ERISA News

The Internal Revenue Service has released an updated 2025 tax year draft Form 990-T, Exempt Organization Business Income Tax Return. The form is used to, among other items, report unrelated business taxable income (UBTI), figure and report unrelated business income tax liability, and request a credit for certain federal excise taxes paid or for small employer health insurance premiums paid.

The Internal Revenue Service has posted a revised draft 2025 Form 8880, Credit for Qualified Retirement Savings Contributions. This form is used by taxpayers to determine the amount, if any, that can be claimed as retirement savings contribution credits (known as the saver’s credit) for making contributions to an eligible employer-sponsored retirement plan, IRA, federal Thrift Savings Plan, or ABLE account.

Representative Rick Allen (R-GA) has introduced the Retire through Ownership Act. According to a press release, Congress instructed the Department of Labor (DOL) with the passage of the Employee Retirement Income Security Act of 1974 (ERISA) to issue regulations for determining adequate consideration in the event employer stock did not have a generally recognized market. However, final regulations have never been issued.

The Internal Revenue Service has released the draft 2025 tax-year Publication 575, Pension and Annuity Income. This publication contains general information for taxpayers on how they are to treat retirement plan distribution income for tax purposes.

The IRS 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. This form will be reviewed for any significant changes, and findings will be shared as appropriate.

The IRS has issued draft Form 5498-ESA, Coverdell ESA Contribution Information. Form 5498-ESA is used to report Coverdell education savings account beneficiary and custodian/trustee information, tax identification and account numbers, annual contributions, and rollovers.

The Internal Revenue Service has posted draft Instructions for Forms 1099-SA and 5498-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA, and HSA, Archer MSA, or Medicare Advantage MSA Information.

The Internal Revenue Service has issued Notice 2025-43, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The Internal Revenue Service has issued Revenue Ruling 2025-17 which contains the applicable federal rates (AFR) for September 2025.

The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule providing minor clarifications and improvements to several miscellaneous provisions.