regulatory and legislative

How IRS Notice 2024-35 Affects Beneficiaries

IRS Notice 2024-35 states that final RMD regulations, when released, are anticipated to apply no earlier than the 2025 distribution calendar year.

FuturePlan ERISA Team

Defined Benefit Plan

Defined Contribution Plan

IRA

IRS

IRS Guidance

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.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Contribution Plan

IRA

IRS Provides Further RMD Transition Relief Under the SECURE Act

The IRS has issued Notice 2024-35 to provide additional transition relief for certain specified RMDs for 2024.

FuturePlan ERISA Team

SECURE Act

Defined Contribution Plan

IRA

IRS

IRS Guidance

Disaster Assistance May Be Available for Oregon Severe Storms

The Federal Emergency Management Agency issued a disaster declaration on April 13, 2024, for Oregon severe winter storms, straight-line-winds, landslides, and mudslides.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

Disaster Assistance May Be Available for California Severe Storms

The Federal Emergency Management Agency issued a disaster declaration on April 13, 2024, for California severe winter storms, tornadoes, flooding, landslides, and mudslides.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

DOL Releases Proposed Retirement Savings Lost and Found Information Collection

The Department of Labor is proposing to collect information in order to establish the Retirement Savings Lost and Found online searchable database described in Section 523 of ERISA as amended by Section 303 of SECURE 2.0.

FuturePlan ERISA Team

DOL

Defined Contribution Plan

Fiduciary Issues

SECURE 2.0

Updated Yield Curves and Segment Rates for DB Plans

The Internal Revenue Service has issued Notice 2024-34, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations.

FuturePlan ERISA Team

Defined Benefit Plan

IRS

DOL Fiduciary Rule Has Left OMB

A final rule titled “Retirement Security Rule: Definition of an Investment Advice Fiduciary” has left the Office of Management and Budget.

FuturePlan ERISA Team

Defined Benefit Plan

Defined Contribution Plan

DOL

Fiduciary Issues

Disaster Assistance May Be Available for Alaska Severe Storm

The Federal Emergency Management Agency issued a disaster declaration on April 6, 2024, for Alaska severe storm, flooding, and landslides, for the incident period of November 20, 2023.

FuturePlan ERISA Team

Defined Benefit Plan

Defined Contribution Plan

IRS

Deadline Relief for Maine Severe Storms and Flooding

The IRS has announced the postponement of certain tax-related deadlines for victims of Maine severe storms and flooding.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Contribution Plan

Defined Benefit Plan

IRA

HSA

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