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Industry & Regulatory News

Industry & Regulatory News

Proposal to Increase Retirement Plan Access for Younger Workers Reintroduced

Senator Bill Cassidy (R-LA), and co-sponsor Tim Kaine (D-VA) have reintroduced the “Helping Young Americans Save for Retirement Act”.

May 15 2025

Industry & Regulatory News

Tax Bill Passes out of Committee

The House Committee on Ways and Means has approved their tax package out of committee by a party line vote of 26-19 following a markup hearing.

May 14 2025

Industry & Regulatory News

Proposal Would Expand Medical Expense Coverage for Caregivers

Senators Jacky Rosen (D-NV) and Bill Cassidy (R-LA) have introduced S. 1565, the Lowering Costs for Caregivers Act.

May 14 2025
HSA

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Arkansas Storms

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 8, 2025, for Arkansas severe storms and tornadoes, for the incident period of March 14-15, 2025.

May 14 2025

Industry & Regulatory News

House Releases Proposed Tax Bill

The House Committee on Ways and Means has released draft text of a budget bill and a section by section summary ahead of a full committee markup of the bill scheduled today. While the proposal represents an early marker of what is expected to be a rigorous process through reconciliation, the following provisions are highlighted.

May 13 2025

Industry & Regulatory News

IRS Provides Guidance on Substitute Mortality Tables

The Internal Revenue Service has released Revenue Procedure (Rev. Proc.) 2025-21, which provides guidance on plan-specific substitute mortality tables used to determine the present value for defined benefit plans subject to funding requirements under IRC. Sec. 430. The revenue procedure modifies Section 12.02 of Rev. Proc. 2024-32, which specifies when certain plan sponsors are required to terminate the use of plan-specific mortality tables. Rev. Proc. 2025-21 provides relief for certain plan sponsors by narrowing the category of plan sponsors that are required to request approval of new plan-specific substitute mortality tables.

May 07 2025

Industry & Regulatory News

Universal Savings Account Proposal Reintroduced

Senator Ted Cruz (R-TX) and Representative Diana Harshbarger (R-TN) have introduced the Universal Savings Account Act, bicameral legislation to provide tax-advantaged savings vehicles with unrestricted use of funds—allowing participants to save, invest, and withdraw funds for any reason. According to a press release, the bill would do the following.

May 06 2025

Industry & Regulatory News

Proposal Expanding 529 Qualified Expenses Introduced in Senate

Senators Tim Scott (R-SC) and Maria Cantwell (D-WA) have introduced the Aviation Workforce Development Act. According to a press release, the bill would make training at FAA-certified commercial pilot and aircraft maintenance technician schools a qualified expense for 529 college savings plans. This is companion legislation to a bill introduced in the House of Representatives by Congressman Mike Collins (R-GA).

May 06 2025

Industry & Regulatory News

2026 HSA Limits Released

The IRS has issued Revenue Procedure 2025-19, providing inflation-adjusted amounts for Health Savings Accounts (HSAs) for calendar year 2026. Maximum annual HSA contributions will rise from $4,300 to $4,400 for those with self-only insurance coverage, and from $8,550 to $8,750 for those with family coverage.

Minimum deductible amounts for qualifying high deductible health plans will increase from $1,650 for self-only coverage to $1,700, and from $3,300 to $3,400 for a family plan. Maximum out-of-pocket amounts under self-only coverage will rise from $8,300 to $8,500, and from $16,600 to $17,000 for family coverage.

May 02 2025
HSA

Industry & Regulatory News

Retirement Savings for Americans Act Reintroduced, Again

Senators John Hickenlooper (D-CO) and Thom Tillis (R-NC) and Representatives Lloyd Smucker (R-PA-11) and Terri Sewell (D-AL-7) have introduced the Retirement Savings for Americans Act (RSAA) of 2025. This is the third time the RSAA has been introduced, having previously been introduced in the last two sessions of Congress.

May 02 2025
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