Regulatory and Legislative

Retirement Protection Act Proposed in House

Representatives David Schwikert (R-AZ) and Byron Donalds (R-FL) have introduced H.R. 8579, the Retirement Protection Act. The bill proposes modification of the saver’s credit by replacing the three-tier formula with a single 50 percent credit percentage on contributions up to $2,000, with phase outs beginning at certain AGI thresholds. The proposal also provides for a one year $4,000 temporary increase in retirement contribution limits.

Legislative updates

Regulatory and Legislative

Updated Yield Curves and Segment Rates for DB Plans

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

Regulatory and Legislative

Disaster Assistance May Be Available for Massachusetts Severe Storms

The Federal Emergency Management Agency issued a Major Disaster Declaration on May 15, 2024, for Massachusetts severe storms and flooding.

Regulatory and Legislative

SEC Releases Cybersecurity Final Rule

The Securities and Exchange Commission has issued a final rule to address cybersecurity risks.