FuturePlan ERISA Team

The Internal Revenue Service (IRS) has announced the postponement of certain tax-related deadlines for victims of severe storms and flooding in New York. The tax relief postpones various tax filing deadlines that began on August 18, 2024. Affected individuals and households who reside or have a business in Suffolk county, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

The Internal Revenue Service (IRS) has announced the postponement of certain tax-related deadlines for victims of severe storms, flooding, landslides and mudslides in Connecticut. The tax relief postpones various tax filing deadlines that began on August 18, 2024. Affected individuals and households who reside or have a business in Fairfield, Litchfield, and New Haven counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

A private letter ruling issued by the Internal Revenue Service allows the inquiring taxpayer to offer a discretionary employer contribution that employees can choose to direct to either their 401(k) plan, health savings account, retiree health reimbursement arrangement, or education assistance program.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on August 29, 2024, for New York severe storms, tornadoes, and flooding, for the incident period of July 10 – July 11, 2024. 

The IRS has released a fact sheet informing employers that adopting certain plan provisions will impact how certain amounts are reported on Form W-2, Wage and Tax Statement. The fact sheet notes that provisions potentially affecting Forms W-2 include the following.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on August 23, 2024, for Montana straight-line winds, for the incident period of July 24, 2024. 

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line-winds, and flooding in South Dakota.

The Internal Revenue Service has issued Notice 2024-62, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. Updates include corporate bond monthly yield curve, the corresponding spot segment rates for July used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates for August under IRC Sec. 430(h)(2). IRC Sec. 417 contains definitions and special rules for minimum survivor annuity requirements in DB plans. IRC Sec. 430 addresses minimum funding standard for single-employer DB plans.

The IRS has issued Notice 2024-63 (Notice) providing guidance under Section 110 of SECURE 2.0 regarding employer matching contributions with respect to qualified student loan payments (QSLP). The Notice addresses several matters in question-and-answer format, including the following.

The Pension Benefit Guaranty Corporation (PBGC) has released its first yield curve issued for ERISA 4044 calculations where the valuation date is on or after July 31, 2024, and before August 31, 2024.  PBGC’s ERISA 4044 regulation provides guidance on the actuarial assumptions used to determine the present value of benefits in involuntary and distress terminations of single-employer plans (e.g., interest, mortality, retirement age), and for other purposes. PBGC will update the Interest Assumption webpage monthly to reflect future yield curves.