Defined contribution plan

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.

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.

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.

The Department of Labor has released a prerule item titled “Pooled Employer Plans” (PEPs) to the Office of Management and Budget for review.

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). 

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, tornadoes, and flooding in Missouri until November 3, 2025.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 19, 2025, for Tennessee severe storms, straight-line winds, tornadoes and flooding, for the incident period of April 2 – April 24, 2025. 

The IRS has issued Revenue Ruling 2025-13 which contains the applicable federal rates (AFR) for July 2025. 

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

The Department of Labor (DOL) has announced the launch of its opinion letter program.