IRS Issues Request for Information on Saver’s Match

The IRS has issued Notice 2024-65 requesting comments on implementation of sections 103 and 104 of SECURE 2.0 regarding the Saver’s Match contributions and the Treasury Department’s obligations to promote the new Saver’s Match. The Saver’s Match is a replacement of the Saver’s Credit beginning in 2027 providing a government funded matching contribution to certain eligible participants who claim the match on their tax return.

In an accompanying news release, the IRS identified specific topics they are seeking comments on regarding the Saver’s Match:

• Eligibility for Saver’s Match contributions
• How Saver’s Match contributions would be claimed
• How the account receiving Saver’s Match contributions would be designated
• The process for completing Saver’s Match contributions
• Saver’s Match recovery taxes on specified early distributions
• Reporting and disclosure for Saver’s Match contributions
• Miscellaneous issues, including how Treasury and the IRS could ensure that individuals in underserved communities know how to participate and receive the full benefits of Saver’s Match contributions

The Notice contains twenty-nine specific questions covering these topics. The IRS is requesting comments be submitted by November 4, 2024.