Defined contribution plan

Senators John Barrasso (R-WY) and Michael Bennet (D-CO) have introduced the Retirement Rollover Flexibility Act.

Senators Cory Booker (D-NJ) and Todd Young (R-IN), along with Representatives Eugene Vindman (D-VA) and Glenn Thompson (R-PA) have introduced bi-cameral legislation, the Emergency Savings Enhancement Act.

The Internal Revenue Service (IRS) has posted Instructions for Instructions for Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, for 2025. 

The Internal Revenue Service has issued a draft Form 4547, Trump Account Election(s), and accompanying draft Instructions.

House Financial Services Committee Chairman French Hill (R-AR) and several committee members introduced bipartisan legislation, the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act. Included in Section 202 of the bill is text from H.R. 1013, the Retirement Fairness for Charities and Educational Institutions Act.

The Treasury Department and the Internal Revenue Service (IRS) have released Notice 2025-68 (the Notice), containing initial guidance and a request for comments on the implementation of Trump accounts under IRC Section 530A. The Notice also specifies that the agencies intend to issue regulations at a later date. A press release notes that the Notice provides a general overview of how Trump Accounts work and addresses certain initial questions about creating initial and rollover Trump Accounts. An Ascensus Washington Pulse previously provided details of these accounts.

The Internal Revenue Service has released 2025 draft Instructions for Form 8606, Nondeductible IRAs.

The Internal Revenue Service (IRS) has posted 2025 Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts.

Representative Randy Fine (R-FL) has introduced H.R. 6084, the ERISA Litigation Reform Act. In a press release, Congressman Fine emphasized that this legislation strengthens retirement plan governance, reduces unnecessary legal costs, and protects the millions of workers who rely on employer-sponsored plans for their financial future.

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.