Defined benefit plan

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 19, 2024, for North Carolina Potential Tropical Cyclone Eight, for the incident period of September 16, 2024 – September 20, 2024.

The Internal Revenue Service has issued Notice 2024-76, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 16, 2024, for Alaska flooding, for the incident period of August 5, 2024 – August 6, 2024.

The IRS has issued Revenue Ruling 2024-24 which contains the applicable federal rates (AFR) for October 2024. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as “72(t) payments.”

The IRS has announced the postponement of certain tax-related deadlines for victims of Hurricane Milton in Florida until May 1, 2025.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 11, 2024, for Florida Hurricane Milton, for the incident period of October 5, 2024 and continuing.

The Pension Benefit Guarantee Corporation has determined premium rates applicable for the 2025 plan year in accordance with indexing rules provided in ERISA Section 4006. The single-employer plan per-participant flat rate premium for plan years beginning in 2025 is $106, up from $101 in 2024. The single-employer plan variable-rate premium for 2025 remains the same at $52 per $1,000 of unfunded vested benefits. The variable-rate premium per participant cap increased to $717 per participant, from $686 in 2024.

Representative Mark DeSaulnier (D-CA) has introduced HR 9820 – the Employee and Retiree Access to Justice Act.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 4, 2024, for Arizona Watch Fire, for the incident period of July 10 – July 17, 2024.

The IRS has announced the postponement of certain tax-related deadlines for victims of wildfires in Washington.