IRA

Effective September 17, 2025, the prime interest rate decreased to 7.25 percent. The prime interest rate is largely determined by the federal funds rate, as set by the Federal Reserve’s Federal Open Market Committee (FOMC).

The House Education and Workforce Committee has advanced several retirement bills following a markup. According to a press release, the following proposals were passed by the committee.

• H.R. 2958, the “Balancing the Scales Act” sponsored by Rep. Michael Rulli (R-OH).
• H.R. 2869, the “EBSA Investigations Transparency Act”, sponsored by Rep. Lisa McClain (R-MI).
• H.R. 5169, the “Retire through Ownership Act”, authored by Rep. Rick Allen (R-GA).

The Internal Revenue Service (IRS) has issued final regulations providing guidance for employers regarding new provisions on catch-up contributions as permitted by the SECURE 2.0 Act of 2022 (SECURE 2.0).

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on September 11, 2025, for six disasters throughout the United States.

The IRS has posted 2025 tax year draft Instructions for Form 8889, Health Savings Accounts (HSAs). Taxpayers file Form 8889 to report HSA contributions and associated tax deductions, as well as distributions and any tax or penalty owed for distributions not used for qualified medical expenses.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, and flooding in Texas until February 2, 2026.

The Internal Revenue Service (IRS) has posted an updated draft 2025 Instructions for Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, following last month’s release of the draft 2025 Form 5329.

President Trump signed into law tax legislation known as the ‘One Big Beautiful Bill Act’ on July 4, 2025. Details of certain provisions of the bill impacting savers can be found here. 

Congress passed the tax bill known as the One Big Beautiful Bill Act (OBBBA) on July 3, 2025. This article outlines certain retirement and financial provisions included in the OBBBA.

The Senate has passed by a vote of 51-50 its version of the tax reconciliation bill. The legislation will now move to the House as the President’s self-imposed July 4 deadline quickly approaches.