulations further.

    Simple Explanation

    The government wants to make sure people save money for retirement by making it easier for some workers to join special saving plans automatically, but there are some plans that don't have to follow these new rules, like those for churches and very small businesses. They also want people to tell them what they think about these changes and will have a meeting to talk about it.