IRA

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 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.

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

The Department of Treasury and Internal Revenue Service have issued a proposed rule providing guidance on how an election to open a Trump account is made on behalf of an eligible individual, pursuant to the One Big Beautiful Bill Act and ahead of implementation later this year.

Representative Young Kim (R-CA) has introduced H.R. 7737, the Savings and Early Exposure to Diversified Securities (SEEDS) Act. The bill seeks to expand the eligible investments by allowing an index comprised of digital assets.

Senator Mike Lee (R-UT) has introduced S. 4010, the 21st Century Worker Act, to simplify employee classifications.

Senator Todd Young (R-IN), and several Democrat co-sponsors have introduced S. 3975, the IRA Charitable Rollover Facilitation and Enhancement Act.