ERISA News

The Internal Revenue Service has issued a draft Form 5498-TA, Trump Account Contribution Information, which will be used by trustees to report tax year contributions to Trump accounts. 

The Internal Revenue Service (IRS) has posted a draft 2026 tax year Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. 

The Internal Revenue Service has posted a draft 2026 tax year Form 5498, IRA Contribution Information. Form 5498 is used to report IRA-related information, including contributions to IRAs, SEP plans, and SIMPLE IRA plans; end-of-year fair market values; rollovers; conversions; recharacterizations; etc. 

The Pension Benefit Guaranty Corporation (PBGC) has indicated in a recent “What's New” post that it will no longer receive paper checks for premium payments after June 30, 2026.

The Internal Revenue Service (IRS) has issued two coordinated proposed regulations that begin to define how Trump accounts will operate. One proposal addresses how Trump accounts are established for children under Internal Revenue Code Section (IRC Sec.) 530A, while a companion proposal explains how a limited group of accounts may receive a one time $1,000 federal pilot contribution authorized under IRC Sec. 6434. Together, the proposals outline the basic framework for creating Trump accounts and seeding certain accounts with an initial federal contribution, while reserving many substantive operational rules for future guidance.

The Department of Labor has released a proposed rule, “Fiduciary Duties in Selecting Designated Investment Alternatives”. According to a news release, the rule explains the steps that managers of 401(k) plans should take when considering alternative assets as a component in their investment lineups and establishes a set of process-based safe harbors for plan fiduciaries to use when selecting designated investment alternatives. The proposal follows President Trump’s Executive Order, “Democratizing Access to Alternative Assets for 401(k) Investors".

The Department of Labor (DOL) has issued a proposed rule amending the electronic delivery regulations for certain retirement plan documents to align with new requirements established under the SECURE 2.0 Act (SECURE 2.0). The proposal updates—rather than replaces—the 2002 and 2020 safe harbors, preserving electronic delivery as the default for most plan disclosures while adding new conditions for when certain paper benefit statements are required.

The U.S. Department of Labor’s Employee Benefits Security Administration has removed the Biden-era 2024 final rule, “Retirement Security Rule: Definition of an Investment Advice Fiduciary,” from the Code of Federal Regulations, responding to final judgments entered in the Northern and Eastern Districts of Texas vacating the rule. 

The Internal Revenue Service has issued Revenue Ruling 2026-07 which contains the applicable federal rates (AFR) for April 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”.

Nearly 83 million Americans lack workplace retirement savings coverage—including independent and gig workers and employees who lack coverage under an employer sponsored retirement plan—leaving half the U.S. workforce without a clear path to financial security.¹ Nearly 83 million Americans lack workplace retirement savings coverage Establishing national IRA standards with automatic enrollment features can meaningfully close this significant retirement coverage gap.

¹ Angela M. Antonelli. Who Lacks Access to Retirement Savings? A State-Level Analysis and an Examination of the Potential Benefits of State-Facilitated Retirement Savings Programs, Policy Report no. 25 01 (Washington, DC: Center for Retirement Initiatives, Georgetown University, March 2025), https://cri.georgetown.edu/wp-content/uploads/2025/03/Who-Lacks-Access-to-Retirement-Savings.pdf