ERISA News

The Internal Revenue Service has posted the 2026 tax year version of Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding. Form 1042-S is used by IRA custodians, trustees, and issuers to report payments to nonresident aliens, including distributions from IRAs and employer-sponsored retirement plans. 

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on December 19, 2025, for the following disasters.

• Kansas Severe Storms, Straight-line Winds, and Flooding, for the incident period July 17 - July 22, 2025.
• Montana Severe Storms and Flooding, for the period from December 10, 2025, and continuing.

The Internal Revenue Service released the 2026 Publication 15-A, Employer’s Supplemental Tax Guide (Supplement to Pub. 15, Employer’s Tax Guide). This publication, as a supplement to Publication 15, contains specialized and detailed employment tax information supplementing the basis information provided in Publication 15, including information for pensions and annuities. 

The Internal Revenue Service has released the 2026 tax year Form W-4R, Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions.

The Internal Revenue Service has released a draft 2026 Form 5498-QA, ABLE Account Contribution Information. This form is used when administering Achieving a Better Life Experience (ABLE) programs. ABLE accounts permit the accumulation of financial resources for the support of special needs individuals.

Expanding access to retirement savings is essential for millions of workers, and Representative Richard Neal’s (D-MA) Automatic IRA Act delivers a clear path forward. Ascensus supports this common‑sense step to close coverage gaps, strengthen long‑term retirement readiness, and improve financial resilience for workers and their families.

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

The Internal Revenue Service has issued Revenue Ruling 2026-02 which contains the applicable federal rates (AFR) for January 2026.

The Department of Labor’s Employee Benefits Security Administration (EBSA), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) jointly released the 2025 Form 5500, Annual Return/Report of Employee Benefit Plan, the 2025 Form 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan, and their respective instructions and schedules. 

The Internal Revenue Service has posted draft 2025 Instructions for Forms 1099-QA and 5498-QA, Distributions From ABLE Accounts and ABLE Account Contribution Information.