Industry & Regulatory News

The Internal Revenue Service (IRS) has released final regulations that revise existing rules that apply to required minimum distributions (RMDs).

Representatives Brittany Pettersen (D-CO) and Congressman Tim Walberg (R-MI) introduced the Helping Young Americans Save for Retirement Act to help more Americans ages 18 to 20 years old access employer-sponsored retirement plans.

Senator Bob Casey (D-PA) has introduced a suite of bills intended to expand access to and increase awareness of Achieving a Better Life Experience (ABLE) accounts. While bill text is not yet available, details of the proposals were shared via a press release.

Senators Katie Britt (R-AL), Raphael Warnock (D-GA), Bill Cassidy (R-LA), and Gary Peters (D-MI), have introduced S. 4917, the Retirement Fairness for Charities and Educational Institutions Act.

The Internal Revenue Service (IRS) has issued Notice 2024-55, providing guidance on two provisions permitted under the SECURE 2.0 Act of 2022 (SECURE 2.0); emergency personal expense distributions and domestic abuse victim distributions. The notice defines these distributions and explains the restrictions associated with taking such distributions, the self-certification rules, repayment details, and withholding and notice requirements.

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

The Internal Revenue Service (IRS) has released Revenue Procedure 2024-32, setting forth procedures by which the sponsor of a defined benefit plan subject to the funding requirements of IRC Sec. 430 may request approval for the use of a plan-specific substitute mortality table.

The Internal Revenue Service (IRS) has released final regulations regarding the use of mortality experience data for the COVID-19 pandemic period that supplement the methodology for developing substitute mortality tables provided in Treasury Regulation 1.430(h)(3)-2.

Senator Rick Scott (R-FL) and Representative Kat Cammack (R-FL) have introduced a bicameral proposal titled the Increasing Value for Families with HSAs Act, to help individuals and families better plan and pay for medical expenses like in vitro fertilization.

The IRS has announced the postponement of certain tax-related deadlines for victims of hurricane Beryl in Texas. The tax relief postpones various tax filing deadlines that began on July 5, 2024.