Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for Florida Hurricane Milton

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on November 5, 2024, for Seminole Tribe of Florida Hurricane Milton, for the incident period of October 5 and continuing. 

For a limited period of time following a disaster declaration, eligible IRA owners and employer plan participants may take qualified disaster recovery distributions and recontribute qualified home purchase distributions that they recently received. In addition, plan participants may qualify for plan loan relief and additional hardship distributions. 

Visit the FuturePlan disaster relief resource for more information. 

Additional IRS Deadline Relief May Be Provided Later 

The IRS may also issue relief related to this disaster for certain tax-related deadlines. Additional information can be found at the IRS Tax Relief in Disaster Situations website and will be announced here if such relief is granted. 

Taxpayers should review the IRS’ disaster relief frequently asked questions and Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments and its instructions, in addition to consulting with their tax advisor to understand the impact of the various disaster related options on their own situation. 

Regulatory and Legislative

IRS Releases Interim Guidance on Inadvertent Benefit Overpayments

IRS Releases Interim Guidance on Inadvertent Benefit Overpayments

The Internal Revenue Service recently issued Notice 2024-77, providing interim guidance on the treatment of “inadvertent benefit overpayments” from defined benefit and defined contribution plans as provided by Section 301 of the SECURE 2.0 Act of 2022.