ERISA News

The Form 5500 Simplification Act (H.R. 7362), introduced by Representatives Glenn Grothman (R-WI) and Don Norcross (D-NJ), passed out of the House Committee on Education & Workforce by a vote of 22-12. The bill would amend ERISA to change the filing deadline for Form 5500 to nine and one-half months following the end of the plan year (October 15 for calendar year plans), eliminating the requirement to file an extension for the later date.

The Internal Revenue Service (IRS) has issued Notice 2026-32, titled “Alternative Method for Carrying Broker-Dealers to Comply with Certain Nonbank Trustee Rules”. The Notice prescribes that a broker-dealer that carries customer accounts and receives or holds funds or securities for those customers (a carrying broker-dealer) may, in lieu of satisfying the net worth requirement for nonbank trustees under Treasury regulations, demonstrate satisfaction under the SEC Net Capital Rule (15c3-1) and SEC Customer Protection Rule (15c3-3). The trustee of an IRA must be a bank as defined in Internal Revenue Code Section 408(n) or someone as a nonbank trustee who satisfactorily demonstrates to the Secretary that the trust will be administered consistent with requirements imposed by Treasury regulations.

The Internal Revenue Service has issued Notice 2026-33, to provide guidance on qualified long-term care distributions for long-term care insurance premiums pursuant to Section 334 of SECURE 2.0. Congress made the option available for these special retirement plan distributions after December 29, 2025.

Philadelphia voters have approved a ballot measure that is expected to establish the nation's first city-run auto-IRA program. Mayor Cherelle Parker signed bills into law on January 20, 2026, to establish the Philadelphia Retirement Savings Program known as PhillySaves—but the legislation required a separate ballot measure to create the Philadelphia Retirement Savings Board to oversee the program.

The Internal Revenue Service has issued Revenue Ruling 2026-11 which contains the applicable federal rates (AFR) for June 2026.

The Internal Revenue Service has issued Notice 2026-31, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

Senators Kevin Cramer (R-ND) and Chris Coons (D-DE), and Congressmen Don Beyer (D-VA) and Mike Kelly (R-PA), have introduced the bicameral, bi-partisan Charity Parity Act to allow taxpayers to make direct qualified charitable distributions (QCDs) from their employer sponsored retirement plans.

U.S. Senators Jerry Moran (R-Kan.) and Chris Van Hollen (D-Md.) this week introduced three pieces of bipartisan legislation to strengthen and improve access to the Achieving a Better Life Experience (ABLE) program: the ABLE Tomorrow Act, the ABLE Match Act and the ABLE Direct Deposit Act.

The Internal Revenue Service (IRS) has issued Notice 2026-34 which includes the Cumulative List of Changes for Pre-Approved Defined Benefit Plans. The 2026 Cumulative List will assist providers applying to the IRS for opinion letters for the fourth remedial amendment cycle for defined benefit qualified pre-approved plans (Cycle 4) under the IRS’s pre-approved plan program. 

The Department of Labor (DOL) has issued Field Assistance Bulletin 2026-02 (Bulletin), addressing inquiries regarding compliance with the paper statement requirements under Section 338 of SECURE 2.0. DOL recognizes that final regulations addressing the 2002 and 2020 electronic delivery safe harbors have not been issued (proposed regulations were released in February), and that defined contribution plans operating on a calendar-year basis must furnish a quarterly pension benefit for the calendar-year quarter that ended on March 31, 2026, no later than May 15, 2026.