The Washington Report

November 13, 2024

Note to Subscribers

While we do our best to provide timely updates, it is possible that the information shared in the newsletter may change after our publication deadline.

Retirement

 

PBGC Posts Benefit Restrictions – Present Value of Maximum Guarantee Table
On November 4, 2024, the Pension Benefit Guaranty Corporation (PBGC) posted a table showing the present values applicable to benefits with annuity starting dates in 2025. A two-column spreadsheet version of the table is also available. For more information please refer to Technical Update 07-4. 

The present values table is available here.

The two-column spreadsheet is available here.

Technical Update 07-4 is available here.

PBGC Publishes FAQs on SFA Permissible Investments and IGFI Securities
Also on November 4, the PBGC published a new Special Financial Assistance (SFA) frequently asked question (FAQ) that provides guidance for multiemployer plans that receive SFA. The new SFA FAQ explains what types of derivative exposure, outside of permissible fund vehicles, are permissible in portfolios of SFA assets and provides examples. The PBGC also has posted an updated FAQ on examples of permissible investment grade fixed income (IGFI) securities to clarify when fixed-to-float securities are permissible IGFI securities. The new and updated FAQs are also accessible on the SFA Program Page under Resources. 

The SFA FAQ is available here.

The SFA Program Page is available here.

Aon Publications

 

IRS Issues 2025 Benefit Contribution Limits
On October 22, 2024, the Internal Revenue Service (IRS) issued Revenue Procedure 2024-40, updating the indexed limitations for certain employee benefit programs.

The Aon bulletin is available here.

Now Available: Legal Consulting & Compliance Quarterly Update
The Retirement Legal Consulting & Compliance practice is pleased to present its Quarterly Update of recent legal developments for the fourth quarter of 2024. In this issue you will find the following articles:

• Matching Contributions on Student Loan Payments Have Arrived
• You Can Send a Check, But Will They Cash It?
• IRS Provides Additional Plan Design Flexibility for Employer Contributions
• DOL Reiterates the Fiduciary Obligation to Protect Plan and Participant Data
• Final Section 417(e) Regulations: Is Your Plan on the Level?
• IRS Issues New Required Minimum Distribution Regulations
• Quarterly Roundup of Other New Developments
• Recent Publications

The fourth quarter 2024 issue of the Retirement Legal Consulting & Compliance Aon Quarterly Update is available here.