Legislative updates

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.

March 19 2024

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.

March 19 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.

March 19 2024

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.

March 19 2024

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.

March 19 2024

Industry & Regulatory News

Credit for FSA Plans Proposed in House

Representative Adrian Smith (R-NE) has introduced H.R. 7407, the Small Business Dependent Care FSA Opportunity Act.

February 27 2024

Industry & Regulatory News

Child Savings Account Proposal Introduced

Senator Bob Casey (D-PA) and several co-sponsors have introduced S. 3716, the 401Kids Savings Account Act.

February 20 2024

Industry & Regulatory News

Proposal Would Expand Medical Expense Coverage for Caregivers

Representatives Vern Buchanan (R-FL) and Mike Thompson (D-CA) have introduced H.R. 7222, the Lowering Costs for Caregivers Act.

February 16 2024

Industry & Regulatory News

IRS Announces Deadline Relief for West Virginia

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, flooding, landslides, and mudslides in West Virginia.

February 08 2024

Industry & Regulatory News

Representative Neal Introduces Automatic IRA Act of 2024 Bill

Representative Richard Neal (D-MA), House Ways and Means Committee Ranking Member, has introduced the Automatic IRA Act of 2024.

February 07 2024