The Department of the Treasury and the Internal Revenue Service issued final regulations updating the required minimum distribution (RMD) rules. The final regulations reflect changes made by the SECURE Act and the SECURE 2.0 Act impacting retirement plan participants, IRA owners and their beneficiaries for required minimum distributions. At the same time, Treasury and IRS issued proposed
The Internal Revenue Service recently issued Notice 2024-55, which provides guidance on exceptions to the additional tax when taking early permissible retirement plan distributions for emergency personal expenses and for victims of domestic abuse. Exceptions to the additional tax when taking early permissible retirement plan distributions was added by the SECURE 2.0 Act of 2022.
The U.S. Department of Labor announced on April 15, 2024 that its Employee Benefits Security Administration is proposing to collect information from plan administrators on a voluntarily basis to establish an online search tool to help America’s workers locate lost retirement savings they earned. Retirement plans, including pension and 401(k) plans, sometimes lose track of people owed
The Internal Revenue Service has issued initial guidance to help employers with implementation of pension-linked emergency savings accounts (PLESAs). Authorized under the SECURE 2.0 Act of 2022, PLESAs are individual accounts in defined contribution plans. They are designed to permit and encourage employees to save for financial emergencies. Employers can offer PLESAs in plan years beginning
Notice 2024-2 provides additional guidance on several provisions of Secure 2,0 Act. This notice provides guidance in the form of questions and answers with respect to certain provisions of the SECURE 2.0 Act of 2022. Notice 2024-2 addresses issues under the following sections of the SECURE 2.0 Act: · Section 101 (expanding automatic enrollment in
The Internal Revenue Service issued a Proposed Rule that would amend the rules applicable to plans that include cash or deferred arrangements under section 401(k) to provide guidance with respect to long-term, part-time employees. The proposed regulation reflects statutory changes made by the SECURE Act and the SECURE 2.0 Act that relate to long-term, part-time
The DOL released its 2023 Audit Quality Study based on the plan year 2020 Form 5500 filings. This is the 4th Audit Quality Study performed. The previous studies were performed by in 1997, 2004 and 2015. According to the Office of the Chief Accountant, the primary objective of the studies are to assess the quality