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FuturePlan ERISA Team
Regulatory and Legislative
IRS Announces Deadline Relief for Alaska Flooding
The IRS has announced the postponement of certain tax-related deadlines for victims of flooding in Alaska until May 1, 2025.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for Virgin Islands Tropical Storm Ernesto
The Federal Emergency Management Agency issued a Major Disaster Declaration on October 25, 2024, for Virgin Islands Tropical Storm Ernesto.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for North Carolina Potential Tropical Cyclone Eight
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.
Regulatory and Legislative
IRS Issues Yield Curves and Segment Rates for DB Plan Calculations
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.
Regulatory and Legislative
IRS Posts Final Regulations on Withholding on Certain Distributions to Payees Outside the United States
The IRS has posted final regulations regarding income tax withholding on certain periodic payments and nonperiodic distributions from employer deferred compensation plans, individual retirement plans, and commercial annuities that are not eligible rollover distributions.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for Alaska Flooding
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.
Regulatory and Legislative
IRS Releases Guidance on Inadvertent Benefit Overpayments under SECURE 2.0
The Internal Revenue Service has released Notice 2024-77, Guidance Under Sections 414(aa) and 402(c)(12) of the Internal Revenue Code with Respect to Inadvertent Benefit Overpayments.
Regulatory and Legislative
IRS Announces Applicable Federal Rates for November
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.”
Regulatory and Legislative
IRS Announces Deadline Relief for Hurricane Milton in Florida
The IRS has announced the postponement of certain tax-related deadlines for victims of Hurricane Milton in Florida until May 1, 2025.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for Florida Hurricane Milton
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 11, 2024, for Florida Hurricane Milton, for the incident period of October 5, 2024 and continuing.