Regulatory and Legislative

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The Department of Labor has rescinded a 2021 supplemental statement issued by the Biden administration that discouraged fiduciaries from considering alternative assets in 401(k) investment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

The Secretary of Labor has announced that the Department of Labor has rescinded a 2022 compliance release that discouraged fiduciaries from including cryptocurrency options in 401(k) retirement plans. 

Senators Bill Cassidy (R-LA) and Tim Kaine (D-VA) have re-introduced the Auto Reenroll Act. 

The House of Representatives has passed their version of the reconciliation tax bill—H.R. 1, the One Big Beautiful Bill Act—by a vote of 215-214. 

H.R. 1013, the Retirement Fairness for Charities and Educational Institutions Act introduced by Representatives Frank Lucas (R-OK) and several cosponsors in February was one of several bills advanced out of the House Financial Services Committee. 

The Federal Emergency Management Agency issued several Major Disaster Declarations on May 21, 2025. 

The IRS has issued Revenue Ruling 2025-12 which contains the applicable federal rates for June 2025. 

The Internal Revenue Service has issued Notice 2025-29, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations. 

Senator Bill Cassidy (R-LA), and co-sponsor Tim Kaine (D-VA) have reintroduced the “Helping Young Americans Save for Retirement Act”. 

The House Committee on Ways and Means has approved their tax package out of committee by a party line vote of 26-19 following a markup hearing. 

The Federal Emergency Management Agency issued a Major Disaster Declaration on May 8, 2025, for Arkansas severe storms and tornadoes. 

The House Committee on Ways and Means has released draft text of a budget bill and a section by section summary ahead of a full committee markup of the bill scheduled today. 

The Internal Revenue Service has released Revenue Procedure (Rev. Proc.) 2025-21. 

Senator Ted Cruz (R-TX) and Representative Diana Harshbarger (R-TN) have introduced the Universal Savings Account Act. 

Senators John Hickenlooper (D-CO) and Thom Tillis (R-NC) and Representatives Lloyd Smucker (R-PA-11) and Terri Sewell (D-AL-7) have introduced the Retirement Savings for Americans Act (RSAA) of 2025. 

The IRS has announced the postponement of certain tax-related deadlines for victims of severe winter storms and flooding in Virginia until November 3, 2025. 

The Federal Emergency Management Agency issued a Major Disaster Declaration on April 24, 2025, for Kentucky severe storms. 

Representative Rick Allen (R-GA) has introduced H.R. 2988, the Protecting Prudent Investment of Retirement Savings Act. 

The IRS has announced the postponement of certain tax-related deadlines for victims of Tennessee severe storms, straight-line winds, tornadoes and flooding until November 3, 2025. 

The IRS has issued Revenue Ruling 2025-10 which contains the applicable federal rates for May 2025. 

Representative Haley Stevens (D-MI) has introduced H.R. 2748, the First Time Homeowner Savings Plan Act as part of a suite of proposals aimed at addressing housing costs for families. 

Representatives Adrian Smith (R-NE) and Jimmy Panetta (D-CA) have introduced the IRA Charitable Rollover Facilitation and Enhancement Act. 

The Internal Revenue Service has issued Notice 2025-21, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations. 

The IRS has announced the postponement of certain tax-related deadlines for victims of Arkansas storms until November 3, 2025. 

Effective April 1, 2025, the maximum aggregate bankruptcy exemption amount for IRAs increased from $1,512,350 to $1,711,975. 

The Federal Emergency Management Agency issued a Major Disaster Declaration on April 4, 2025, for Virginia severe winter storms and flooding. 

Representative Byron Donalds (R-FL) has introduced H.R. 2544, the Financial Freedom Act. 

The Department of Labor has issued Field Assistance Bulletin 2025-02 and accompanying single employer and multiemployer model notices updating notice requirements for defined benefit plans pursuant to Section 343 of SECURE 2.0. 

The Pension Benefit Guarantee Corporation has issued a final rule updating interest assumptions. 

Representatives David Kustoff (R-TN) and Judy Chu (D-CA) previously introduced H.R. 517 the Filing Relief for Natural Disasters Act. 

A Department of Treasury and Financial Crimes Enforcement Network interim final rule has narrowed the requirements for who must file beneficial ownership information pursuant to the Corporate Transparency Act.

Representative Lauren Underwood (D-IL) and several co-sponsors have reintroduced the Women's Retirement Protection Act. 

Representative John Moolenaar (R-MI) has introduced H. R. 2067, the Protecting Americans’ Retirement Savings (PARSA) Act. 

The Federal Emergency Management Agency issued a Major Disaster Declaration on March 18, 2025, for Oklahoma Severe Storms, Straight-line Winds, Tornadoes, and Flooding. 

The IRS has announced the postponement of certain tax-related deadlines for victims of West Virginia severe storms, straight-lined winds, flooding, landslides and mudslides until November 3, 2025. 

The IRS has issued Revenue Ruling 2025-08 which contains the applicable federal rates for April 2025. 

Senators Tammy Baldwin (D-WI), and Patty Murray (D-WA) along with several other co-sponsors have reintroduced the Women's Retirement Protection Act in the Senate. 

The Internal Revenue Service has issued Notice 2025-17, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations. 

The Treasury Department has announced that it will not enforce penalties or fines associated with the beneficial ownership information reporting rule under existing regulatory deadlines pursuant to the Corporate Transparency Act. 

The Senate on Monday confirmed former Representative Lori Chavez-DeRemer to lead the Department of Labor by a vote of 67-32. 

The Department of Labor recently issued a final amendment to the Voluntary Fiduciary Correction Program, incorporating a Self-Correction Component for eligible transactions under the program. 

The Federal Emergency Management Agency issued a Major Disaster Declaration on February 26, 2025, for West Virginia severe storm, straight-line winds, flooding, landslides and mudslides.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on February 24, 2025.

The IRS has announced the postponement of certain tax-related deadlines for victims of Kentucky severe storms, straight-line winds, flooding, and landslides until November 3, 2025.

Senator Catherine Cortez Masto along with several cosponsors has introduced S. 132, the Filing Relief for Natural Disasters Act. 

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

The IRS has issued Revenue Ruling 2025-06 which contains the applicable federal rates (AFR) for March 2025. 

The Internal Revenue Service (IRS) has issued Notice 2025-14, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

Senators Katie Britt (R-AL), Raphael Warnock (D-GA), Bill Cassidy (R-LA), and Gary Peters (D-MI), have introduced S.424, the Retirement Fairness for Charities and Educational Institutions Act.

The Internal Revenue Service (IRS) has issued a proposed regulation, providing guidance for employers that are required to include an automatic enrollment provision with their 401(k) or 403(b) plan. 

A proposed rule and class exemption issued by the Department of Labor’s Employee Benefits Security Administration providing guidance on ESOP transactions has been withdrawn from publication. 

The IRS has issued Revenue Ruling 2025-05, which contains the applicable federal rates (AFR) for February 2025.

The Department of Labor’s Employee Benefits Security Administration has issued a proposed rule and class exemption for shares to be acquired by an ESOP pursuant to SECURE 2.0.

The Federal Emergency Management Agency issued a Major Disaster Declaration on January 15, 2025, for Alaska severe storm and flooding.

The Department of Labor has released Field Assistance Bulletin 2025-01 providing guidance regarding the treatment of small balances of retirement plan missing participants and beneficiaries.

The Internal Revenue Service has issued a proposed rule under IRC Sec.162(m) to identify “covered employees” and nondeductible compensation. 

The Internal Revenue Service has issued Notice 2025-13, 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 proposed catch-up regulations that apply to certain retirement plans as provided by Sections 109, 117, and 603 of the SECURE 2.0 Act of 2022.

The Internal Revenue Service has released proposed automatic enrollment regulations that apply to certain retirement plans as provided by Sections 101 and 341 of the SECURE 2.0 Act of 2022.

The Federal Emergency Management Agency issued a Major Disaster Declaration on January 8, 2025, for California wildfires and straight-line winds.

The Federal Emergency Management Agency issued a Major Disaster Declaration on January 1, 2025, for the following disasters for the period indicated.

The Department of Labor has published in the Federal Register several inflation-adjusted penalty amounts for certain failures associated with qualified retirement plans.

The Pension Benefit Guaranty Corporation has published in the Federal Register inflation-adjusted penalty amounts for failure to provide certain notices or other material information and for failure to provide certain multiemployer notices.

The Pension Benefit Guaranty Corporation has issued Technical Update 25-1 that provides guidance on the timing of premium payments for plan years beginning in 2025.

Department of Labor guidance titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program” has left the Office of Management and Budget.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on December 24, 2024, for North Dakota.

The Internal Revenue Service issued Revenue Ruling 2025-2, containing the covered compensation tables for the 2025 plan year.

The Internal Revenue Service released Announcement 2025-2, delaying the anticipated applicability date for future final regulations relating to required minimum distributions.

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 to reflect valuation dates falling in 2025.

Effective December 18, 2024, the prime interest rate decreased to 7.50 percent.

Senate Finance Committee Chair Ron Wyden (D-OR) has released draft legislation titled Protecting Proper Life Insurance from Abuse Act.

The IRS has announced the postponement of certain tax-related deadlines for victims of Post-Tropical Storm Helene in West Virginia until May 1, 2025.

These regulations address a payor’s obligation to withhold income taxes when those payments or distributions are made to payees outside of the United States.

The Internal Revenue Service has issued Notice 2025-1, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations.

The IRS has issued Revenue Ruling 2025-1, which contains the applicable federal rates (AFR) for January 2025.

Thanks to the SECURE 2.0 Act, certain employees will have more deferral opportunities beginning in 2025. Read on to learn how much employees can contribute to their retirement plan and about the types of deferrals that may be available. 

The Federal Emergency Management Agency issued a Major Disaster Declaration on December 9, 2024, for West Virginia Post-tropical Storm Helene.

The Internal Revenue Service released Notice 2024-82, 2024 Required Amendments List for Qualified and Section 403(b) Plans.

The Internal Revenue Service recently issued Notice 2024-77, providing interim guidance on the treatment of “inadvertent benefit overpayments” from defined benefit and defined contribution plans as provided by Section 301 of the SECURE 2.0 Act of 2022.

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on November 26, 2024.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on November 27, 2024.  

The Office of Management and Budget has received a final rule from the Department of Labor titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program”.

The Internal Revenue Service has announced that it intends to begin issuing opinion letters regarding Cycle 2 pre-approved 403(b) plans, including the 2022 cumulative list of changes in those requirements.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms and straight-line winds in the Crow Tribe of Montana.

The Department of Labor has announced the start of a voluntary information collection to establish and maintain the Retirement Savings Lost and Found database.

The Federal Emergency Management Agency issued a Major Disaster Declaration on November 14, 2024, for Crow Tribe of Montana severe storm and straight-line winds.

The Federal Emergency Management Agency issued Major Disaster Declarations on November 13, 2024, for Alaska landslides and Wyoming wildfires.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms and flooding in Chaves County, New Mexico.

The Internal Revenue Service has issued Notice 2024-81, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations.

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

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms and flooding in the Saint Regis Mohawk Tribe until February 3, 2025.

Employers may now treat an employee’s qualified student loan payments like elective deferrals or after-tax contributions for purposes of providing an employer matching contribution.

Effective November 8, 2024, the prime interest rate decreased to 7.75 percent.

The Department of Labor has issued additional guidance and further relief for participants of employee benefit plans affected by Hurricanes Helene and Milton.

The IRS has announced the postponement of certain tax-related deadlines for victims of flooding in the Havasupai Tribe in Arizona.

The relief period generally corresponds with the IRS’ previously announced tax relief for taxpayers affected by Helene and Milton.

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

The Federal Emergency Management Agency issued a Major Disaster Declaration on November 5, 2024, for Seminole Tribe of Florida Hurricane Milton.

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on November 1, 2024.

The IRS has issued Notice 2024-80, which contains the 2025 cost-of-living increases for qualified retirement plan dollar limitations on benefits and contributions under the Internal Revenue Code (IRC).

The IRS has announced the postponement of certain tax-related deadlines for victims of flooding in Alaska until May 1, 2025.

The Federal Emergency Management Agency issued a Major Disaster Declaration on October 25, 2024, for Virgin Islands Tropical Storm Ernesto.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 19, 2024, for North Carolina Potential Tropical Cyclone Eight, for the incident period of September 16, 2024 – September 20, 2024.

The Internal Revenue Service has issued Notice 2024-76, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The IRS has posted final regulations regarding income tax withholding on certain periodic payments and nonperiodic distributions from employer deferred compensation plans, individual retirement plans, and commercial annuities that are not eligible rollover distributions.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 16, 2024, for Alaska flooding, for the incident period of August 5, 2024 – August 6, 2024.