FuturePlan ERISA Team

The Securities and Exchange Commission (SEC) has issued a final rule to address cybersecurity risks.

The Internal Revenue Service has issued Notice 2024-40, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The Department of Labor (DOL) has issued a regulatory package that includes an interim final rule that amends the regulations for abandoned plans that were initially created in 2006.

Senators Ted Budd (R-NC), Bill Cassidy (R-NC), Roger Marshall (R-KS), and Joe Manchin (D-WV) have announced they are introducing a resolution of congressional disapproval of the Department of Labor’s “Retirement Security Rule.”

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 14, 2024, for Iowa severe storms and tornadoes, for the incident period of April 26 – 27, 2024.

The Internal Revenue Service has released Notice 2024-42, updating the static mortality tables for defined benefit plans for 2025.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 3, 2024, for Nebraska severe storms, straight-line winds, and tornadoes, for the incident period of April 25, 2024 – April 27, 2024.

The Internal Revenue Service (IRS) has released a set of frequently asked questions (FAQs) regarding rules for distributions from retirement plans and individual retirement arrangements (IRAs) under Section 331 of SECURE 2.0 for individuals affected by federally declared major disasters.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on May 2, 2024, for Ohio tornadoes, for the incident period of March 14, 2024.

The Internal Revenue Service is reminding businesses who sponsor a retirement plan that certain provisions of SECURE 2.0 that became effective in 2023 may impact their Form W-2 reporting requirements.