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Defined contribution plan
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for Florida Hurricane Milton
The Federal Emergency Management Agency issued a Major Disaster Declaration on November 5, 2024, for Seminole Tribe of Florida Hurricane Milton.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available in New Mexico and South Dakota
The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on November 1, 2024.
Regulatory and Legislative
IRS Releases 2025 Cost-of-Living Adjusted Retirement Savings Limitations
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).
Washington Pulse - IRS Releases Guidance for LTPT Employees of ERISA 403(b) Plans
The Internal Revenue Service recently issued Notice 2024-73, providing guidance regarding the participation of long-term, part-time employees in 403(b) plans subject to Title I of the Employee Retirement Income Security Act.
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 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.