ERISA News

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.

Senators Tim Scott (R-SC) and Maria Cantwell (D-WA) have introduced the Aviation Workforce Development Act. According to a press release, the bill would make training at FAA-certified commercial pilot and aircraft maintenance technician schools a qualified expense for 529 college savings plans. This is companion legislation to a bill introduced in the House of Representatives by Congressman Mike Collins (R-GA).

The IRS has issued Revenue Procedure 2025-19, providing inflation-adjusted amounts for Health Savings Accounts (HSAs) for calendar year 2026. Maximum annual HSA contributions will rise from $4,300 to $4,400 for those with self-only insurance coverage, and from $8,550 to $8,750 for those with family coverage.

Minimum deductible amounts for qualifying high deductible health plans will increase from $1,650 for self-only coverage to $1,700, and from $3,300 to $3,400 for a family plan. Maximum out-of-pocket amounts under self-only coverage will rise from $8,300 to $8,500, and from $16,600 to $17,000 for family coverage.

Senators John Hickenlooper (D-CO) and Thom Tillis (R-NC) and Representatives Lloyd Smucker (R-PA-11) and Terri Sewell (D-AL-7) have introduced the Retirement Savings for Americans Act (RSAA) of 2025. This is the third time the RSAA has been introduced, having previously been introduced in the last two sessions of Congress.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe winter storms and flooding in Virginia until November 3, 2025. The tax relief postpones various tax filing deadlines that began on February 10, 2025. Affected individuals and households who reside or have a business in Amelia, Appomattox, Bedford, Bland, and Botetourt counties; the City of Bristol; and Buchanan, Buckingham, Campbell, Carroll, Charlotte, Craig, Cumberland, Dickenson, Floyd, Franklin, Giles, Grayson, Halifax, Lee, Lunenburg, Montgomery, Nottoway, Page, Pittsylvania, Powhatan, Prince Edward, Pulaski, Rockingham, Russell, Scott, Smyth, Tazewell, Washington, Wise, and Wythe Counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

Representative Rick Allen (R-GA) has introduced H.R. 2988, the Protecting Prudent Investment of Retirement Savings Act. According to a press release, the bill seeks to codify that those who manage other people’s retirement savings under ERISA must prioritize maximizing returns for a secure retirement rather than political or social impact using environmental, social, and governance (ESG) factors.