Field Assistance Bulletin No. 2025-01, Missing Participants and Beneficiaries – Pension Plans’ Transfer of Small Retirement Benefit Payments to State Unclaimed Property Fund, announces a temporary enforcement policy applicable to small retirement benefit payments owed to missing participants or beneficiaries that a responsible plan fiduciary voluntarily decides to pay over to a state unclaimed property
The Department of the Treasury and the Internal Revenue Service recently issued proposed regulations addressing certain SECURE 2.0 Act provisions, including a provision generally requiring newly-established 401(k) and 403(b) plans to automatically enroll eligible employees beginning with the 2025 plan year. In general, unless an employee opts out, a plan must automatically enroll the employee at
The Department of the Treasury and the Internal Revenue Service issued on January 10, 2025 proposed regulations addressing several SECURE 2.0 Act provisions relating to catch-up contributions, which are additional contributions under a 401(k) or similar workplace retirement plan that generally are allowed with respect to employees who are age 50 or older. This includes
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.