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Industry & Regulatory News
Proposal Increasing Limitation on K-12 Tuition Introduced
Senator Eric Schmitt (R-MO) has introduced S. 2206, to increase from $10,000 to $20,000 the maximum amount that can be used from a 529 plan for tuition in connection with a designated beneficiary’s enrollment at an eligible elementary or secondary school.
Industry & Regulatory News
Proposals to Improve Gig Worker Access to Benefits Released
Senators Bill Cassidy (R-LA), and Tim Scott (R-SC), have shared proposals that, according to a press release, would modernize federal labor law to empower 27 million independent contractors to access portable workplace benefits, like health care and retirement.
Industry & Regulatory News
IRS Posts Draft 2025 Instructions for Form 5329
The Internal Revenue Service (IRS) has posted an updated draft 2025 Instructions for Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, following last month’s release of the draft 2025 Form 5329.
Industry & Regulatory News
President Signs Tax Bill
President Trump signed into law tax legislation known as the ‘One Big Beautiful Bill Act’ on July 4, 2025. Details of certain provisions of the bill impacting savers can be found here.
Industry & Regulatory News
Retirement Plan Disaster Assistance May Be Available for Texas Storms and Flooding
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on July 6, 2025, for Texas severe storms, straight-line winds, and flooding, for the incident period of July 2, 2025, and continuing.
Industry & Regulatory News
Washington Pulse - 2025 Tax Bill Provides Key Changes for Savers
Congress passed the tax bill known as the One Big Beautiful Bill Act (OBBBA) on July 3, 2025. This article outlines certain retirement and financial provisions included in the OBBBA.
Industry & Regulatory News
DOL Sends PEP Item to OMB
The Department of Labor has released a prerule item titled “Pooled Employer Plans” (PEPs) to the Office of Management and Budget for review.
Industry & Regulatory News
IRS Posts Draft Form 4972, Used to Claim Special Tax Treatment for Employer Plan Distributions
The IRS has posted 2025 tax year draft Form 4972, Tax on Lump-Sum Distributions (From Qualified Plans of Participants Born Before January 2, 1936).
Industry & Regulatory News
PBGC Updates Interest Assumptions for Valuing Benefits for Third Quarter 2025
The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating interest assumptions under the asset allocation regulation for plans with valuation dates in the third quarter of 2025.
News Releases
Senate Passes Its Version of Tax Bill
The Senate has passed by a vote of 51-50 its version of the tax reconciliation bill. The legislation will now move to the House as the President’s self-imposed July 4 deadline quickly approaches.