Regulatory and Legislative

The Department of Labor has submitted a proposed rule titled Fiduciary Duties in Selecting Investment Alternative to the Office of Management and Budget for review. 

The Internal Revenue Service has released the 2025 tax year Form 990-T, Exempt Organization Business Income Tax Return. 

The Internal Revenue Service has issued an updated Form 5330. 

The Internal Revenue Service has issued Notice 2026-12, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations. 

The Internal Revenue Service has released a draft January 2026 Publication 571, Tax-Sheltered Annuity Plans (403(b) Plans) for Employees of Public Schools and Certain Tax-Exempt Organizations. 

The Internal Revenue Service has issued Form 4547, Trump Account Election(s), and accompanying instructions.

The Internal Revenue Service has released an updated Form 8881, Credits for Small Employer Pension Plan Startup Costs, Contributions, Auto-Enrollment, and Military Spouse Participation. 

The Internal Revenue Service has issued Revenue Procedure 2026-4, which includes updates to determination letter submission procedures and user fees associated with Employee Plans Rulings and Agreements.

The United States Postal Service issued a final rule effective December 24, 2025, that highlights that a postmark does not necessarily indicate the first day that the USPS had possession of the item, but rather it is often indicative of receipt at a first processing facility. 

The Internal Revenue Service is requesting comments regarding information being collected on new Form 4547, Trump Account Election(s), and new Form 8879-TA. 

The Department of Labor has modified the Delinquent Filer Voluntary Correction Program to further facilitate and encourage voluntary compliance with ERISA’s reporting requirements. 

The Internal Revenue Service has issued a new Publication 15-B, Employer’s Tax Guide to Fringe Benefits, for use in 2026. 

The Internal Revenue Service has released Instructions for Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments.

The Internal Revenue Service has posted Instructions for Forms 1099-SA and 5498-SA.

The Pension Benefit Guaranty Corporation has released a final rule updating the table for determining expected retirement ages for participants in pension plans undergoing distress or involuntary termination. 

The Internal Revenue Service has released updated Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information. 

The Federal Emergency Management Agency issued a Major Disaster Declaration on December 19, 2025, for disasters in Kansas and Montana. 

The Internal Revenue Service has posted the 2026 tax year version of Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding. 

The Internal Revenue Service released the 2026 Publication 15-A, Employer’s Supplemental Tax Guide (Supplement to Pub. 15, Employer’s Tax Guide).

The Internal Revenue Service has released the 2026 tax year Form W-4R, Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions. 

Representative Richard Neal (D-MA), House Ways and Means Committee Ranking Member, has reintroduced the Automatic IRA Act.

The Internal Revenue Service has issued Revenue Ruling 2026-02 which contains the applicable federal rates for January 2026. 

The Department of Labor’s Employee Benefits Security Administration, the Internal Revenue Service, and the Pension Benefit Guaranty Corporation jointly released the 2025 Form 5500, the 2025 Form 5500-SF, and their respective instructions and schedules. 

The Internal Revenue Service has released a December 2025 version of Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments.

The Federal Emergency Management Agency issued a Major Disaster Declaration on December 12, 2025, for Washington severe storms.

The IRS has released 2025 Form 8606, Nondeductible IRAs. 

President Trump has issued an Executive Order (EO) Protecting American Investors from Foreign-Owned and Politically Motivated Proxy Advisors. 

The House of Representatives has passed the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act by a vote of 302 to 123. 

The IRS has issued Revenue Ruling 2026-1, containing the covered compensation tables for the 2026 plan year. 

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms and straight-line winds in Leech Lake Band of Ojibwe until February 2, 2026.

The Internal Revenue Service has issued the 2026 Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments. 

Effective December 10, 2025, the prime interest rate was lowered from 7.00 percent to 6.75 percent.

Senator Robert Marshall (R-KS) has introduced the Lowering Healthcare Costs for Americans Act. 

The Internal Revenue Service has posted new draft instructions for Forms 1099-SA and 5498-SA. 

Senators Mike Crapo (R-ID) and Bill Cassidy (R-LA) have released the Health Care Freedom for Patients Act.

The Internal Revenue Service has issued Notice 2026-05 which provides guidance on changes relating to health savings accounts enacted under the One, Big, Beautiful Bill Act.

The Pension Benefit Guaranty Corporation has announced that practitioners for single employer plans can now submit standard termination filings, including those with missing participants in its e-filing portal. 

Senator Rand Paul (R-KY) has introduced the Health Marketplace and Savings Accounts for All Act.

The IRS has posted the 2025 tax year Form 8889, Health Savings Accounts. 

Senators John Barrasso (R-WY) and Michael Bennet (D-CO) have introduced the Retirement Rollover Flexibility Act. 

Senators Cory Booker (D-NJ) and Todd Young (R-IN), along with Representatives Eugene Vindman (D-VA) and Glenn Thompson (R-PA) have introduced bi-cameral legislation, the Emergency Savings Enhancement Act. 

The Internal Revenue Service has posted Instructions for Instructions for Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, for 2025.

The Internal Revenue Service has posted 2025 tax year Instructions for Form 8889, Health Savings Accounts. 

The Internal Revenue Service has issued a draft Form 4547, Trump Account Election(s), and accompanying draft instructions. 

The Internal Revenue Service released Notice 2025-60, 2025 Required Amendments List for Qualified and Section 403(b) Plans.

House Financial Services Committee Chairman French Hill (R-AR) and several committee members introduced bipartisan legislation, the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act.

The Treasury Department and the Internal Revenue Service have released Notice 2025-68, containing initial guidance and a request for comments on the implementation of Trump accounts under IRC Section 530A. 

The Internal Revenue Service has posted 2025 Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts.

The Internal Revenue Service has released 2025 draft Instructions for Form 8606, Nondeductible IRAs. 

Representative Randy Fine (R-FL) has introduced H.R. 6084, the ERISA Litigation Reform Act.

The IRS released an updated draft 2026 Publication 15-A, Employer’s Supplemental Tax Guide (Supplement to Pub. 15, Employer’s Tax Guide). 

The Internal Revenue Service has posted an updated draft 2025 Instructions for Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts. 

The Internal Revenue Service has issued Notice 2025-73, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations. 

Senator Rick Scott (R-FL) has introduced S. 3264, the More Affordable Care Act. 

Representative Lloyd Doggett (D-TX) has introduced H.R. 6183, the Health Savings Account (HSA) Consumer Protection Act.

The Internal Revenue Service has released an updated 2025 tax year draft Form 990-T, Exempt Organization Business Income Tax Return. 

The Internal Revenue Service has issued Revenue Ruling 2025-24 which contains the applicable federal rates for December 2025. 

The Internal Revenue Service has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, tornadoes, and flooding in multiple counties Missouri until March 30, 2026. 

The IRS has issued Notice 2025-67, which contains the 2026 cost-of-living increases for qualified retirement plan dollar limitations on benefits and contributions under the Internal Revenue Code.

The IRS has finalized the 2025 Form 8880, Credit for Qualified Retirement Savings Contributions. 

The IRS has posted another draft 2025 Form 8880, Credit for Qualified Retirement Savings Contributions. 

The IRS released a draft 2026 Publication 15-A, Employer’s Supplemental Tax Guide (Supplement to Pub. 15, Employer’s Tax Guide). 

Representatives Scott Peters (D-CA) and Norma Torres (D-CA) have introduced H.R. 5887, the Saving for the Future Act. 

The Internal Revenue Service has released a draft 2025 tax year Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs). 

Senator Bill Cassidy (R-LA) has reintroduced S. 3086, the Restoring Integrity in Fiduciary Duty Act. 

The Pension Benefit Guarantee Corporation (PBGC) has updated its table titled, “Present Value of PBGC Maximum Guarantee.”

The IRS has announced the postponement of certain tax-related deadlines for victims of Typhoon Halong until May 1, 2026.

The Internal Revenue Service has released a draft 2025 tax year Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).

The Internal Revenue Service has announced the postponement of certain tax-related deadlines for North Dakota and South Dakota victims of severe storms and flooding.

Effective October 29, 2025, the prime interest rate was lowered from 7.25 percent to 7.00 percent.

The Pension Benefit Guarantee Corporation has determined premium rates applicable for the 2026 plan year. 

The Social Security Administration has issued the 2026 adjustments for benefits and certain other limitations that are subject to annual cost-of-living adjustment indices.

The Internal Revenue Service has issued an updated draft Form 5330, Return of Excise Taxes Related to Employee Benefit Plans. 

The Federal Emergency Management Agency issued Major Disaster Declarations on October 22, 2025, for disasters in Alaska, North Dakota, Nebraska, and the Leech Lake Band of Ojibwe. 

The Internal Revenue Service has posted draft Instructions for Form 8881, Credits for Small Employer Pension Plan Startup Costs, Contributions, Auto-Enrollment, and Military Spouse Participation. 

The Internal Revenue Service has provided reporting relief from the requirement to include a code “Y” on a 2025 Form 1099-R when reporting qualified charitable distributions from an IRA.

The Internal Revenue Service has issued Revenue Ruling 2025-21 which contains the applicable federal rates for November 2025. 

Senator Catherine Cortez Masto (D-NV) has introduced S. 2964, the Emergency Relief for Federal Contractors Act of 2025. 

The Internal Revenue Service has released 2025 Form 945, Annual Return of Withheld Federal Income Tax, and correlating instructions.

The Senate passed by unanimous consent two proposals aimed at strengthening Employee Stock Ownership Plans. 

The Internal Revenue Service has issued final regulations implementing catch-up contribution requirements introduced by the SECURE 2.0 Act of 2022. 

The IRS has issued a draft 2026 Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments. 

The Office of Management and Budget has received a proposed rule from the Department of Labor (DOL) titled "Requirement to Provide Paper Statements in Certain Cases-Amendments to Electronic Disclosure Safe Harbors”.

The Internal Revenue Service (IRS) has released draft Instructions for Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments.

The Internal Revenue Service has provided draft Instructions for Form 5498-ESA, Coverdell ESA Contribution Information, for the 2026 tax year.

The Department of Labor has issued Advisory Opinion 2025-04A.

The IRS has issued draft Form 5498-ESA, Coverdell ESA Contribution Information. 

The Internal Revenue Service has released a draft Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information. 

The Pension Benefit Guarantee Corporation has issued a final rule updating interest assumptions under the asset allocation regulation for plans with valuation dates in the fourth quarter of 2025. 

Senators Ruben Gallego (D-AZ) and Todd Young (R-IN) have introduced S. 2867, the Uplifting First-Time Homebuyers Act to help more people buy their first home. 

The Senate has confirmed Daniel Aronowitz as Assistant Secretary of Labor for the Employee Benefits Security Administration.

The IRS has announced the postponement of certain tax-related deadlines for victims of Wisconsin severe storms, straight-line winds, flooding, and mudslides until February 2, 2026. 

The House Education and Workforce Committee has advanced several retirement bills following a markup. 

The IRS has released a draft 2026 Form W-4R, Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions.

Effective September 17, 2025, the prime interest rate decreased to 7.25 percent. 

The Internal Revenue Service has issued Revenue Ruling 2025-19 which contains the applicable federal rates for October 2025. 

The Internal Revenue Service has issued Notice 2025-47, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations. 

Representatives Ron Estes (R-KS), and Seth Magaziner (D-RI), have introduced H.R. 5325, the Unclaimed Retirement Rescue Plan. 

The Internal Revenue Service has issued final regulations providing guidance for employers regarding new provisions on catch-up contributions as permitted by the SECURE 2.0 Act of 2022.

The Federal Emergency Management Agency issued several Major Disaster Declarations on September 11, 2025. 

Representative Rick Allen (R-GA) has introduced the Retire through Ownership Act. 

The Internal Revenue Service has posted a revised draft 2025 Form 8880, Credit for Qualified Retirement Savings Contributions. 

The Internal Revenue Service has released an updated 2025 tax year draft Form 990-T, Exempt Organization Business Income Tax Return. 

The Internal Revenue Service has released the draft 2025 tax-year Publication 575, Pension and Annuity Income. 

The IRS has posted a draft 2026 tax year Form 5498, IRA Contribution Information. 

The IRS has issued draft Form 5498-ESA, Coverdell ESA Contribution Information. 

The IRS has posted 2025 tax year draft Instructions for Form 8889, Health Savings Accounts. 

The Internal Revenue Service has issued Revenue Ruling 2025-17 which contains the applicable federal rates for September 2025. 

The Internal Revenue Service has issued Notice 2025-43, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations. 

The Pension Benefit Guarantee Corporation has issued a final rule providing minor clarifications and improvements to several miscellaneous provisions. 

The Department of Labor has rescinded a 2021 supplemental statement issued by the Biden administration that discouraged fiduciaries from considering alternative assets in 401(k) investment lineups.  

Governor J.B. Pritzker has signed into law amendments to the Illinois Secure Choice program. 

The IRS has announced the postponement of certain tax-related deadlines for victims of West Virgina severe storms until February 26, 2026.

President Trump has issued an Executive Order aimed at increasing access to alternative investments for 401(k) and other defined contribution plans. 

The Senate Health, Education, Labor and Pensions Committee unanimously advanced two bills to strengthen Employee Stock Ownership Plans.

Representative Vern Buchanan (R-FL) and several co-sponsors have introduced H.R. 4548, the Small Nonprofit Retirement Security Act. 

Senators Steve Daines (R-MT) and Maggie Hassan (D-NH) have introduced S. 2461, the Promotion and Expansion of Private Employee Ownership Act. 

The Department of Labor has released guidance and a public request for information titled “Pooled Employer Plans: Big Plans for Small Businesses”. 

Senator Bernie Sanders (I-VT) and several Democrat sponsors have introduced S. 2458, the Employee Ownership Financing Act. 

President Trump has signed into law the Filing Relief for Natural Disasters Act (“Act”). 

The Federal Emergency Management Agency issued Major Disaster Declarations on July 22, 2025, for disasters in New Mexico, Missouri, West Virginia, Kansas, Indiana, Oregon and Michigan. 

Senator Bernie Sanders (I-VT) has released proposed legislation titled the Pensions for All Act. 

The IRS has announced the postponement of certain tax-related deadlines for victims of New Mexico storms, flooding, and landslides until February 2, 2026. 

The IRS has issued Revenue Ruling 2025-15, offering detailed guidance on how to handle federal tax withholding and reporting when retirement plan distribution checks go uncashed and must be reissued.

The Internal Revenue Service has issued Revenue Ruling 2025-14 which contains the applicable federal rates (AFR) for August 2025. 

The Internal Revenue Service has issued Notice 2025-39, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations. 

The Internal Revenue Service has released Notice 2025-40, updating the static mortality tables for defined benefit plans for 2026. 

 The Department of Labor filed an amicus (friend of the court) brief in a case (Hutchins v. HP Inc.). 

Senator Bill Cassidy (R-LA) has introduced S. 2217, the Independent Retirement Fairness Act.  

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, and flooding in Texas until February 2, 2026. 

The Internal Revenue Service has posted an updated draft 2025 Instructions for Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts. 

Senators Bill Cassidy (R-LA), and Tim Scott (R-SC), have shared proposals that, according to a press release, would modernize federal labor law to empower 27 million independent contractors to access portable workplace benefits, like health care and retirement.

President Trump signed into law tax legislation known as the ‘One Big Beautiful Bill Act’ on July 4th.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on July 6, 2025.

Congress passed the tax bill known as the One Big Beautiful Bill Act (OBBBA) on July 3, 2025.

The Department of Labor has released a prerule item titled “Pooled Employer Plans” (PEPs) to the Office of Management and Budget for review.

The IRS has posted 2025 tax year draft Form 4972.

These interest assumptions are used for valuing benefits under terminating single-employer plans. 

The Senate has passed by a vote of 51-50 its version of the tax reconciliation bill. 

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, tornadoes, and flooding in Missouri. 

The Senate voted to approve the nomination of Ken Kies as the assistant secretary for tax policy at the Treasury by a vote of 53-45. 

The Federal Emergency Management Agency issued a Major Disaster Declaration on June 19, 2025, for Tennessee severe storms. 

The IRS has issued Revenue Ruling 2025-13 which contains the applicable federal rates (AFR) for July 2025. 

The Senate Finance committee released bill text for inclusion in the Senate’s version of the budget reconciliation bill yesterday. 

The Internal Revenue Service has issued Notice 2025-35, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations. 

The IRS may also issue relief related to this disaster for certain tax-related deadlines. 

Senator Thom Tillis (R-NC) and several cosponsors have reintroduced the Improving Disclosure for Investors Act. 

The Department of Labor has announced the launch of its opinion letter program. 

A notice of availability and request for comments on DOL information collection activities has left the Office of Management and Budget. 

The Department of Labor provides an alternative method of compliance with the rules for reporting and disclosing information under Title I of ERISA for 'top hat' plans.