FuturePlan ERISA Team

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on July 15, 2024, for Kansas severe storms, straight-line winds, tornadoes and flooding, for the incident period of April 25 – April 30, 2024.

The IRS notes in a new post that electronic filing of Form 5330, Return of Excise Taxes Related to Employee Benefit Plans, will not be required for the remainder of the 2024 taxable year—confirming that taxpayers may continue to file by paper. Form 5330 is used to report the payment of excise tax for a variety of issues, including prohibited transactions (i.e., late deposits), excess contributions, reversion of qualified plan assets, excess benefits paid, etc.

The Department of Labor (DOL) has issued an interim final rule, expanding the Abandoned Plan Program regulations to also include plans of employers who are in liquidation under Chapter 7 of the U.S. Bankruptcy Code. The DOL has also released a corresponding amendment to prohibited transaction exemption (PTE) 2006-06, Class Exemption for Services Provided in Connection with the Termination of Abandoned Individual Account Plans.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 28, 2024, for Minnesota severe storms and flooding, for the incident period of June 16, 2024, and continuing.

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

The IRS has announced the postponement of certain tax-related deadlines for victims of southern New Mexico South Fork fire, Salt fire, and flooding.

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

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

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 24, 2024, for Iowa severe storms, flooding, straight-line-winds, and tornadoes, for the incident period of June 16, 2024 and continuing.

The Department of Labor (DOL) has reported to Congress on Interpretive Bulletin 95-1, pursuant to a directive under Section 321 of SECURE 2.0. Interpretive Bulletin 95-1 provided guidance on fiduciary standards for selecting an annuity provider for a defined benefit plan. DOL reports that the bulletin’s factors are still relevant to a fiduciary’s prudent and loyal evaluation, but did note that the agency may further explore developments in both the life insurance industry and in pension risk transfer practices to determine whether additional guidance is needed.