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This Retirement Spotlight summarizes Rev. Rul. 2020-24 and Rev. Proc. 2020-46 and explains how they interact with other IRS and DOL guidance.

The IRS has provided updated life expectancy tables.

The IRS has issued a pre-publication version of final regulations that update life expectancy tables for determining RMDs for tax-qualified retirement savings arrangements.

The IRS has issued a ruling describing the status and tax treatment of certain 403(b)(7) custodial accounts belonging to participants or beneficiaries of terminating 403(b) plans.

Proposed legislation would permit tax-free retirement savings distributions of up to $2,500 per year—indexed for inflation—that are used to purchase long-term care insurance.

Richard Neal (D-MA) and Kevin Brady (R-TX) have introduced the Securing a Strong Retirement Act of 2020, described as building on major retirement legislation enacted in December 2019.

The IRS has updated previously-issued Announcement CA-2020-07, which describes the postponement of deadlines for victims of California wildfires that began on September 4, 2020.

The IRS has issued Announcement LA-2020-05, which describes the postponement of deadlines for victims of Hurricane Delta, damage from which began on October 6, 2020.

The IRS has issued Notice 2020-79, which contains the 2021 retirement savings plan limitations.

The IRS has issued modified guidance for taxpayers to self-certify their eligibility for an extension of the 60-day deadline to complete an otherwise-eligible rollover.