Regulatory and Legislative

Proposals to Expand Access to ABLE Accounts Introduced

Senator Bob Casey (D-PA) has introduced a suite of bills intended to expand access to and increase awareness of Achieving a Better Life Experience (ABLE) accounts. While bill text is not yet available, details of the proposals were shared via a press release.

4909, the ABLE Direct Deposit Act, would affirm that direct deposits from employers or government programs can be made to ABLE accounts.
4910, the ABLE Awareness Act, would require federal and state agencies to inform people about the existence of the program and its requirements and resources.
4911, the ABLE Employment Flexibility Act, would allow employers to make employer contributions to an employee’s ABLE account in lieu of a 401(k) account so that employees with disabilities can save for retirement without contributions counting against access limits for federal benefits programs.

The proposals have been referred to the Senate Finance Committee.

ABLE Account Legislative updates

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.