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Regulatory and Legislative
Retirement Spotlight: IRS and DOL Release Guidance for PLESA Provisions
In January 2024, the Internal Revenue Service (IRS) released Notice 2024-22, providing guidance with respect to anti-abuse rules for Pension-Linked Emergency Savings Accounts (PLESAs), a new provision created by the SECURE 2.0 Act of 2022 (SECURE 2.0).
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for Oklahoma Severe Storm Victims
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 30, 2024, for Oklahoma Severe Storms, Straight-line Winds, Tornadoes, and Flooding, for the incident period of April 25, 2024, and continuing.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for Kansas Winter Storm
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 28, 2024, for a Kansas Winter Storm, for the incident period of January 8, 2024–January 16, 2024.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for Washington Storms
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 28, 2024, for Washington severe winter storms, straight-line winds, flooding, landslides, and mudslides, for the incident period of January 5, 2024–January 29, 2024.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for California Severe Winter Storm
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 19, 2024, for California severe winter storm, for the incident period of January 30 – January 31, 2024.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for California Severe Storms and Flooding
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 19, 2024, for California severe storms and flooding, for the incident period of January 31, 2024 – February 9, 2024.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for New Hampshire Severe Storms and Flooding
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 19, 2024, for New Hampshire severe storms and flooding, for the incident period of January 9, 2024 – January 14, 2024.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for Vermont Severe Winter Storm
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 19, 2024, for a Vermont severe winter storm for the incident period of January 9, 2024–January 13, 2024.
Regulatory and Legislative
How IRS Notice 2024-35 Affects Beneficiaries
Proposed RMD regulations were released in February 2022.
Under the proposed regulations, if an account owner dies on or after their required beginning date, beneficiaries who are subject to the 10-year rule must take annual life expectancy payments during the first nine years.
Regulatory and Legislative
IRS Announces Applicable Federal Rates for May
The IRS has issued Revenue Ruling 2024-09, which contains the applicable federal rates (AFR) for May 2024.