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Industry & Regulatory News
Retirement Plan Disaster Assistance May Be Available for Missouri, Oregon, Alaska
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on January 1, 2025, for the following disasters for the period indicated.
Industry & Regulatory News
PBGC Premium Filing Deadlines Change for 2025 Plan Years
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 15th day of the 9th calendar month that begins on or after the first day of the plan year—so for calendar year plans, September 15th instead of October 15th.
Industry & Regulatory News
DOL Final Rule Updating VFCP Has Left OMB
Department of Labor (DOL) guidance titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program” has left the Office of Management and Budget.
Industry & Regulatory News
Retirement Plan Disaster Assistance May Be Available for North Dakota Wildfires and Straight-line Winds
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.
Industry & Regulatory News
Prime Interest Rate Decreased to 7.5 Percent
Effective December 18, 2024, the prime interest rate decreased to 7.50 percent.
Industry & Regulatory News
PBGC Updates Tables for Certain 2025 Valuations
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.
Industry & Regulatory News
Applicability of Certain Aspects of RMD Regulations Delayed to 2026
The Internal Revenue Service (IRS) released Announcement 2025-2, delaying the anticipated applicability date for future final regulations relating to required minimum distributions (RMDs) under section 401(a)(9) of the Internal Revenue Code.
Industry & Regulatory News
IRS Announces Deadline Relief for Post-Tropical Strom Helene in West Virginia
The IRS has announced the postponement of certain tax-related deadlines for victims of Post-Tropical Storm Helene in West Virginia until May 1, 2025.
Industry & Regulatory News
IRS Announces Applicable Federal Rates for January
The IRS has issued Revenue Ruling 2025-1, which contains the applicable federal rates (AFR) for January 2025.
Industry & Regulatory News
Retirement Spotlight: IRS Releases Final Regulations on Tax Withholding Requirements
The Internal Revenue Service recently released Treasury Decision (TD) 10008, which provides guidance on income tax withholding requirements for certain periodic payments and nonperiodic distributions from deferred compensation plans, individual retirement arrangements (IRAs), and commercial annuities.