Regulatory and Legislative

Proposal Introduced to Allow Catch-Ups for Family Caregivers

Representative Brittany Pettersen (D-Co), and co-sponsor Maria Salazar (R-FL), have introduced H.R. 9764, the Catching Up Family Caregivers Act. According to a press release, the bill would allow family caregivers to make catch-up contributions to employer-sponsored retirement plans, an option typically reserved for those over age 50. For every year they are out of the workforce, caregivers could be eligible for an additional year of catch-up contributions, up to a maximum of five years.

Legislative updates ABLE Account

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available in Nebraska and New York

The Federal Emergency Management Agency issued Major Disaster Declarations on October 21, 2024, for the following locations: Nebraska severe storms, straight-line winds, tornadoes, and flooding, and New York severe storm and flooding.

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 pension plan minimum funding and present value calculations.

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for North Carolina Potential Tropical Cyclone Eight

The Federal Emergency Management Agency issued a Major Disaster Declaration on October 19, 2024, for North Carolina Potential Tropical Cyclone Eight.