Industry & Regulatory News

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on January 10, 2025, for the following.

• South Carolina severe storms and flooding for the incident period November 6 – November 14, 2024
• Alaska severe storms and flooding for the incident period August 15 – August 18, 2024

The IRS has announced the postponement of certain tax-related deadlines for victims of California affected by wildfires and straight-line winds until October 15, 2025. The tax relief postpones various tax filing deadlines that began on January 7, 2025. Affected individuals and households who reside or have a business in Los Angeles County, 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 released proposed automatic enrollment regulations that apply to certain retirement plans as provided by Sections 101 and 341 of the SECURE 2.0 Act of 2022.

The Internal Revenue Service (IRS) has released proposed catch-up regulations that apply to certain retirement plans as provided by Sections 109, 117, and 603 of the SECURE 2.0 Act of 2022.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on January 1, 2025, for the following disasters for the period indicated.

The Department of Labor has published in the Federal Register several inflation-adjusted penalty amounts for certain failures associated with qualified retirement plans.

The Pension Benefit Guaranty Corporation has published in the Federal Register inflation-adjusted penalty amounts for failure to provide certain notices or other material information and for failure to provide certain multiemployer notices.

The Pension Benefit Guaranty Corporation (PBGC) has issued Technical Update 25-1 that provides guidance on the timing of premium payments for plan years beginning in 2025. Due to a provision in the Bipartisan Budget Act of 2015, the premium filing due date for all plans is the 15^th day of the 9^th calendar month that begins on or after the first day of the plan year—so for calendar year plans, September 15^th instead of October 15^th.

A provision allowing high deductible health plans (HDHPs) to waive the deductible for telehealth and other remote care services without causing plan participants to lose the ability to contribute to a health savings account (HSA) will expire for calendar year plans on December 31, 2024.

Department of Labor (DOL) guidance titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program” has left the Office of Management and Budget.