ERISA News

Senator Eric Schmitt (R-MO), along with a bipartisan coalition of cosponsors, have re-introduced the Ensuring Nationwide Access to Better Life Experience (ENABLE) Act. The proposal would make permanent the following provisions that are set to expire at the end of 2025.

The Internal Revenue Service (IRS) has issued Notice 2025-17, 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 February used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates for March 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 Treasury Department has announced that it will not enforce penalties or fines associated with the beneficial ownership information reporting rule under existing regulatory deadlines pursuant to the Corporate Transparency Act (CTA). The Treasury Department also indicates it will be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.

The Senate on Monday confirmed former Representative Lori Chavez-DeRemer to lead the Department of Labor (DOL) by a vote of 67-32. Chavez-DeRemer will be responsible for overseeing the DOL and fulfilling the Trump administration’s agenda. She represented Oregon’s 5^th district in the House of Representatives in the 118^th Congress, developing a pro-labor record on worker’s rights and organized labor.

Sen. Ted Cruz (R-TX) and Rep. Chip Roy (R-TX) have introduced the Personalized Care Act, bi-cameral legislation that would expand usage of Health Savings Accounts (HSAs). According to a press release, the bill would do the following.

Rep. Vern Buchanan (R-FL) and co-sponsor Rep. Jimmy Panetta (D-CA) have introduced H.R. 919, the Chronic Disease Flexible Coverage Act. The act would codify IRS guidance under Notice 2019-45 relating to treatment of certain services and items for chronic conditions as meeting the preventive care deductible for safe harbor purposes of high deductible health plans in connection with health savings accounts.

The Department of Labor (DOL) recently issued a final amendment to the Voluntary Fiduciary Correction Program (VFCP), incorporating a Self-Correction Component (SCC) for eligible transactions under the program.

Senators Steve Daines (R-MT) and Catherine Cortez Masto (D-NV) have introduced S. 763, the Telehealth Expansion Act of 2025.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on February 26, 2025, for West Virginia severe storm, straight-line winds, flooding, landslides and mudslides, for the incident period of February 25, 2025, and continuing. 

Senator Mike Lee (R-UT), and seven Republican co-sponsors have introduced S. 251, the Protecting Life in Health Savings Accounts Act. The bill would disallow the use of abortion expenses as qualified expenses for HSA purposes, with limited exceptions. Similar amendments would be made regarding Archer MSAs and Flexible Spending Arrangements.

The bill has been referred to the Senate Committee on Finance.