Regulatory and Legislative

DOL Issues Final Amendments to the VFCP

DOL Issues Final Amendments to the VFCP

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. 

    Executive Order on Alternative Investments Issued

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

    August 07 2025

    ESOP Proposals Clear Senate HELP Committee

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

    August 04 2025

    Plan Adoption Tax Credits for Nonprofits Proposed

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

    August 04 2025

    Bill Promoting ESOP Expansion Reintroduced

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

    July 29 2025

    DOL Issues PEP RFI, Interpretive Guidance

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

    July 28 2025

    ESOP Legislation Introduced

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

    July 28 2025

    Filing Relief for Natural Disasters Enacted

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

    July 25 2025

    Retirement Plan Disaster Assistance May Be Available for Several Disasters

    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. 

    July 23 2025

    Pensions for All Proposed

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

    July 18 2025

    IRS Announces Deadline Relief for New Mexico Storms

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

    July 18 2025

    IRS Issues Uncashed Check Withholding Guidance

    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.

    July 17 2025

    IRS Announces Applicable Federal Rates for August

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

    July 16 2025

    IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

    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. 

    July 16 2025

    IRS Publishes 2026 Mortality Tables for DB Plans

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

    July 16 2025

    DOL Weighs in on Forfeiture Case

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

    July 14 2025

    Bill to Improve Gig Worker Access to Retirement Introduced

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

    July 11 2025

    IRS Announces Deadline Relief for Texas Storms and Flooding

    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. 

    July 10 2025

    IRS Posts Draft 2025 Instructions for Form 5329

    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. 

    July 08 2025

    Proposals to Improve Gig Worker Access to Benefits Released

    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.

    July 08 2025

    President Signs Tax Bill

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

    July 07 2025

    Retirement Plan Disaster Assistance May Be Available for Texas Storms and Flooding

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

    July 07 2025

    2025 Tax Bill Provides Key Changes for Savers

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

    July 03 2025

    DOL Sends PEP Item to OMB

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

    July 02 2025

    PBGC Updates Interest Assumptions for Valuing Benefits for Third Quarter 2025

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

    July 01 2025

    Senate Passes Its Version of Tax Bill

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

    July 01 2025

    IRS Announces Deadline Relief for Missouri Storms

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

    June 27 2025

    Kies Confirmed as Assistant Secretary for Tax Policy

    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. 

    June 27 2025

    Retirement Plan Disaster Assistance May Be Available for Tennessee Storms

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

    June 23 2025

    IRS Announces Applicable Federal Rates for July

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

    June 18 2025

    Senate Releases Draft of Tax Bill

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

    June 17 2025

    IRS Issues Yield Curves and Segment Rates for DB Plans

    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. 

    June 13 2025

    Retirement Plan Disaster Assistance May Be Available for Mississippi, Missouri, Oklahoma, and Texas

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

    June 12 2025

    Proposal Directing SEC to Allow Electronic Delivery Reintroduced in Senate

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

    June 06 2025

    DOL Launches Opinion Letter Program

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

    June 04 2025

    DOL Notice on Information Collection Activities has left OMB

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

    May 28 2025

    DOL Requests Comments on Alternative Reporting and Disclosure Methods for ‘Top Hat’ Plans

    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. 

    May 28 2025

    DOL Rescinds 2022 Guidance on Cryptocurrency in 401(k) 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. 

    May 28 2025

    Auto Reenroll Act Reintroduced

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

    May 23 2025

    House Passes Reconciliation Tax Bill

    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. 

    May 23 2025

    Proposal Allowing CITs in 403(b) Plans Clears House Committee

    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. 

    May 23 2025

    Retirement Plan Disaster Assistance May Be Available for Several States

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

    May 23 2025

    IRS Announces Applicable Federal Rates for June

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

    May 16 2025

    IRS Issues Yield Curves and Segment Rates for DB Plans

    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. 

    May 16 2025

    Proposal to Increase Retirement Plan Access for Younger Workers Reintroduced

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

    May 15 2025

    Tax Bill Passes out of Committee

    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. 

    May 14 2025

    Retirement Plan Disaster Assistance May Be Available for Arkansas Storms

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

    May 14 2025

    House Releases Proposed Tax Bill

    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. 

    May 13 2025

    IRS Provides Guidance on Substitute Mortality Tables

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

    May 07 2025

    Universal Savings Account Proposal Reintroduced

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

    May 06 2025

    Retirement Savings for Americans Act Reintroduced, Again

    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. 

    May 02 2025

    IRS Announces Deadline Relief for Virginia Severe Winter Storms and Flooding

    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. 

    May 02 2025

    Retirement Plan Disaster Assistance May Be Available for Kentucky Storms

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

    April 28 2025

    Proposal to Roll Back ESG Investing Introduced in House

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

    April 28 2025

    IRS Announces Deadline Relief for Tennessee Storm Victims

    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. 

    April 21 2025

    IRS Announces Applicable Federal Rates for May

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

    April 16 2025

    First-Time Home Buyer Distribution Increase Proposed

    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. 

    April 15 2025

    IRA Charitable Distribution Bill Proposed

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

    April 15 2025

    IRS Issues Yield Curves and Segment Rates for DB Plans

    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. 

    April 15 2025

    IRS Announces Deadline Relief for Arkansas Storm Victims

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

    April 15 2025

    IRA Bankruptcy Exemption Increases

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

    April 11 2025
    IRA

    Retirement Plan Disaster Assistance May Be Available for Virginia Severe Winter Storms and Flooding

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

    April 09 2025

    Proposal Aimed at Self-Directed Investments Introduced

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

    April 08 2025

    DOL Provides Guidance for Defined Benefit Annual Funding Notices

    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. 

    April 04 2025

    PBGC Updates Interest Assumptions for Valuing Benefits for Second Quarter 2025

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

    April 02 2025

    Proposal Expanding Disaster Relief to State Declared Disasters Passes Committee

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

    March 31 2025

    Beneficial Ownership Reporting Requirements Narrowed

    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.

    March 27 2025
    IRA

    Spousal Consent Proposal Re-Introduced in House

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

    March 26 2025

    Investment Restrictions Proposed in House

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

    March 26 2025

    Retirement Plan Disaster Assistance May Be Available for Oklahoma Severe Storms

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

    March 21 2025

    IRS Announces Deadline Relief for West Virginia Storm Victims

    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. 

    March 18 2025

    IRS Announces Applicable Federal Rates for April

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

    March 17 2025

    Spousal Consent Proposal Re-Introduced in Senate

    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. 

    March 13 2025

    Updated Yield Curves and Segment Rates for DB Plans

    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. 

    March 12 2025

    Treasury Announces Suspension of Enforcement of Corporate Transparency Act

    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. 

    March 11 2025

    Lori Chavez-DeRemer Confirmed as Secretary of Labor

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

    March 11 2025

    DOL Issues Final Amendments to the VFCP

    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. 

    March 03 2025

    Retirement Plan Disaster Assistance May Be Available for West Virginia Storms

    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.

    February 27 2025

    Retirement Plan Disaster Assistance May Be Available for Kentucky Storms

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

    February 26 2025

    IRS Announces Deadline Relief for Kentucky Storms

    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.

    February 26 2025

    Proposal Expanding Disaster Relief to State Declared Disasters Introduced

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

    February 21 2025

    IRS Releases Proposed Regulations On SECURE 2.0 Catch-up Provisions

    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). 

    February 20 2025

    IRS Announces Applicable Federal Rates for March

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

    February 20 2025

    IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

    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.

    February 15 2025

    Bill Allowing CITs in 403(b) Plans Re-Introduced

    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.

    February 07 2025

    Washington Pulse: IRS Releases Proposed Mandatory Automatic Enrollment Regulation

    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. 

    February 06 2025

    ESOP Proposed Rule on Hold

    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. 

    January 21 2025

    IRS Announces Applicable Federal Rates for February

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

    January 16 2025

    EBSA Releases ESOP Guidance Under SECURE 2.0

    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.

    January 16 2025

    Retirement Plan Disaster Assistance May Be Available for Alaska

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

    January 16 2025

    DOL Issues Guidance on Missing Participant Small Balances

    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.

    January 15 2025

    IRS Issues Proposed Rule Under IRC 162(m)

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

    January 15 2025

    IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

    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. 

    January 15 2025

    ERISA Insights - IRS Releases Proposed Rule for Catch-Up Contribution Provisions Under SECURE 2.0

    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.

    January 10 2025

    ERISA Insights - IRS Releases Proposed Rule for Automatic Enrollment Provisions Under SECURE 2.0

    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.

    January 10 2025

    Retirement Plan Disaster Assistance May Be Available for California

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

    January 09 2025

    Retirement Plan Disaster Assistance May Be Available for Missouri, Oregon, Alaska

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

    January 08 2025

    DOL Announces 2025 Inflation Adjustments for Civil Penalties

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

    January 08 2025

    PBGC Announces 2025 Inflation Adjustments for Civil Penalties

    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.

    January 08 2025

    PBGC Premium Filing Deadlines Change for 2025 Plan Years

    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.

    January 07 2025

    DOL Final Rule Updating VFCP Has Left OMB

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

    December 30 2024

    Retirement Plan Disaster Assistance May Be Available for North Dakota Wildfires and Straight-line Winds

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

    December 27 2024

    IRS Provides 2025 Covered Compensation Tables Used in DB Plans

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

    December 23 2024

    Applicability of Certain Aspects of RMD Regulations Delayed to 2026

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

    December 20 2024

    PBGC Updates Tables for Certain 2025 Valuations

    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.

    December 19 2024

    Prime Interest Rate Decreased to 7.5 Percent

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

    December 19 2024

    Proposal Restricting Use of Private Placement Life Insurance Introduced

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

    December 19 2024

    IRS Announces Deadline Relief for Post-Tropical Storm Helene in West Virginia

    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.

    December 18 2024

    Retirement Spotlight - IRS Releases Final Regulations on Tax Withholding Requirements

    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.

    December 17 2024

    IRS Issues Yield Curve and Segment Rates for DB Plan Calculations

    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.

    December 17 2024

    IRS Announces Applicable Federal Rates for January

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

    December 17 2024

    2025 Brings More Deferral Opportunities for Employees

    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. 

    December 12 2024

    Retirement Plan Disaster Assistance May Be Available for West Virginia Post-tropical Storm Helene

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

    December 10 2024

    IRS Issues 2024 Required Amendments List for Qualified and 403(b) Plans

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

    December 06 2024

    IRS Releases Interim Guidance on Inadvertent Benefit Overpayments

    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.

    December 02 2024

    Retirement Plan Disaster Assistance May Be Available for Kentucky and Washington

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

    November 29 2024

    Retirement Plan Disaster Assistance May Be Available for Puerto Rico

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

    November 29 2024

    DOL’s Final Restated Voluntary Fiduciary Correction Program at OMB

    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”.

    November 22 2024

    IRS Provides 403(b) Amendment Cycle Updates

    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.

    November 22 2024

    IRS Announces Deadline Relief for Montana Storms

    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.

    November 21 2024

    DOL Announces Start of the Lost and Found Information Collection

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

    November 19 2024

    Retirement Plan Disaster Assistance May Be Available for Crow Tribe of Montana

    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.

    November 15 2024

    Retirement Plan Disaster Assistance May Be Available for Alaska and Wyoming Disasters

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

    November 14 2024

    Deadline Relief for New Mexico Severe Storms

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

    November 14 2024

    IRS Issues Yield Curve and Segment Rates for DB Plan Calculations

    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.

    November 13 2024

    Deadline Relief for South Dakota Severe Storms

    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.

    November 13 2024

    Deadline Relief for Saint Regis Mohawk Tribe Severe Storms and Flooding

    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.

    November 12 2024

    Student Loan Repayments and Matching Contributions

    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.

    November 11 2024

    Prime Interest Rate Decreased to 7.75 Percent

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

    November 08 2024

    DOL Provides Additional Relief for Participants Impacted by Helene and Milton

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

    November 08 2024

    IRS Announces Deadline Relief for Havasupai Tribe in Arizona Flooding

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

    November 07 2024

    DOL and Treasury Provide Certain Deadline Relief to Retirement and Health Plans and Participants

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

    November 07 2024

    PBGC Updates Maximum Guarantee Table for 2025

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

    November 06 2024

    Retirement Plan Disaster Assistance May Be Available for Florida Hurricane Milton

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

    November 06 2024

    Retirement Plan Disaster Assistance May Be Available in New Mexico and South Dakota

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

    November 04 2024

    IRS Releases 2025 Cost-of-Living Adjusted Retirement Savings Limitations

    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).

    November 01 2024

    IRS Announces Deadline Relief for Alaska Flooding

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

    October 30 2024

    Retirement Plan Disaster Assistance May Be Available for Virgin Islands Tropical Storm Ernesto

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

    October 28 2024

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

    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.

    October 21 2024

    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 (DB) pension plan minimum funding and present value calculations.

    October 21 2024

    IRS Posts Final Regulations on Withholding on Certain Distributions to Payees Outside the United States

    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.

    October 18 2024

    Retirement Plan Disaster Assistance May Be Available for Alaska Flooding

    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.

    October 17 2024

    IRS Releases Guidance on Inadvertent Benefit Overpayments under SECURE 2.0

    The Internal Revenue Service has released Notice 2024-77, Guidance Under Sections 414(aa) and 402(c)(12) of the Internal Revenue Code with Respect to Inadvertent Benefit Overpayments.

    October 16 2024

    IRS Announces Applicable Federal Rates for November

    The IRS has issued Revenue Ruling 2024-24 which contains the applicable federal rates (AFR) for October 2024. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as “72(t) payments.”

    October 16 2024

    IRS Announces Deadline Relief for Hurricane Milton in Florida

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

    October 14 2024

    Retirement Plan Disaster Assistance May Be Available for Florida Hurricane Milton

    The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 11, 2024, for Florida Hurricane Milton, for the incident period of October 5, 2024 and continuing.

    October 14 2024

    PBGC Posts 2025 Premium Rates

    The Pension Benefit Guarantee Corporation has determined premium rates applicable for the 2025 plan year in accordance with indexing rules provided in ERISA Section 4006. The single-employer plan per-participant flat rate premium for plan years beginning in 2025 is $106, up from $101 in 2024. The single-employer plan variable-rate premium for 2025 remains the same at $52 per $1,000 of unfunded vested benefits. The variable-rate premium per participant cap increased to $717 per participant, from $686 in 2024.

    October 14 2024

    2025 Taxable Wage Base Announced

    The Social Security Administration has issued the 2025 adjustments for benefits and certain other limitations that are subject to annual cost-of-living adjustment (COLA) indices.

    October 11 2024

    Employee and Retiree Access to Justice Act Re-proposed

    Representative Mark DeSaulnier (D-CA) has introduced HR 9820 – the Employee and Retiree Access to Justice Act.

    October 11 2024

    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.

    October 07 2024
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