regulatory and legislative

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

The Federal Emergency Management Agency issued a disaster declaration on March 20, 2024, for Maine severe storms and flooding.

The Federal Emergency Management Agency issued disaster declaration 4765 and 4766 on March 20, 2024, for Rhode Island severe storms and flooding.

The Internal Revenue Service has issued Notice 2024-29, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations.

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 Federal Emergency Management Agency issued a disaster declaration on March 15, 2024, for Alaska severe storm, landslides, and mudslides.