Industry & Regulatory News

The Internal Revenue Service (IRS) has released Revenue Procedure 2024-32, setting forth procedures by which the sponsor of a defined benefit plan subject to the funding requirements of IRC Sec. 430 may request approval for the use of a plan-specific substitute mortality table.

The Internal Revenue Service (IRS) has released final regulations regarding the use of mortality experience data for the COVID-19 pandemic period that supplement the methodology for developing substitute mortality tables provided in Treasury Regulation 1.430(h)(3)-2.

Senator Rick Scott (R-FL) and Representative Kat Cammack (R-FL) have introduced a bicameral proposal titled the Increasing Value for Families with HSAs Act, to help individuals and families better plan and pay for medical expenses like in vitro fertilization.

The IRS has announced the postponement of certain tax-related deadlines for victims of hurricane Beryl in Texas. The tax relief postpones various tax filing deadlines that began on July 5, 2024.

The Pension Benefit Guaranty Corporation (PBGC) has released updated filing requirements related to changes its final rule on valuations and assumptions methods issued last month.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on July 18, 2024, for Montana severe winter storm and flooding, for the incident period of May 6 – May 9, 2024.

The Department of Labor has launched an online filing system for termination administrators to be able to submit required information for abandoned plans to DOL in addition to existing email and paper-based methods. This initiative was telegraphed in the recent release of an interim final rule that expands the abandoned plan program to Chapter 7 bankruptcy trustees and makes other changes. More information on the rule can be found here.

The Internal Revenue Service has issued Notice 2024-59, 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 June used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates for July 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.

More than two years after releasing proposed regulations that revised the required minimum distribution (RMD) regulations and other related guidance, the Internal Revenue Service (IRS) has released final regulations that revise existing regulations applicable to RMDs, eligible rollover distributions, and excess accumulation tax.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on July 15, 2024, for Kansas severe storms, straight-line winds, tornadoes and flooding, for the incident period of April 25 – April 30, 2024.