Defined contribution plan

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.

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. 

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line-winds, and flooding in South Dakota.

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.

The Internal Revenue Service (IRS) has released final regulations that revise existing rules that apply to required minimum distributions (RMDs).

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.

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.

The Internal Revenue Service (IRS) has issued Notice 2024-55, providing guidance on two provisions permitted under the SECURE 2.0 Act of 2022 (SECURE 2.0); emergency personal expense distributions and domestic abuse victim distributions. The notice defines these distributions and explains the restrictions associated with taking such distributions, the self-certification rules, repayment details, and withholding and notice requirements.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, tornadoes, landslides, and mudslides in Kentucky.

The Internal Revenue Service (IRS) has released Revenue Procedure 2024-32, setting forth procedures by which the sponsor of a defined benefit plan subject to the funding requirements of IRC Sec. 430 may request approval for the use of a plan-specific substitute mortality table.