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Defined benefit plan
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for Hurricane Helene
The Federal Emergency Management Agency (FEMA) has issued Major Disaster Declarations on the following dates:
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for Vermont Severe Storms
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on September 26, 2024, for Vermont Severe Storms, Flooding, Landslides, and Mudslides, for the incident period of July 29 – July 31, 2024.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for Georgia, Nebraska, Washington, Kansas, and New York
The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on September 24, 2024, for the following locations:
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for New York, Illinois, and Connecticut Disasters
The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on September 20, 2024.
Regulatory and Legislative
IRS Announces Deadline Relief for Pennsylvania Tropical Storm Debby
The IRS has announced the postponement of certain tax-related deadlines for victims of Tropical Storm Debby in Pennsylvania.
Regulatory and Legislative
IRS Issues Yield Curves and Segment Rates for DB Plan Calculations
The Internal Revenue Service has issued Notice 2024-67, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Regulatory and Legislative
IRS Announces Applicable Federal Rates for October
The IRS has issued Revenue Ruling 2024-21 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
Retirement Plan Disaster Assistance May Be Available for Louisiana Hurricane Francine
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on September 16, 2024, for Louisiana hurricane Francine for the incident period of September 9 – September 12, 2024.
Regulatory and Legislative
IRS Announces Electronic Pre-Approved Plan Submission Procedures
The IRS has indicated that application steps for pre-approved plan document providers seeking to obtain IRS approval of defined contribution and defined benefit arrangements is changing to incorporate electronic filing requirements. Beginning August 1, 2024, providers must submit Forms 4461 or 4461-B electronically, completing steps to pay for and submit the application on pay.gov. Also, beginning September 1, 2024, providers must submit Forms 4461-A or 4461-C electronically, completing on Pay.gov. Paper submissions after these dates will not be processed.
Regulatory and Legislative
IRS Issues Request for Information on Saver’s Match
The IRS has issued Notice 2024-65 requesting comments on implementation of sections 103 and 104 of SECURE 2.0 regarding the Saver’s Match contributions and the Treasury Department’s obligations to promote the new Saver’s Match. The Saver’s Match is a replacement of the Saver’s Credit beginning in 2027 providing a government funded matching contribution to certain eligible participants who claim the match on their tax return.