IRS Posts Updated Draft Instructions for Benefit Plan Determinations
The Internal Revenue Service (IRS) has issued draft instructions for Form 5300, Application for Determination for Employee Benefit Plans.
Industry & Regulatory News
Washington Pulse: DOL Proposes New Guidance on Evaluating Designated Investment Alternatives in 401(k) Plans
The Department of Labor (DOL) has issued proposed regulations addressing fiduciary responsibilities when selecting designated investment alternatives (DIAs) for participant directed individual account plans subject to the Employee Retirement Income Security Act (ERISA) of 1974.
Washington Pulse: IRS Issues Guidance on Optional Long-Term Care Distributions Under SECURE 2.0
The Internal Revenue Service (IRS) has issued guidance on a provision of the SECURE 2.0 Act allowing 401(k), 403(a), 403(b), and eligible governmental 457(b) plans to offer optional distributions to pay long-term care (LTC) insurance premiums.
Public Policy Proposal: A Simple Federal Solution to Closing the Retirement Coverage Gap
Ascensus has advanced a proposal to help narrow the nation’s retirement coverage gap. Our proposal recognizes the strong bipartisan commitment to expanding access and focuses on a scalable solution that leverages existing IRA infrastructure while building on the proven success of automatic enrollment.
Treasury Issues Trump Account Temporary Regulations
Treasury and IRS temporary regulations provide guidance on Trump account establishment, automatic enrollment, and contribution rules, including qualified stock contributions, with implementation beginning in 2026.
Proposal Eliminating Cap on Rollover Amounts From 529 Plans to Roth IRAs Introduced
Senator Ted Cruz (R-TX), along with cosponsor Senator Lisa Blunt Rochester (D-DE), have introduced S. 5550, to eliminate the aggregate limitation on rollovers from a 529 program to a Roth IRA.
Proposal to Increase Savers Match Introduced
Senator Ron Wyden (D-OR), ranking member of the Senate Finance Committee, has introduced the Saver's Match Enhancement Act.
OMB Completes Review of Latest Round of Trump Account Guidance
OMB has completed review of two Treasury and IRS regulatory actions related to Trump Accounts.
IRS Releases Draft 2027 Form 1099-R
The IRS has posted a draft 2027 Form 1099-R.
Bill Introduced to Extend Time Period for Contributing Military Death Benefits to Roth IRA or ESA
A bipartisan Senate proposal would give military families additional flexibility when rolling military death benefits into Roth IRAs and education savings accounts.
Born to Invest Act Introduced in House
A bipartisan bill would help ensure new parents learn about tax-advantaged savings opportunities from the start, including Trump accounts, ABLE accounts, and 529 plans.
OMB Reviews Trump Account Rules
OMB is reviewing proposed and interim final Treasury and IRS regulations for Trump accounts.