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Industry & Regulatory News
IRS Announces Deadline Relief for Pennsylvania Tropical Storm Debby
The IRS has announced the postponement of certain tax-related deadlines for victims of Tropical Storm Debby in Pennsylvania.
Industry & Regulatory News
IRS Issues Yield Curves and Segment Rates for DB Plan Calculations
The Internal Revenue Service has issued Notice 2024-67, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
Washington Pulse: New Guidance Released on Matching Contributions for Qualified Student Loan Payments
Recent legislation passed by Congress includes several provisions that enhance the ability of workers to increase their retirement savings. One of these provisions, Section 110 of the SECURE 2.0 Act of 2022 (SECURE 2.0), also enhances the ability of employers that sponsor a 401(k), 403(b), governmental 457(b), or a SIMPLE IRA plan to supplement workers’ retirement savings by providing matching contributions to employees who make qualified student loan payments (QSLPs) in 2024 and later plan years.
Industry & Regulatory News
IRS Announces Applicable Federal Rates for October
The IRS has issued Revenue Ruling 2024-21 which contains the applicable federal rates (AFR) for October 2024. 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.”
Industry & Regulatory News
Retirement Plan Disaster Assistance May Be Available for Louisiana Hurricane Francine
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on September 16, 2024, for Louisiana hurricane Francine for the incident period of September 9 – September 12, 2024.
Industry & Regulatory News
IRS Announces Electronic Pre-Approved Plan Submission Procedures
The IRS has indicated that application steps for pre-approved plan document providers seeking to obtain IRS approval of defined contribution and defined benefit arrangements is changing to incorporate electronic filing requirements. Beginning August 1, 2024, providers must submit Forms 4461 or 4461-B electronically, completing steps to pay for and submit the application on pay.gov. Also, beginning September 1, 2024, providers must submit Forms 4461-A or 4461-C electronically, completing on Pay.gov. Paper submissions after these dates will not be processed.
Industry & Regulatory News
IRS Issues Request for Information on Saver’s Match
The IRS has issued Notice 2024-65 requesting comments on implementation of sections 103 and 104 of SECURE 2.0 regarding the Saver’s Match contributions and the Treasury Department’s obligations to promote the new Saver’s Match. The Saver’s Match is a replacement of the Saver’s Credit beginning in 2027 providing a government funded matching contribution to certain eligible participants who claim the match on their tax return.
Industry & Regulatory News
Retirement Plan Disaster Assistance May Be Available for Pennsylvania and Vermont
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on September 11, 2024, for Vermont severe storms and flooding, for the incident period of August 22–August 24, 2024.
Industry & Regulatory News
Employer Plan Tax Credits for Small Nonprofits Proposed
Senators James Lankford (R-OK) and Catherine Cortez Masto (D-NV) have introduced the Small Nonprofit Retirement Security Act. The bill would make tax credits available to tax exempt small employers for employer plan startup costs and the auto-enrollment credit.
Industry & Regulatory News
IRS Announces Deadline Relief for New York Severe Storms
The Internal Revenue Service (IRS) has announced the postponement of certain tax-related deadlines for victims of severe storms and flooding in New York. The tax relief postpones various tax filing deadlines that began on August 18, 2024. Affected individuals and households who reside or have a business in Suffolk county, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.