Defined benefit plan

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.”

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. 

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on April 4, 2025, for Virginia severe winter storms and flooding, for the incident period of February 10 – February 18, 2025. 

Representative Byron Donalds (R-FL) has introduced H.R. 2544, the Financial Freedom Act to prohibit the Secretary of Labor from constraining the range or type of investments that may be offered for participant directed retirement accounts. The proposal has been referred to the House Committee on Education and Workforce for further consideration.

The Department of Labor has issued Field Assistance Bulletin (FAB) 2025-02 and accompanying single employer and multiemployer model notices updating notice requirements for defined benefit plans pursuant to Section 343 of SECURE 2.0. FAB 2025-02 uses a Q&A format to explain the methods that single employer defined benefit pension plans use to measure the value of assets, value of liabilities, and funding level.

Representatives David Kustoff (R-TN) and Judy Chu (D-CA) previously introduced H.R. 517 the Filing Relief for Natural Disasters Act. The bill would allow the governor of a state or territory to extend a federal tax filing deadline in the event of a state-declared emergency or disaster, which happens automatically for federally declared disasters.

Representative Lauren Underwood (D-IL) and several co-sponsors have reintroduced the Women's Retirement Protection Act. Bill text for H.R. 2023 is now available.