- Industry & Regulatory News
- SECURE 2.0
SECURE 2.0
Industry & Regulatory News
IRS Releases Guidance on Inadvertent Benefit Overpayments under SECURE 2.0
The Internal Revenue Service has released Notice 2024-77, Guidance Under Sections 414(aa) and 402(c)(12) of the Internal Revenue Code with Respect to Inadvertent Benefit Overpayments.
Industry & Regulatory News
IRA and Employer Plan Disaster Relief
For years, Congress and the IRS have addressed natural disasters (and others) with largely piecemeal responses. For example, when a major hurricane struck, the President would declare a federal disaster, Congress would grant certain relief, and the IRS would implement the details, such as determining the timing of allowable distributions from retirement plans and extending filing deadlines.
Industry & Regulatory News
IRS Releases 403(b) Long-Term Part-Time Guidance
The IRS has issued Notice 2024-73, providing question-and-answer guidance on long-term, part-time employees in 403(b) plans. Guidance is applicable for plan years beginning after December 31, 2024.
Industry & Regulatory News
More Changes for RMDs
In 2019, the SECURE Act made several changes to the rules for retirement plans and IRAs, including raising the applicable RMD age from 70½ to 72.
Industry & Regulatory News
SECURE 2.0 Permits De Minimis Financial Incentives
For plan years beginning after December 29, 2022, employers that sponsor 401(k) or 403(b) plans may offer employees a “de minimis” financial incentive, such as a gift card, as long as the cost of the incentive is paid by the employer and not paid from plan assets.
Industry & Regulatory News
Contributions Limits Increased for SIMPLE Plans
Employers that sponsor a SIMPLE plan may allow increased salary deferral limits for their employees, starting in tax year 2024.
Industry & Regulatory News
SECURE 2.0 Expands Roth Options for Employer-Sponsored Retirement Plans
The SECURE 2.0 Act contains provisions that allow individuals to place more of their assets into Roth accounts.
Industry & Regulatory News
Mid-Year Termination of SIMPLE IRA
An employer that maintains a SIMPLE IRA plan is generally not permitted to maintain another retirement plan in which employees may accrue benefits—a principle known as the exclusive plan rule.
Industry & Regulatory News
SECURE 2.0 Expands Roth Options for SEP and SIMPLE Plans
Before SECURE 2.0’s enactment, SEP and SIMPLE IRA plan contributions had to be made as pre-tax contributions, but now employers may allow employees to elect to have contributions into a SEP or SIMPLE IRA made as Roth contributions.
Industry & Regulatory News
Agencies Release Reporting and Disclosure RFI Under SECURE 2.0
The Department of Treasury, the Department of Labor, and the Pension Benefit Guaranty Corporation have released a Request for Information (RFI) pursuant to Section 319 of SECURE 2.0.