SECURE 2.0

The Senate passed by unanimous consent two proposals aimed at strengthening Employee Stock Ownership Plans. 

The Internal Revenue Service has issued final regulations implementing catch-up contribution requirements introduced by the SECURE 2.0 Act of 2022. 

The Internal Revenue Service has issued final regulations providing guidance for employers regarding new provisions on catch-up contributions as permitted by the SECURE 2.0 Act of 2022.

The Senate Health, Education, Labor and Pensions Committee unanimously advanced two bills to strengthen Employee Stock Ownership Plans.

Senator Bill Cassidy (R-LA) has introduced S. 2217, the Independent Retirement Fairness Act.  

H.R. 1013, the Retirement Fairness for Charities and Educational Institutions Act introduced by Representatives Frank Lucas (R-OK) and several cosponsors in February was one of several bills advanced out of the House Financial Services Committee. 

The Department of Labor has issued Field Assistance Bulletin 2025-02 and accompanying single employer and multiemployer model notices updating notice requirements for defined benefit plans pursuant to Section 343 of SECURE 2.0. 

Senators Katie Britt (R-AL), Raphael Warnock (D-GA), Bill Cassidy (R-LA), and Gary Peters (D-MI), have introduced S.424, the Retirement Fairness for Charities and Educational Institutions Act.

A proposed rule and class exemption issued by the Department of Labor’s Employee Benefits Security Administration providing guidance on ESOP transactions has been withdrawn from publication. 

The Department of Labor’s Employee Benefits Security Administration has issued a proposed rule and class exemption for shares to be acquired by an ESOP pursuant to SECURE 2.0.