secure 2.0

IRS Reminds Businesses of SECURE 2.0 Impacts on Form W-2

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.

FuturePlan ERISA Team

IRS

IRA

IRS Guidance

Defined Contribution Plan

SECURE 2.0

DOL Releases Proposed Retirement Savings Lost and Found Information Collection

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.

FuturePlan ERISA Team

DOL

Defined Contribution Plan

Fiduciary Issues

SECURE 2.0

Agencies Extend Comment Deadline on Reporting and Disclosure RFI Under 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.

FuturePlan ERISA Team

Defined Benefit Plan

Defined Contribution Plan

DOL

IRA

IRS

Legislative updates

SECURE 2.0

DOL Releases Proposed Regulations for Automatic Portability Transactions

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

FuturePlan ERISA Team

Defined Benefit Plan

Defined Contribution Plan

DOL

IRA

Washington Pulse

SECURE 2.0

Mid-Year Termination of SIMPLE IRA

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

FuturePlan ERISA Team

SECURE 2.0

Legislative updates

Contributions Limits Increased for SIMPLE Plans

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

FuturePlan ERISA Team

SECURE 2.0

Legislative updates

SECURE 2.0 Expands Roth Options for SEP and SIMPLE Plans

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.

FuturePlan ERISA Team

SECURE 2.0

Legislative updates

SECURE 2.0 Expands Roth Options for Employer-Sponsored Retirement Plans

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

FuturePlan ERISA Team

SECURE 2.0

Defined Contribution Plan

Legislative updates

SECURE 2.0 Permits De Minimis Financial Incentives

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.

FuturePlan ERISA Team

SECURE 2.0

Defined Contribution Plan

Legislative updates

Agencies Release Reporting and Disclosure RFI Under SECURE 2.0

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.

FuturePlan ERISA Team

SECURE 2.0

Legislative updates

IRS

IRS Guidance

DOL

Defined Benefit Plan

Defined Contribution Plan

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