Defined benefit plan

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 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.

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 Pension Benefit Guaranty Corporation (PBGC) has launched a new webpage that it says is designed specifically to support the practitioner community. The new page contains information on PBGC premium information, payment and filing requirements, other routine required notices and applications, and less common notices and applications that are used for administration of single employer and multiemployer defined benefit plans.

The Internal Revenue Service (IRS) has announced the postponement of certain tax-related deadlines for individuals and businesses in parts of Southeast Georgia that were affected by wildfires and straight-line winds that began on April 18, 2026. The tax relief postpones various tax filing deadlines that began on April 18, 2026. Affected individuals and households who reside or have a business in Clinch, Echols and Brantley counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

President Trump has issued an Executive Order that will establish a marketplace website for private-sector IRAs to provide a solution for workers without access to an employer-sponsored retirement plan. The order directs Treasury to launch TrumpIRA.gov by January 1, 2027, highlighting IRA providers that accept Saver's Match contributions, provide investment options including life-cycle or target date funds, balanced funds, and funds maintaining principal, with low fees (overall net-expense ratios limited to .15 percent) and no minimum contribution requirement. 

Senators Bill Cassidy (R-LA) and Jim Banks (R-IN) have introduced the Investigation Status and Governance for Honest Transparency (INSIGHT) Act. According to a press release, the bill would require the Employee Benefits Security Administration (EBSA) to do the following.

The Internal Revenue Service has released Notice 2026-27, updating the static mortality tables for defined benefit plans for 2027. This guidance is issued pursuant to Treasury Regulation 430(h)(3)(A) and is applicable for purposes of calculating the funding target and other items for valuation dates occurring during the 2027 calendar year.

A bill re-introduced by Representative Bryan Steil (R-WI), titled the Protecting Americans' Retirement Savings From Politics Act, has cleared the House Financial Services Committee by a vote of 27-24.

The Internal Revenue Service has issued Revenue Ruling 2026-09 which contains the applicable federal rates (AFR) for May 2026. 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”.