Regulatory and Legislative

Effective December 18, 2024, the prime interest rate decreased to 7.50 percent.

Senate Finance Committee Chair Ron Wyden (D-OR) has released draft legislation titled Protecting Proper Life Insurance from Abuse Act.

The IRS has announced the postponement of certain tax-related deadlines for victims of Post-Tropical Storm Helene in West Virginia until May 1, 2025.

These regulations address a payor’s obligation to withhold income taxes when those payments or distributions are made to payees outside of the United States.

The Internal Revenue Service has issued Notice 2025-1, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations.

The IRS has issued Revenue Ruling 2025-1, which contains the applicable federal rates (AFR) for January 2025.

Thanks to the SECURE 2.0 Act, certain employees will have more deferral opportunities beginning in 2025. Read on to learn how much employees can contribute to their retirement plan and about the types of deferrals that may be available. 

The Federal Emergency Management Agency issued a Major Disaster Declaration on December 9, 2024, for West Virginia Post-tropical Storm Helene.

The Internal Revenue Service released Notice 2024-82, 2024 Required Amendments List for Qualified and Section 403(b) Plans.

The Internal Revenue Service recently issued Notice 2024-77, providing interim guidance on the treatment of “inadvertent benefit overpayments” from defined benefit and defined contribution plans as provided by Section 301 of the SECURE 2.0 Act of 2022.