News

The Internal Revenue Service has posted draft Instructions for Forms 1099-SA and 5498-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA, and HSA, Archer MSA, or Medicare Advantage MSA Information.

The IRS has posted 2025 tax year draft Instructions for Form 8889, Health Savings Accounts (HSAs). Taxpayers file Form 8889 to report HSA contributions and associated tax deductions, as well as distributions and any tax or penalty owed for distributions not used for qualified medical expenses.

The Internal Revenue Service has issued Notice 2025-43, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The Internal Revenue Service has issued Revenue Ruling 2025-17 which contains the applicable federal rates (AFR) for September 2025.

The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule providing minor clarifications and improvements to several miscellaneous provisions.

Following President Trump’s recent executive order on alternative assets for 401(k) plans, the Department of Labor has rescinded a 2021 supplemental statement issued by the Biden administration that discouraged fiduciaries from considering alternative assets in 401(k) investment lineups.

The IRS has announced the postponement of certain tax-related deadlines for victims of West Virgina severe storms until February 26, 2026.

Governor J.B. Pritzker has signed into law amendments to the Illinois Secure Choice program.

President Trump has issued an Executive Order aimed at increasing access to alternative investments for 401(k) and other defined contribution plans. According to a fact sheet, the order directs the Department of Labor—in consultation with the Secretary of Treasury and the Securities Exchange Commission (SEC)—to reexamine guidance and clarify a fiduciary’s duties and appropriate processes regarding alternative investments in ERISA-governed defined contribution plans. 

The Senate Health, Education, Labor and Pensions (HELP) Committee unanimously advanced two bills to strengthen Employee Stock Ownership Plans (ESOPs). S. 1728, the Employee Ownership Representation Act—sponsored by Senator Bill Cassidy (R-LA)—would add two ESOP board members to the ERISA Advisory Council.