Defined contribution plan

The IRS has issued Revenue Ruling 2024-24 which contains the applicable federal rates (AFR) for October 2024. 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 IRS has announced the postponement of certain tax-related deadlines for victims of Hurricane Milton in Florida until May 1, 2025.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 11, 2024, for Florida Hurricane Milton, for the incident period of October 5, 2024 and continuing.

The Social Security Administration has issued the 2025 adjustments for benefits and certain other limitations that are subject to annual cost-of-living adjustment (COLA) indices.

Representative Mark DeSaulnier (D-CA) has introduced HR 9820 – the Employee and Retiree Access to Justice Act.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 4, 2024, for Arizona Watch Fire, for the incident period of July 10 – July 17, 2024.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 4, 2024, for Arizona Watch Fire, for the incident period of July 10 – July 17, 2024.

The IRS has announced the postponement of certain tax-related deadlines for victims of wildfires in Washington.

The IRS has issued Notice 2024-73, providing question-and-answer guidance on long-term, part-time employees in 403(b) plans. Guidance is applicable for plan years beginning after December 31, 2024.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 2, 2024, for Tennessee tropical storm Helene, for the incident period of September 26, 2024 and continuing.