Defined benefit plan

The Department of Labor (DOL) has released a final amendment updating the Voluntary Fiduciary Correction Program (VFCP), along with a final amendment to Prohibited Transaction Exemption (PTE) 2002-51, to permit certain transactions identified in the PTE.

The Office of Management and Budget has completed review of a proposed rule from the Department of Labor (DOL) titled "Worker Ownership, Readiness, and Knowledge”, pursuant to the requirements of Section 346 of SECURE 2.0.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on January 10, 2025, for the following.

The IRS has announced the postponement of certain tax-related deadlines for victims of California affected by wildfires and straight-line winds until October 15, 2025. The tax relief postpones various tax filing deadlines that began on January 7, 2025.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on January 8, 2025, for California wildfires and straight-line winds, for the incident period of January 7 and continuing. 

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on January 1, 2025, for the following disasters for the period indicated.

The Pension Benefit Guaranty Corporation (PBGC) has issued Technical Update 25-1 that provides guidance on the timing of premium payments for plan years beginning in 2025. Due to a provision in the Bipartisan Budget Act of 2015, the premium filing due date for all plans is the 15^th day of the 9^th calendar month that begins on or after the first day of the plan year—so for calendar year plans, September 15^th instead of October 15^th.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on December 24, 2024, for North Dakota wildfires and straight-line winds, for the incident period of October 5 – October 6, 2024. 

The Internal Revenue Service (IRS) issued Revenue Ruling 2025-2, containing the covered compensation tables for the 2025 plan year.

The Pension Benefit Guaranty Corporation (PBGC) has released a final rule updating the table for determining expected retirement ages for participants in pension plans undergoing distress or involuntary termination to reflect valuation dates falling in 2025.