Regulatory and Legislative

IRS Issues Regulations for Plan-Specific Substitute Mortality Tables for Determining Present Value

The Internal Revenue Service (IRS) has released final regulations regarding the use of mortality experience data for the COVID-19 pandemic period that supplement the methodology for developing substitute mortality tables provided in Treasury Regulation 1.430(h)(3)-2. Specifically, the final rule provides an adjustment factor to be applied to the standard mortality table for 2020, 2021, and 2022.

These regulations apply for plan years beginning on or after January 1, 2025.

IRS IRS Guidance

Regulatory and Legislative

SECURE 2.0 May Impact How Businesses Complete Forms W-2

The IRS has released a fact sheet informing employers that adopting certain plan provisions will impact how certain amounts are reported on Form W-2, Wage and Tax Statement.

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for New York Severe Storms

The Federal Emergency Management Agency issued a Major Disaster Declaration on August 29, 2024, for New York severe storms, tornadoes, and flooding.

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for Montana Straight-Line Winds

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on August 23, 2024.