News

Retirement Plan Disaster Assistance May Be Available for California Tropical Storm Hilary

The Federal Emergency Management Agency issued a disaster declaration on October 18, 2023, for California Tropical Storm Hilary, for the incident period of August 19 – August 21, 2023.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

Defined Benefit Plan

IRS Issues Mortality Table Regulations Used for Pension Plans

The Internal Revenue Service has released final regulations titled “Mortality Tables for Determining Present Value under Defined Benefit Pension Plans”.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Benefit Plan

Updated Yield Curves and Segment Rates for DB Plans

The Internal Revenue Service has issued Notice 2023-72, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Benefit Plan

IRS Announces Additional Deadline Relief for California Winter Storms

The IRS has announced an additional postponement of certain tax-related deadlines for victims of severe winter storms beginning on March 9, 2023, January 8, 2023, and December 27, 2022.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Contribution Plan

Defined Benefit Plan

IRA

HSA

Disaster Distribution Proposal Introduced in House

Representative Jill Tokuda (D-HI) has introduced HR 5873, the Natural Disaster Tax Relief Act of 2023.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

IRA

IRS Announces Applicable Federal Rates for November 2023

The IRS has issued Revenue Ruling 2023-20, which contains the applicable federal rates (AFR) for November 2023.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Contribution Plan

IRA

PBGC Posts 2024 Premium Rates

The Pension Benefit Guarantee Corporation has determined premium rates applicable for the 2024 plan year in accordance with indexing rules provided in ERISA Section 4006.

FuturePlan ERISA Team

Defined Benefit Plan

Deadline Relief for Affected Taxpayers in Israel, the West Bank, and Gaza

The IRS has announced, in Notice 2023-71, the postponement of certain tax-related deadlines for taxpayers affected by the October 7, 2023, terroristic action in the State of Israel.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Benefit Plan

Defined Contribution Plan

IRA

Disaster Assistance May Be Available for Montana Flooding

The Federal Emergency Management Agency issued a disaster declaration on October 11, 2023, for Montana flooding for the incident period of June 1 – June 8, 2023.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

Defined Benefit Plan

SAFER Banking Act Advances Out of Committee

The Senate Finance Committee has advanced S. 2860, the Secure and Fair Enforcement Regulation (SAFER) Banking Act by a vote of 14-9.

FuturePlan ERISA Team

Legislative updates

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