Internal Revenue Service (IRS) Notice 2024-77, “Guidance Under Sections 414(aa) and 402(c)(12) of the Internal Revenue Code with Respect to Inadvertent Benefit Overpayments” provides interim guidance on the treatment of inadvertent benefit overpayments under the SECURE 2.0 Act of 2022. The notice offers interim guidance in a Q&A format on sections 414(aa) and 402(c)(12) of
In its continuing effort to protect U.S. workers’ retirement and health benefits, the U.S. Department of Labor updated current cybersecurity guidance confirming that it applies to all types of plans governed by the Employee Retirement Income Security Act, including health and welfare plans, and all employee retirement benefit plans. The new Compliance Assistance Release issued by the
The Internal Revenue Service reminds businesses that starting in tax year 2023 changes under the SECURE 2.0 Act may affect the amounts they need to report on their Forms W-2. The SECURE 2.0 Act allows for additional features in various employer retirement plans to encourage use of these plans. The provisions potentially affecting Forms W-2
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.
On April 23, 2024, the U.S. Department of Labor released the Retirement Security Rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA). The Department also released final amendments to class prohibited transaction exemptions (PTEs) available to investment advice fiduciaries, including PTE 2020-02, “Improving Investment Advice for
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