ERISA News

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on May 21, 2025, for the following.

The Internal Revenue Service (IRS) has issued Notice 2025-29, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The IRS has issued Revenue Ruling 2025-12 which contains the applicable federal rates (AFR) for June 2025.

Senator Bill Cassidy (R-LA), and co-sponsor Tim Kaine (D-VA) have reintroduced the “Helping Young Americans Save for Retirement Act”.

The House Committee on Ways and Means has approved their tax package out of committee by a party line vote of 26-19 following a markup hearing.

Senators Jacky Rosen (D-NV) and Bill Cassidy (R-LA) have introduced S. 1565, the Lowering Costs for Caregivers Act.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 8, 2025, for Arkansas severe storms and tornadoes, for the incident period of March 14-15, 2025.

The House Committee on Ways and Means has released draft text of a budget bill and a section by section summary ahead of a full committee markup of the bill scheduled today. While the proposal represents an early marker of what is expected to be a rigorous process through reconciliation, the following provisions are highlighted.

The Internal Revenue Service has released Revenue Procedure (Rev. Proc.) 2025-21, which provides guidance on plan-specific substitute mortality tables used to determine the present value for defined benefit plans subject to funding requirements under IRC. Sec. 430. The revenue procedure modifies Section 12.02 of Rev. Proc. 2024-32, which specifies when certain plan sponsors are required to terminate the use of plan-specific mortality tables. Rev. Proc. 2025-21 provides relief for certain plan sponsors by narrowing the category of plan sponsors that are required to request approval of new plan-specific substitute mortality tables.

Senator Ted Cruz (R-TX) and Representative Diana Harshbarger (R-TN) have introduced the Universal Savings Account Act, bicameral legislation to provide tax-advantaged savings vehicles with unrestricted use of funds—allowing participants to save, invest, and withdraw funds for any reason. According to a press release, the bill would do the following.