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IRS Guidance
Industry & Regulatory News
IRS Announces Applicable Federal Rates for February
The IRS has issued Revenue Ruling 2024-03, which contains the applicable federal rates (AFR) for February 2024.
Industry & Regulatory News
IRS Issues Yield Curves and Segment Rates for DB Plan Calculations
The Internal Revenue Service (IRS) has issued Notice 2024-21, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
IRS Finalizes Rules for Determining Corporate Bond Yield Curve
The IRS has issued its final rule specifying the methodology used to develop the corporate bond yield curve.
Industry & Regulatory News
Retirement Plan Disaster Assistance May Be Available for Utah Flooding
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on December 23, 2023, for Utah flooding, for the incident period of May 1 – May 27, 2023.
Industry & Regulatory News
IRS Announces Deadline Relief for Tennessee Storms and Tornadoes
The IRS has announced the postponement of certain tax-related deadlines for victims of Tennessee storms and tornadoes. The tax relief postpones various tax filing deadlines that began on December 9, 2023.
Industry & Regulatory News
IRS Issues SECURE 2.0 Guidance
The IRS has released Notice 2024-2, Miscellaneous Changes Under the SECURE 2.0 Act of 2022. The so-called “Grab Bag” Notice provides guidance to multiple provisions of the SECURE 2.0 Act of 2022.
Industry & Regulatory News
IRS Issues 2023 Cumulative List of Changes for Drafters of Pre-Approved Defined Contribution Plans
The IRS has issued Notice 2024-3, which contains the 2023 cumulative list of changes in requirements that must be taken into account by drafters of pre-approved defined contribution retirement plan documents for the fourth remedial amendment cycle (Cycle 4).
Industry & Regulatory News
IRS Provides 2024 Covered Compensation Tables Used in DB Plans
The IRS has issued Revenue Ruling 2024-1, containing the covered compensation tables for the 2024 plan year. These tables are used in calculations for defined benefit pension plans when permitted disparity, sometimes called integration, is used in determining employer-provided benefits.
Industry & Regulatory News
IRS Announces Applicable Federal Rates for January 2024
The IRS has issued Revenue Ruling 2024-02, which contains the applicable federal rates (AFR) for January 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."
Industry & Regulatory News
IRS Issues Yield Curves and Segment Rates for DB Plan Calculations
The Internal Revenue Service (IRS) has issued Notice 2024-04, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.