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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.
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
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.
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.
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.
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.
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.