News

H.R. 2988, the Protecting Prudent Investment of Retirement Savings Act has passed in the House of Representatives by a vote of 213-205. Sponsored by Representative Rick Allen (R-GA), the bill seeks to codify that those who manage other people's retirement savings under ERISA must prioritize maximizing returns for a secure retirement rather than political or social impact using environmental, social, and governance (ESG) factors.

The Internal Revenue Service has issued Revenue Ruling 2026-03 which contains the applicable federal rates (AFR) for February 2026.

The Internal Revenue Services (IRS) has issued Notice 2026-13, which provides two safe harbor explanations that plan administrators may use to satisfy the requirement under IRC Section 402(f) to provide certain information to participants requesting plan distributions.

The Internal Revenue Service has released an updated Form 8881, Credit for Small Employer Pension Plan Startup Costs, Auto-Enrollment, and Military Spouse Participation.

The Department of Labor (DOL) has submitted a proposed rule titled Fiduciary Duties in Selecting Investment Alternative to the Office of Management and Budget (OMB) for review. The rulemaking follows an Executive Order Democratizing Access to Alternative Assets for 401(k) Investors issued on August 7, 2025. 

The Internal Revenue Service has issued an updated Form 5330, Return of Excise Taxes Related to Employee Benefit Plans. The form is used to report excess contributions, prohibited transactions, reversion of qualified plan assets, excess fringe or welfare benefits paid, etc.

The Internal Revenue Service has released the 2025 tax year Form 990-T, Exempt Organization Business Income Tax Return.

The Internal Revenue Service has issued Notice 2026-12, 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 released a draft January 2026 Publication 571, Tax-Sheltered Annuity Plans (403(b) Plans) for Employees of Public Schools and Certain Tax-Exempt Organizations. This publication covers 403(b) annuity contracts, custodial accounts, and church plans. 

The Internal Revenue Service (IRS) has issued Form 4547, Trump Account Election(s), and accompanying Instructions.