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Additional Guidance Released by the IRS on SECURE Act 2.0 (Notice 2024-2)

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David Torrillo
Friday, December, 22, 2023 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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
IRSSECURE 2.0 Act

Long-Term, Part-Time Employees Proposed Regulations

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David Torrillo
Friday, December, 22, 2023 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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
401(k)403(b)IRSlong-term part-time employees

DOL Releases 2023 Audit Quality Study

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David Torrillo
Tuesday, December, 05, 2023 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
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
401(k)403(b)Audit QualityDOLEBSAPension Plans

EFAST2 Authentication Process is Changing

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David Torrillo
Monday, September, 25, 2023 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The DOL’s EFAST2 website authentication process is being modernized in 2023. As part of this modernization, DOL is phasing out the existing method of logging in to the EFAST2 website with an EFAST2-issued User ID and password. In January 2023, EBSA began moving EFAST2 users to a single sign-in solution at Login.gov to access federal
401(k)403(b)Defined Benefit PlansDOLEFAST 2 Filing of Form 5500sForm 5500

IRS Announces Administrative Transition Period for New Roth Catch-up Requirement; Catch-up Contributions Still Permitted after 2023

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David Torrillo
Friday, August, 25, 2023 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
On August 25, 2023, the Internal Revenue Service announced an administrative transition period that extends until 2026 the new requirement that any catch-up contributions made by higher‑income participants in 401(k) and similar retirement plans must be designated as after-tax Roth contributions. At the same time, the IRS also clarified that plan participants who are age 50
401(k)403(b)IRSRoth Catch Up

Guidance on Section 305 of the SECURE 2.0 Act of 2022 with Respect to Expansion of EPCRS (Notice 2023-43)

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David Torrillo
Friday, May, 26, 2023 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
Recently the Internal Revenue Service released Notice 2023-43 which provides guidance on section 305 of the SECURE 2.0 Act of 2022 with respect to the expansion of the Employee Plans Compliance Resolution System (EPCRS). Below are details from Notice 2023-43. PURPOSE Notice 2023-43 provides guidance in the form of questions and answers with respect to
401(k)403(b)Defined Benefit PlansEPCRSIRSPension Plans

IRS Proposed Regulation on Use of Forfeitures

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David Torrillo
Tuesday, May, 23, 2023 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
In February of 2023, the IRS proposed regulations relating to the use of forfeitures. This would generally require that plan administrators use forfeitures no later than 12 months after the close of the plan year in which the forfeitures are incurred. The proposed regulations also clarify that forfeitures in a defined contribution plan may be
401(k)403(b)Defined Benefit PlansForfeituresIRSPension Plans
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Torrillo & Associates, LLC specializes in employee benefit plan audits, 401k audits, 403b audits, pension plan audits, and retirement plan audits. We are licensed in 7 states including New York, New Jersey, and Pennsylvania.  With firm mobility, we are also able to practice in an additional 27 states.

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