- Industry & Regulatory News
- Industry & Regulatory News
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”.
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.
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.
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.
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.
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.
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.
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).
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.
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.