Regulatory and Legislative

IRS Provides 403(b) Amendment Cycle Updates

The Internal Revenue Service has announced that it intends to begin issuing opinion letters regarding Cycle 2 pre-approved 403(b) plans, including the 2022 cumulative list of changes in those requirements. The IRS expects to issue opinion letters by November 29, 2024, or as soon as possible thereafter.

Additionally, the IRS indicates that employers intending to maintain a 403(b) pre-approved plan for Cycle 2 must adopt that pre-approved plan on or before December 31, 2026. Adopters of pre-approved plans seeking an individual determination may apply during the period beginning January 1, 2025, and ending December 31, 2026.

IRS Defined Contribution Plan

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for West Virginia Post-tropical Storm Helene

The Federal Emergency Management Agency issued a Major Disaster Declaration on December 9, 2024, for West Virginia Post-tropical Storm Helene.

Regulatory and Legislative

IRS Issues 2024 Required Amendments List for Qualified and 403(b) Plans

The Internal Revenue Service released Notice 2024-82, 2024 Required Amendments List for Qualified and Section 403(b) Plans.

Regulatory and Legislative

IRS Releases Interim Guidance on Inadvertent Benefit Overpayments

The Internal Revenue Service recently issued Notice 2024-77, providing interim guidance on the treatment of “inadvertent benefit overpayments” from defined benefit and defined contribution plans as provided by Section 301 of the SECURE 2.0 Act of 2022.