Regulatory and Legislative

Proposal to Increase Retirement Plan Access for Younger Workers Introduced in House

Representatives Brittany Pettersen (D-CO) and Congressman Tim Walberg (R-MI) introduced the Helping Young Americans Save for Retirement Act to help more Americans ages 18 to 20 years old access employer-sponsored retirement plans. According to a press release, the proposal would require employers to offer 401(k) plans to employees as young as 18 and will reduce regulatory burdens that price out employers from offering these retirement plans to workers under 21.

Bill text is not available, but a proposal of the same name was introduced in the Senate last November by Senators Bill Cassidy (R-LA), and Tim Kaine (D-VA) and announced.

Regulatory and Legislative

IRS Releases Interim Guidance on Inadvertent Benefit Overpayments

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.