Industry & Regulatory News

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on September 24, 2024, for the following locations:

Senator Tim Scott (R-SC), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, along with fellow republican committee members Senators Mike Crapo (R-ID), Mike Rounds (R-SD), Thom Tillis (R-NC), John Kennedy (R-LA), Bill Hagerty (R-TN), Cynthia Lummis (R-WY), Katie Britt (R-AL), Kevin Cramer (R-ND), Steve Daines (R-MT), and Jerry Moran (R-KS), have introduced S. 5139, Empowering Main Street in America Act of 2024.

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on September 20, 2024.

The IRS has announced the postponement of certain tax-related deadlines for victims of Tropical Storm Debby in Pennsylvania.

The Internal Revenue Service has issued Notice 2024-67, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

Effective September 19, 2024, the prime interest rate decreased from 8.50 percent to 8 percent.

H.R. 3800, the Chronic Disease Flexible Coverage Act introduced by Representative Brad Wenstrup (R-OH), and co-sponsor Representative Earl Blumenauer (D-OR), passed the House by a voice vote.

The House passed H.R. 5339, the Roll back ESG To Increase Retirement Earnings Act (RETIRE Act), by a vote of 217-206.

Recent legislation passed by Congress includes several provisions that enhance the ability of workers to increase their retirement savings. One of these provisions, Section 110 of the SECURE 2.0 Act of 2022 (SECURE 2.0), also enhances the ability of employers that sponsor a 401(k), 403(b), governmental 457(b), or a SIMPLE IRA plan to supplement workers’ retirement savings by providing matching contributions to employees who make qualified student loan payments (QSLPs) in 2024 and later plan years.

The IRS has issued Revenue Ruling 2024-21 which contains the applicable federal rates (AFR) for October 2024. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as “72(t) payments.”