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- SECURE 2.0
SECURE 2.0
Regulatory and Legislative
IRS Releases Guidance on Inadvertent Benefit Overpayments under SECURE 2.0
The Internal Revenue Service has released Notice 2024-77, Guidance Under Sections 414(aa) and 402(c)(12) of the Internal Revenue Code with Respect to Inadvertent Benefit Overpayments.
Regulatory and Legislative
IRA and Employer Plan Disaster Relief
Learn how disaster victims can access their retirement savings.
Regulatory and Legislative
IRS Releases 403(b) Long-Term Part-Time Guidance
The IRS has issued Notice 2024-73, providing question-and-answer guidance on long-term, part-time employees in 403(b) plans. Guidance is applicable for plan years beginning after December 31, 2024.
Regulatory and Legislative
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.
Regulatory and Legislative
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.
Regulatory and Legislative
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.
Regulatory and Legislative
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.
Regulatory and Legislative
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.
Regulatory and Legislative
SECURE 2.0 Requires New Plans to Contain Automatic Enrollment Feature
Credible studies have concluded that employers who automatically enroll plan participants into a retirement plan help place them on a lifetime path to meaningful savings.
Regulatory and Legislative
Agencies Release Reporting and Disclosure RFI Under SECURE 2.0
The Department of Treasury, the Department of Labor, and the Pension Benefit Guaranty Corporation have released a Request for Information (RFI) pursuant to Section 319 of SECURE 2.0.