"This revenue procedure is a general update of Rev. Proc. 2024-4 ... which sets forth general information about the types of advice provided by Employee Plans Rulings and Agreements; general procedures for letter ruling and determination letter requests; specific procedures for determination letter requests; and the user fees associated with advice requested from Employee Plans Rulings and Agreements."  MORE >>

Jan. 8, 2025; 32 pages. "Reminders:  [1] E-filing returns ... [2] Information reporting Intake System (IRIS) ... [3] Due date for certain statements sent to recipients."  MORE >>

"Ages 60-63 (or 'Super') catch-ups ... Auto-portability ... Long-term, part-time (LTPT) rules ... The deadline to amend most plans for SECURE 1.0, the CARES Act, and SECURE 2.0 is December 31, 2026."  MORE >>

"[B]ecause of a provision in the Bipartisan Budget Act of 2015, premiums for plan years beginning in 2025 are generally due a month earlier than usual. For example, the premium filing and payment for a plan with a calendar plan year will be due September 15, 2025, instead of the normal due date of October 15, 2025. This acceleration of premium dues dates applies only for plan years that begin in 2025."  MORE >>

"The Bipartisan Budget Act of 2015 (BBA) accelerated the due date of PBGC premiums from the ordinary date of October 15th to the 15th day of the ninth calendar month that begins on or after the first day of the premium payment year (September 15th for calendar year plans), only for plan years that begin in the 2025 calendar year. The acceleration raises revenue by bringing another year into the ten-year window used for budget-scoring."  MORE >>

"This relief gives plan/IRA sponsors and recordkeepers some much-needed time to finalize the implementation of these changes. Importantly, prior to such date, the IRS provides a reasonable, good faith interpretation standard to meet these new rules."  MORE >>

"[I]nsurance company Prudential, which is managing the pensions, is not named as a defendant in the Verizon lawsuit. Plaintiffs are suing Verizon and State Street Global Advisors, which served as 'the independent fiduciary' in putting the deal together, according to the suit." [Dempsey v. Verizon Comm. Inc., No. 24-10004 (S.D.N.Y. complaint filed Dec. 30, 2024)]  MORE >>

"[T]here may be at least three instances when the current DOL fiduciary rule will apply to a rollover recommendation by an advisor, and in those instances the firm and the advisor may need the relief provided by PTE 2020-02 (that is, the version adopted by the DOL in 2020, which is unaffected by the current litigation and stay)"  MORE >>

"Using administrative data from a large retirement plan administrator in France, [the authors] examine the voluntary saving choices of approximately 1.4 million workers before and after the implementation of ... a reform that introduced tax-deductible voluntary contributions into employer-sponsored retirement plans.... While such contributions were previously allowed on an after-tax basis, similar to Roth IRAs and 401(k)s in the US, the reform allowed pre-tax contributions that provided an immediate tax deduction for contributors. The reform increased contributions to retirement saving accounts[.]"  MORE >>

"Section 6039 of the Internal Revenue Code requires a corporation to furnish a written statement to any employee or former employee who either [1] exercised an incentive stock option ... or [2] in 2024 first transferred legal title to shares acquired under the corporation's employee stock purchase plan ... The corporation must furnish these statements on Forms 3921 and 3922 to affected participants no later than January 31, 2025."  MORE >>