Regulatory and Legislative

Spousal Consent Proposal Re-Introduced

Representative Lauren Underwood (D-IL) and Senator Tammy Baldwin (D-WI) have re-introduced H.R. 5060, the Women's Retirement Protection Act of 2023 in the House and Senate. According to a press release, the legislation aims to do the following.

Create spousal protections (similar to those that are available for defined benefit plans) for defined contribution plans.
Provide grants to community-based organizations in order to increase financial literacy by providing information and financial tools to women who are of working or retirement age.
Provide grants to community-based organizations that help women with low income and survivors of domestic abuse get qualified domestic relations orders in order to receive the retirement benefits that they’re entitled to following a divorce or legal separation.

Defined Benefit Plan Defined Contribution Plan Legislative updates

Regulatory and Legislative

IRS Provides 2024 Electronic Filing Relief for Form 5330

The IRS notes in a new post that electronic filing of Form 5330, Return of Excise Taxes Related to Employee Benefit Plans, will not be required for the remainder of the 2024 taxable year—confirming that taxpayers may continue to file by paper.

Regulatory and Legislative

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

The Federal Emergency Management Agency issued a Major Disaster Declaration on July 10, 2024, for New Hampshire severe winter storm and flooding.

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for Texas Hurricane Beryl

The Federal Emergency Management Agency issued a Major Disaster Declaration on July 9, 2024, for Texas hurricane Beryl.