Defined benefit plan

The Internal Revenue Service has issued Notice 2024-40, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The Department of Labor (DOL) has issued a regulatory package that includes an interim final rule that amends the regulations for abandoned plans that were initially created in 2006.

The Internal Revenue Service has released Notice 2024-42, updating the static mortality tables for defined benefit plans for 2025.

The Department of Labor (DOL) has released a final rule updating the definition of an investment advice fiduciary under ERISA.

Proposed RMD regulations were released in February 2022.

Under the proposed regulations, if an account owner dies on or after their required beginning date, beneficiaries who are subject to the 10-year rule must take annual life expectancy payments during the first nine years.

Department of Labor (DOL) guidance titled “Amendment of Abandoned Plan Program” that has been with the Office of Management and Budget (OMB) since last July, has left OMB. According to the abstract filed with OMB, the principal purpose of the amendments is to permit bankruptcy trustees to use the DOL’s program to terminate and wind up the plans of sponsors in liquidation under Chapter 7 of the U.S. Bankruptcy Code.

The Internal Revenue Service has issued Notice 2024-34, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 6, 2024, for Alaska severe storm, flooding, and landslides, for the incident period of November 20, 2023.

The IRS has announced the postponement of certain tax-related deadlines for victims of Maine severe storms and flooding.

The Department of Treasury, the Department of Labor, and the Pension Benefit Guaranty Corporation have extended the deadline for comments related to a Request for Information (RFI) released in January pursuant to Section 319 of SECURE 2.0.