Defined benefit plan

The IRS has announced the postponement of certain tax-related deadlines for victims of Oklahoma severe storms, straight-line-winds, tornadoes, and flooding.

The IRS has announced the postponement of certain tax-related deadlines for victims of Florida severe storms, straight-line-winds, and tornadoes.

The Department of Labor (DOL) has reported to Congress on Interpretive Bulletin 95-1, pursuant to a directive under Section 321 of SECURE 2.0. Interpretive Bulletin 95-1 provided guidance on fiduciary standards for selecting an annuity provider for a defined benefit plan. DOL reports that the bulletin’s factors are still relevant to a fiduciary’s prudent and loyal evaluation, but did note that the agency may further explore developments in both the life insurance industry and in pension risk transfer practices to determine whether additional guidance is needed.

The Internal Revenue Service has issued Notice 2024-53, 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 May used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates for June 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 IRS has issued Revenue Ruling 2024-13, which contains the applicable federal rates (AFR) for July 2024. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as “72(t) payments.”

The IRS has announced the postponement of certain tax-related deadlines for victims of Kentucky severe storms, straight-line winds, tornadoes, landslides, and mudslides. The tax relief postpones various tax filing deadlines that began on April 2, 2024. Affected individuals and households who reside or have a business in Boyd, Carter, Fayette, Greenup, Henry, Jefferson, Jessamine, Mason, Oldham, Union, and Whitley counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

The IRS has announced the postponement of certain tax-related deadlines for victims of West Virginia severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides. The tax relief postpones various tax filing deadlines that began on April 2, 2024. Affected individuals and households who reside or have a business in Boone, Brooke, Cabell, Fayette, Hancock, Kanawha, Lincoln, Marshall, Nicholas, Ohio, Preston, Putnam, Tyler, Wayne and Wetzel counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

The Pension Benefit Guaranty Corporation (PBGC) has released a final rule titled Valuations Assumptions and Methods.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 30, 2024, for Arkansas severe storms, straight-line winds, tornadoes, and flooding, for the incident period of May 24 – 27, 2024.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 22, 2024, for Kentucky severe storms, straight-line winds, tornadoes, landslides, and mudslides, for the incident period of April 2, 2024.