ERISA News

The Internal Revenue Service has issued Notice 2026- 26, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

Representative Nancy Mace (R-SC) has introduced H.R. 8221, the First-Time Homebuyer Savings Act in the House. The bill is one of several that have been unveiled in recent weeks intended to make home buying more achievable. According to a press release, the bill would do the following.

The Internal Revenue Service (IRS) has announced the postponement of certain tax-related deadlines for flooding and mudslides due to severe storms in the state of Hawaii until July 8, 2026. The tax relief postpones various tax filing deadlines that began on March 10, 2026. Affected individuals and households that reside or have business in Hawaii, Honolulu, Kauai and Maui counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

The Internal Revenue Service (IRS) has announced the postponement of certain tax-related deadlines for winter storm Fern in the state of Tennessee until May 22, 2026. The tax relief postpones various tax filing deadlines that began on January 22, 2026. Affected individuals and households who reside or have a business in Cheatham, Chester, Clay, Davidson, Decatur, Dickson, Hardeman, Hardin, Henderson, Hickman, Lawrence, Lewis, Macon, Maury, McNairy, Perry, Robertson, Rutherford, Summer, Trousdale, Wayne, Williamson and Wilson counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

The Internal Revenue Service has released an updated draft Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits. Retirement plan sponsors use this form to notify the Social Security Administration (SSA) if a former employee has vested benefits remaining in the plan.

The Internal Revenue Service has issued a draft Form 5498-TA, Trump Account Contribution Information, which will be used by trustees to report tax year contributions to Trump accounts. 

The Internal Revenue Service (IRS) has posted a draft 2026 tax year Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. 

The Internal Revenue Service has posted a draft 2026 tax year Form 5498, IRA Contribution Information. Form 5498 is used to report IRA-related information, including contributions to IRAs, SEP plans, and SIMPLE IRA plans; end-of-year fair market values; rollovers; conversions; recharacterizations; etc. 

The Pension Benefit Guaranty Corporation (PBGC) has indicated in a recent “What's New” post that it will no longer receive paper checks for premium payments after June 30, 2026.

The Internal Revenue Service (IRS) has issued two coordinated proposed regulations that begin to define how Trump accounts will operate. One proposal addresses how Trump accounts are established for children under Internal Revenue Code Section (IRC Sec.) 530A, while a companion proposal explains how a limited group of accounts may receive a one time $1,000 federal pilot contribution authorized under IRC Sec. 6434. Together, the proposals outline the basic framework for creating Trump accounts and seeding certain accounts with an initial federal contribution, while reserving many substantive operational rules for future guidance.