News

Representative Rick Allen (R-GA) has introduced H.R. 2988, the Protecting Prudent Investment of Retirement Savings Act. According to a press release, 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 Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on April 24, 2025, for Kentucky severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides, for the incident period of April 2, 2025. 

The IRS has announced the postponement of certain tax-related deadlines for victims of Tennessee severe storms, straight-line winds, tornadoes and flooding until November 3, 2025. The tax relief postpones various tax filing deadlines that began on April 2, 2025. Affected individuals and households who reside or have a business in the entire state of Tennessee, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief. 

The IRS has issued Revenue Ruling 2025-10 which contains the applicable federal rates (AFR) for May 2025. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as “72(t) payments.”

Representative Haley Stevens (D-MI) has introduced H.R. 2748, the First Time Homeowner Savings Plan Act as part of a suite of proposals aimed at addressing housing costs for families. The bill would increase the amount that a first-time homebuyer could distribute penalty free from their IRA—from $10,000 to $25,000—and index this amount for inflation. 

Representatives Adrian Smith (R-NE) and Jimmy Panetta (D-CA) have introduced the IRA Charitable Rollover Facilitation and Enhancement Act. According to a press release, the bill would allow qualified charitable distributions to be paid to a donor-advised fund. Donor advised funds allow individuals and families to designate funds for charitable giving upfront and allocate the funds to their preferred charities over a number of years.

The Internal Revenue Service (IRS) has issued Notice 2025-21, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. Updates include corporate bond monthly yield curve, the corresponding spot segment rates for March used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates for April under IRC Sec. 430(h)(2). IRC Sec. 417 contains definitions and special rules for minimum survivor annuity requirements in DB plans. IRC Sec. 430 addresses minimum funding standard for single-employer DB plans.

The IRS has announced the postponement of certain tax-related deadlines for victims of Arkansas storms until November 3, 2025. The tax relief postpones various tax filing deadlines that began on April 2, 2025. Affected individuals and households who reside or have a business in the entire state of Arkansas, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief. 

Effective April 1, 2025, the maximum aggregate bankruptcy exemption amount for IRAs increased from $1,512,350 to $1,711,975. This exemption amount is subject to cost-of-living adjustments (COLAs), having risen from an initial exemption limit of $1,000,000 as enacted within the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, Public Law 109-8. The limitation is reviewed every three years and increased if COLA measures warrant.

There is no maximum exemption for assets accumulated in employer-sponsored retirement plans.

Representatives Greg Steube (R-FL) and French Hill (R-AR) have introduced the Catch-Up Act to allow married individuals to make catch-up contributions to their spouse’s health savings account (HSA). While individuals are permitted to make catch-up contributions to their respective HSA, they are currently not allowed to make catch-up contributions to the HSA of their spouse.