Defined benefit plan

The Federal Emergency Management Agency issued a Major Disaster Declaration on November 5, 2024, for Seminole Tribe of Florida Hurricane Milton.

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on November 1, 2024.

The IRS has issued Notice 2024-80, which contains the 2025 cost-of-living increases for qualified retirement plan dollar limitations on benefits and contributions under the Internal Revenue Code (IRC).

The IRS has announced the postponement of certain tax-related deadlines for victims of flooding in Alaska until May 1, 2025.

The Federal Emergency Management Agency issued a Major Disaster Declaration on October 25, 2024, for Virgin Islands Tropical Storm Ernesto.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 19, 2024, for North Carolina Potential Tropical Cyclone Eight, for the incident period of September 16, 2024 – September 20, 2024.

The Internal Revenue Service has issued Notice 2024-76, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 16, 2024, for Alaska flooding, for the incident period of August 5, 2024 – August 6, 2024.

The IRS has issued Revenue Ruling 2024-24 which contains the applicable federal rates (AFR) for October 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 IRS has announced the postponement of certain tax-related deadlines for victims of Hurricane Milton in Florida until May 1, 2025.