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.

September 11 2024

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.

September 11 2024

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. 

August 30 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.

August 30 2024

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. 

August 26 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.

August 26 2024

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.

August 19 2024

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).

August 15 2024

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.

August 08 2024

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.

August 02 2024
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