Regulatory and Legislative
While SECURE 2.0 provided the basic framework to establish PLESAs, the IRS was required to issue regulations to address remedies that employers can use to prevent misuse of these types of accounts.
Regulatory and Legislative
The Internal Revenue Service has released a set of frequently asked questions regarding rules for distributions from retirement plans and individual retirement arrangements (IRAs) under Section 331 of SECURE 2.0 for individuals affected by federally declared major disasters.
Regulatory and Legislative
The Federal Emergency Management Agency issued a Major Disaster Declaration on May 3, 2024, for Nebraska severe storms, straight-line winds, and tornadoes, for the incident period of April 25, 2024 – April 27, 2024.
While SECURE 2.0 provided the basic framework to establish PLESAs, the IRS was required to issue regulations to address remedies that employers can use to prevent misuse of these types of accounts.
The Internal Revenue Service has released a set of frequently asked questions regarding rules for distributions from retirement plans and individual retirement arrangements (IRAs) under Section 331 of SECURE 2.0 for individuals affected by federally declared major disasters.
The Federal Emergency Management Agency issued a Major Disaster Declaration on May 3, 2024, for Nebraska severe storms, straight-line winds, and tornadoes, for the incident period of April 25, 2024 – April 27, 2024.
The Federal Emergency Management Agency issued a disaster declaration on May 2, 2024, for Ohio tornadoes, for the incident period of March 14, 2024.
The Internal Revenue Service is reminding businesses who sponsor a retirement plan that certain provisions of SECURE 2.0 that became effective in 2023 may impact their Form W-2 reporting requirements.
