Defined benefit plan

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on February 24, 2025, for Kentucky severe storms, straight-line winds, flooding, landslides and mudslides, for the incident period of February 14, 2025 and continuing. 

The IRS has announced the postponement of certain tax-related deadlines for victims of Kentucky severe storms, straight-line winds, flooding, and landslides until November 3, 2025. The tax relief postpones various tax filing deadlines that began on February 14, 2025. Affected individuals and households who reside or have a business in the entire state of Kentucky, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief. 

The IRS has issued Revenue Ruling 2025-06 which contains the applicable federal rates (AFR) for March 2025.

Senator Catherine Cortez Masto along with several cosponsors has introduced S. 132, the Filing Relief for Natural Disasters Act.

The Internal Revenue Service (IRS) has issued Notice 2025-14, 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 January used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates for February 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.

The Internal Revenue Service (IRS) has issued a proposed regulation, providing guidance for employers that are required to include an automatic enrollment provision with their 401(k) or 403(b) plan in order to comply with the SECURE 2.0 Act of 2022 (SECURE 2.0).

A proposed rule and class exemption issued by the Department of Labor’s Employee Benefits Security Administration providing guidance on ESOP transactions pursuant to SECURE 2.0 has been withdrawn from publication in the Federal Register pending further review pursuant to executive order. The proposal was aimed at implementing acceptable standards and procedures to establish good faith fair market value for shares to be acquired by an ESOP pursuant to SECURE 2.0. According to the order, the proposal will be reviewed by the agency in light of the change in administration.

The Internal Revenue Service has issued Notice 2025-13, 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 December used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates for January 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.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on January 15, 2025, for Alaska severe storm and flooding, for the incident period of October 20 – October 23, 2024.

The Internal Revenue Service has issued a proposed rule under IRC  Sec.162(m) to identify “covered employees” and nondeductible compensation following the expansion of 162(m) to include non-officers under the American Rescue Plan Act of 2021.