Industry & Regulatory News

The Department of Labor (DOL), in conjunction with the Joint Notice from the Treasury Department, announced yesterday, that is extending certain specified timeframes for participants and beneficiaries in regard to special enrollment, COBRA, claims procedures, and external review processes for health coverage and other employer benefits, has issued additional guidance and further relief for participants of employee benefit plans affected by Hurricanes Helene and Milton.

Effective November 8, 2024, the prime interest rate decreased to 7.75 percent. The prime interest rate is largely determined by the federal funds rate, as set by the Federal Reserve’s Federal Open Market Committee (FOMC).

The Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) and the Internal Revenue Service (IRS) will publish an Extension of Certain Timeframes for Employee Benefit Plans, Participants, Beneficiaries, Qualified Beneficiaries, and Claimants Affected by Hurricane Helene, Tropical Storm Helene, or Hurricane Milton in the Federal Register on November 8, 2024.

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 Internal Revenue Service (IRS) recently issued Notice 2024-73, providing guidance regarding the participation of long-term, part-time (LTPT) employees in 403(b) plans subject to Title I of the Employee Retirement Income Security Act (ERISA).