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Defined contribution plan
Regulatory and Legislative
IRS Announces Deadline Relief for Connecticut Severe Storms
The Internal Revenue Service (IRS) has announced the postponement of certain tax-related deadlines for victims of severe storms, flooding, landslides and mudslides in Connecticut. The tax relief postpones various tax filing deadlines that began on August 18, 2024. Affected individuals and households who reside or have a business in Fairfield, Litchfield, and New Haven counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.
Regulatory and Legislative
IRS PLR Grants Additional Flexibility for Employer Contributions
A private letter ruling issued by the Internal Revenue Service allows the inquiring taxpayer to offer a discretionary employer contribution that employees can choose to direct to either their 401(k) plan, health savings account, retiree health reimbursement arrangement, or education assistance program.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for New York Severe Storms
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on August 29, 2024, for New York severe storms, tornadoes, and flooding, for the incident period of July 10 – July 11, 2024.
Regulatory and Legislative
SECURE 2.0 May Impact How Businesses Complete Forms W-2
The IRS has released a fact sheet informing employers that adopting certain plan provisions will impact how certain amounts are reported on Form W-2, Wage and Tax Statement. The fact sheet notes that provisions potentially affecting Forms W-2 include the following.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for Montana Straight-Line Winds
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on August 23, 2024, for Montana straight-line winds, for the incident period of July 24, 2024.
Regulatory and Legislative
IRS Announces Deadline Relief for South Dakota Severe Storms
The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line-winds, and flooding in South Dakota.
Regulatory and Legislative
IRS Releases Guidance on Student Loan Matching Contributions
The IRS has issued Notice 2024-63 (Notice) providing guidance under Section 110 of SECURE 2.0 regarding employer matching contributions with respect to qualified student loan payments (QSLP). The Notice addresses several matters in question-and-answer format, including the following.
Regulatory and Legislative
Washington Pulse: IRS Releases Final RMD Regulations
The Internal Revenue Service (IRS) has released final regulations that revise existing rules that apply to required minimum distributions (RMDs).
Regulatory and Legislative
Proposal to Increase Retirement Plan Access for Younger Workers Introduced in House
Representatives Brittany Pettersen (D-CO) and Congressman Tim Walberg (R-MI) introduced the Helping Young Americans Save for Retirement Act to help more Americans ages 18 to 20 years old access employer-sponsored retirement plans.
Regulatory and Legislative
Bill Allowing CITs in 403(b) Plans Introduced in Senate
Senators Katie Britt (R-AL), Raphael Warnock (D-GA), Bill Cassidy (R-LA), and Gary Peters (D-MI), have introduced S. 4917, the Retirement Fairness for Charities and Educational Institutions Act.