FuturePlan ERISA Team

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

The IRS has announced the postponement of certain tax-related deadlines for victims of Florida severe storms, straight-line-winds, and tornadoes.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 24, 2024, for Iowa severe storms, flooding, straight-line-winds, and tornadoes, for the incident period of June 16, 2024 and continuing.

The Department of Labor (DOL) has reported to Congress on Interpretive Bulletin 95-1, pursuant to a directive under Section 321 of SECURE 2.0. Interpretive Bulletin 95-1 provided guidance on fiduciary standards for selecting an annuity provider for a defined benefit plan. DOL reports that the bulletin’s factors are still relevant to a fiduciary’s prudent and loyal evaluation, but did note that the agency may further explore developments in both the life insurance industry and in pension risk transfer practices to determine whether additional guidance is needed.

The IRS has issued Notice 2024-55, providing guidance on emergency personal expense distributions and domestic abuse victim distributions that are effective after December 31, 2023 under SECURE 2.0. The Notice details in question-and-answer format what represents an applicable distribution, distribution restrictions, withholding and notice requirements, repayment or rollover details, and exceptions to the 10 percent additional tax on early distributions.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 17, 2024, for Tennessee severe weather and tornadoes for the incident period of May 8 – May 9, 2024.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 17, 2024, for Florida severe storms, straight-line winds, and tornadoes, for the incident period of May 10, 2024.

The IRS has issued Revenue Ruling 2024-13, which contains the applicable federal rates (AFR) for July 2024. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as “72(t) payments.”

The Internal Revenue Service has issued Notice 2024-53, 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 May used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates for June 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 Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 17, 2024, for Hawaii severe storms, flooding, and landslides for the incident period of April 11 – April 14, 2024.