Defined benefit plan

The IRS has announced the postponement of certain tax-related deadlines for victims of flooding in the Havasupai Tribe in Arizona until February 3, 2025.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on November 5, 2024, for Seminole Tribe of Florida Hurricane Milton, for the incident period of October 5 and continuing. 

The Pension Benefit Guarantee Corporation (PBGC) has updated its table titled, “Present Value of PBGC Maximum Guarantee,” to reflect applicable values for distributions with annuity starting dates during calendar year 2025.

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on November 1, 2024, for the following locations:

The IRS has announced the postponement of certain tax-related deadlines for victims of flooding in Alaska until May 1, 2025. The tax relief postpones various tax filing deadlines that began on August 5, 2024.

The IRS has issued Notice 2024-80, which contains the 2025 cost-of-living increases for qualified retirement plan dollar limitations on benefits and contributions under the Internal Revenue Code (IRC).

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 25, 2024, for Virgin Islands Tropical Storm Ernesto, for the incident period of August 13 – August 16, 2024. 

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on October 21, 2024, for the following locations:

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 19, 2024, for North Carolina Potential Tropical Cyclone Eight, for the incident period of September 16, 2024 – September 20, 2024.

The Internal Revenue Service has issued Notice 2024-76, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.