News

Congress passed the tax bill known as the One Big Beautiful Bill Act (OBBBA) on July 3, 2025. This article outlines certain retirement and financial provisions included in the OBBBA.

The Department of Labor has released a prerule item titled “Pooled Employer Plans” (PEPs) to the Office of Management and Budget for review.

The IRS has posted 2025 tax year draft Form 4972, Tax on Lump-Sum Distributions (From Qualified Plans of Participants Born Before January 2, 1936). 

The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating interest assumptions under the asset allocation regulation for plans with valuation dates in the third quarter of 2025.

The Senate has passed by a vote of 51-50 its version of the tax reconciliation bill. The legislation will now move to the House as the President’s self-imposed July 4 deadline quickly approaches.

The Senate voted to approve the nomination of Ken Kies as the assistant secretary for tax policy at the Treasury by a vote of 53-45.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, tornadoes, and flooding in Missouri until November 3, 2025.

At Ascensus, we have always believed that saving is one of the most powerful tools individuals can use to build financial security. As one of the country’s leading administrators of tax-advantaged savings plans, we serve more than 16 million people who are saving for retirement, education, and disability-related expenses.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 19, 2025, for Tennessee severe storms, straight-line winds, tornadoes and flooding, for the incident period of April 2 – April 24, 2025. 

The IRS has issued Revenue Ruling 2025-13 which contains the applicable federal rates (AFR) for July 2025.