DOL Reports to Congress on Prior Pension Risk Transfer Guidance
The Department of Labor has reported to Congress on Interpretive Bulletin 95-1, pursuant to a directive under Section 321 of SECURE 2.0.
IRS Releases Guidance on Certain SECURE 2.0 Penalty Tax Exceptions
The IRS has issued Notice 2024-55, providing guidance on emergency personal expense distributions and domestic abuse victim distributions that are effective after December 31, 2023 under SECURE 2.0.
Student Loan Repayments and Matching Contributions
Employers may now treat an employee’s qualified student loan payments like elective deferrals or after-tax contributions for purposes of providing an employer matching contribution.
IRS Reminds Businesses of SECURE 2.0 Impacts on Form W-2
The Internal Revenue Service is reminding businesses who sponsor a retirement plan that certain provisions of SECURE 2.0 that became effective in 2023 may impact their Form W-2 reporting requirements.
DOL Releases Proposed Retirement Savings Lost and Found Information Collection
The Department of Labor is proposing to collect information in order to establish the Retirement Savings Lost and Found online searchable database described in Section 523 of ERISA as amended by Section 303 of SECURE 2.0.
Agencies Extend Comment Deadline on Reporting and Disclosure RFI Under SECURE 2.0
The Department of Treasury, the Department of Labor, and the Pension Benefit Guaranty Corporation have extended the deadline for comments related to a Request for Information released in January pursuant to Section 319 of SECURE 2.0.
DOL Releases Proposed Regulations for Automatic Portability Transactions
The Department of Labor has released proposed regulations related to the implementation of section 120 of the SECURE 2.0 Act.
Mid-Year Termination of SIMPLE IRA
Employers may now terminate a SIMPLE IRA and replace it with a safe harbor plan.
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.
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.
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