Defined contribution plan

The Social Security Administration has issued the 2025 adjustments for benefits and certain other limitations that are subject to annual cost-of-living adjustment (COLA) indices.

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.

For years, Congress and the IRS have addressed natural disasters (and others) with largely piecemeal responses. For example, when a major hurricane struck, the President would declare a federal disaster, Congress would grant certain relief, and the IRS would implement the details, such as determining the timing of allowable distributions from retirement plans and extending filing deadlines.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 2, 2024, for Tennessee tropical storm Helene, for the incident period of September 26, 2024 and continuing.

The IRS has issued Notice 2024-73, providing question-and-answer guidance on long-term, part-time employees in 403(b) plans. Guidance is applicable for plan years beginning after December 31, 2024.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, tornadoes, straight-line winds, and flooding in parts of Illinois.

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

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 1, 2024, for Virginia Tropical Storm Helene, for the incident period of September 25, 2024 and continuing.

In 2019, the SECURE Act made several changes to the rules for retirement plans and IRAs, including raising the applicable RMD age from 70½ to 72.