secure 2.0

The Department of Labor is proposing to collect information in order to establish the Retirement Savings Lost and Found online searchable database described in Section 523 of ERISA as amended by Section 303 of SECURE 2.0.

The Department of Treasury, the Department of Labor, and the Pension Benefit Guaranty Corporation have extended the deadline for comments related to a Request for Information released in January pursuant to Section 319 of SECURE 2.0.

The Department of Labor has released proposed regulations related to the implementation of section 120 of the SECURE 2.0 Act.

Employers may now terminate a SIMPLE IRA and replace it with a safe harbor plan.

Employers that sponsor a SIMPLE plan may allow increased salary deferral limits for their employees, starting in tax year 2024.

Before SECURE 2.0’s enactment, SEP and SIMPLE IRA plan contributions had to be made as pre-tax contributions, but now employers may allow employees to elect to have contributions into a SEP or SIMPLE IRA made as Roth contributions.

The SECURE 2.0 Act contains provisions that allow individuals to place more of their assets into Roth accounts.

For plan years beginning after December 29, 2022, employers that sponsor 401(k) or 403(b) plans may offer employees a “de minimis” financial incentive, such as a gift card, as long as the cost of the incentive is paid by the employer and not paid from plan assets.

The Department of Treasury, the Department of Labor, and the Pension Benefit Guaranty Corporation have released a Request for Information pursuant to Section 319 of SECURE 2.0.

The Department of Labor has announced the release of a proposed regulation on automatic portability transactions pursuant to Section 120 of SECURE 2.0.