regulatory and legislative

The Department of Labor has issued a regulatory package that includes an interim final rule that amends the regulations for abandoned plans that were initially created in 2006.

The Internal Revenue Service has released Notice 2024-42, updating the static mortality tables for defined benefit plans for 2025.

The Federal Emergency Management Agency issued a Major Disaster Declaration on May 14, 2024, for Iowa severe storms and tornadoes.

Senators Ted Budd (R-NC), Bill Cassidy (R-NC), Roger Marshall (R-KS), and Joe Manchin (D-WV) have announced they are introducing a resolution of congressional disapproval of the Department of Labor’s “Retirement Security Rule.”

The Financial Crimes Enforcement Network, Securities and Exchange Commission, and Department of Treasury have jointly issued a proposed rule.

The Federal Emergency Management Agency issued a Major Disaster Declaration on May 3, 2024, for Nebraska severe storms, straight-line winds, and tornadoes, for the incident period of April 25, 2024 – April 27, 2024.

The Internal Revenue Service has released a set of frequently asked questions regarding rules for distributions from retirement plans and individual retirement arrangements (IRAs) under Section 331 of SECURE 2.0 for individuals affected by federally declared major disasters.

The Internal Revenue Service is reminding businesses who sponsor a retirement plan that certain provisions of SECURE 2.0 that became effective in 2023 may impact their Form W-2 reporting requirements.

The Federal Emergency Management Agency issued a disaster declaration on May 2, 2024, for Ohio tornadoes, for the incident period of March 14, 2024.

While SECURE 2.0 provided the basic framework to establish PLESAs, the IRS was required to issue regulations to address remedies that employers can use to prevent misuse of these types of accounts.