Defined contribution plan

Department of Labor (DOL) guidance titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program” has left the Office of Management and Budget.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on December 24, 2024, for North Dakota wildfires and straight-line winds, for the incident period of October 5 – October 6, 2024. 

Effective December 18, 2024, the prime interest rate decreased to 7.50 percent.

The Pension Benefit Guaranty Corporation (PBGC) has released a final rule updating the table for determining expected retirement ages for participants in pension plans undergoing distress or involuntary termination to reflect valuation dates falling in 2025.

The Internal Revenue Service (IRS) released Announcement 2025-2, delaying the anticipated applicability date for future final regulations relating to required minimum distributions (RMDs) under section 401(a)(9) of the Internal Revenue Code.

The IRS has announced the postponement of certain tax-related deadlines for victims of Post-Tropical Storm Helene in West Virginia until May 1, 2025.

The IRS has issued Revenue Ruling 2025-1, which contains the applicable federal rates (AFR) for January 2025.

The Internal Revenue Service recently released Treasury Decision (TD) 10008, which provides guidance on income tax withholding requirements for certain periodic payments and nonperiodic distributions from deferred compensation plans, individual retirement arrangements (IRAs), and commercial annuities.

Thanks to the SECURE 2.0 Act, certain employees will have more deferral opportunities beginning in 2025. Read below to learn how much employees can contribute to their retirement plan and about the types of deferrals that may be available.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on December 9, 2024, for West Virginia Post-tropical Storm Helene, for the incident period of September 25 – September 28, 2024.