Legislative updates

Representatives Vern Buchanan (R-FL) and Mike Thompson (D-CA) have introduced H.R. 7222, the Lowering Costs for Caregivers Act.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, flooding, landslides, and mudslides in West Virginia.

Representative Richard Neal (D-MA), House Ways and Means Committee Ranking Member, has introduced the Automatic IRA Act of 2024.

Senator Bill Cassidy (R-LA), ranking member of the Senate Health, Education, Labor, and Pensions Committee, and Rep. Virginia Foxx (R-NC), chair of the House Education and the Workforce Committee, introduced the GHOST Act.

The Department of Treasury, the Department of Labor, and the Pension Benefit Guaranty Corporation have released a Request for Information (RFI) pursuant to Section 319 of SECURE 2.0.

The Department of Labor (DOL) has announced the release of a proposed regulation on automatic portability transactions pursuant to Section 120 of SECURE 2.0.

The IRS has issued a final rule to update minimum present value requirements for defined benefit plan distributions.

The Department of Labor (DOL) has announced the release of a set of frequently asked questions intended to provide general compliance information under ERISA regarding pension-linked emergency savings account (PLESA) arrangements that are allowed under SECURE 2.0.

A Department of Labor (DOL) proposed rule titled Exemption for Certain Automatic Portability Transactions has been removed from the Office of Management and Budget’s list for review, signaling that it may be released soon.

Senator Mike Lee (R-UT) has introduced S. 3520, the Achieving Choice in Education Act or the ‘‘ACE Act’’.