News

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.

The SECURE 2.0 Act contains provisions that allow individuals to place more of their assets into Roth accounts.

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.

The Federal Emergency Management Agency issued a disaster declaration on March 15, 2024, for Alaska severe storm, landslides, and mudslides.

A final rule titled, “Proposed Amendment to PTE 84-14 for Plan Asset Transactions Determined by an Independent Qualified Plan Asset Manager,” has left the Office of Management and Budget.

The IRS has issued Revenue Ruling 2024-07, which contains the applicable federal rates (AFR) for April 2024.

These interest assumptions are used for valuing benefits under terminating single-employer plans.

The Department of Labor has sent a final fiduciary rule titled “Retirement Security Rule: Definition of an Investment Advice Fiduciary” to the Office of Management and Budget (OMB).

The Federal Emergency Management Agency issued a disaster declaration on March 2, 2024, for Vermont R1 severe storms and flooding.

The IRS has announced the postponement of certain tax-related deadlines for victims of wildfires in the Spokane, Washington, area.