ERISA News

The Office of Management and Budget has received a proposed rule from the Department of Labor (DOL) titled "Worker Ownership, Readiness, and Knowledge”, pursuant to the requirements of Section 346 of SECURE 2.0.  

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.

The Internal Revenue Service has released Notice 2024-71, Expenses Treated as Amounts Paid for Medical Care. The notice provides a safe harbor for qualifying medical expenses from a health flexible spending arrangement (health FSA), Archer medical savings account (Archer MSA), health reimbursement arrangement (HRA), or health savings account (HSA) for amounts paid for condoms.

The Internal Revenue Service has released Notice 2024-75,  Preventive Care for Purposes of Qualifying as a High Deductible Health Plan under Section 223. This notice expands the list of preventive care benefits permitted to be provided by a high deductible health plan (HDHP) to include over-the-counter oral contraceptives and male condoms.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 16, 2024, for Alaska flooding, for the incident period of August 5, 2024 – August 6, 2024.

The Internal Revenue Service has released Notice 2024-77, Guidance Under Sections 414(aa) and 402(c)(12) of the Internal Revenue Code with Respect to Inadvertent Benefit Overpayments.

The IRS has issued Revenue Ruling 2024-24 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.”

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