News and Updates,Custom

Washington Perspective

Washington Perspective

Washington Perspective

IRS Request for Information on SECURE 2.0 Act Saver’s Match

September 25, 2024

The U.S. Treasury Department and Internal Revenue Service (IRS) have issued a request for information (RFI) on implementing the Saver’s Match provision of the SECURE 2.0 Act, which, beginning in 2027, will convert the existing Saver’s Credit into a refundable tax credit payable as a contribution of up to $1,000 deposited into an eligible individual’s designed retirement savings vehicle.

Treasury, IRS Guidance Provides Additional Clarity on SECURE 2.0 Student Loan Matching Contributions Provisions

September 24, 2024

The U.S. Department of the Treasury and Internal Revenue Service published Notice 2024-63, providing question-and-answer guidance on the provisions of SECURE 2.0 allowing employers to make matching contributions on student loan payments by employees.

IRS Releases Finalized RMD Rules

July 31, 2024

Treasury and the IRS have finalized regulations on RMDs from qualified plans and IRAs, incorporating changes from the SECURE Act and SECURE 2.0.

Guidance Issued for SECURE 2.0’s New Exceptions to the 10% Early Withdrawal Penalties

July 29, 2024

The IRS issued Notice 2024-55, providing guidance on the implementation of two new exceptions to the 10% early withdrawal penalties under IRC § 72. Sections 115 and 314 of the SECURE 2.0 Act of 2022 created emergency personal expense distributions and domestic abuse victim distributions, respectively.

Treasury, IRS Issue FAQ Regarding SECURE 2.0 Disaster Relief, Retirement Plans

May 30, 2024

On April 16, the Internal Revenue Service (IRS) issued Notice 2024-35 to address changes to certain provisions of the after-death required minimum distribution (RMD) rules as directed by the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. This notice provides valuable flexibility amidst regulatory changes, offering clarity for navigating RMD obligations in the coming years.

IRS Notice Offers Flexibility, Relief to RMD Rules

May 13, 2024

On April 16, the Internal Revenue Service (IRS) issued Notice 2024-35 to address changes to certain provisions of the after-death required minimum distribution (RMD) rules as directed by the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. This notice provides valuable flexibility amidst regulatory changes, offering clarity for navigating RMD obligations in the coming years.

IRS Issues Two Pieces of Guidance Related to SECURE 2.0

January 8, 2024

On December 20, 2023, the U.S. Treasury Department and Internal Revenue Service (IRS) issued two pieces of guidance clarifying various provisions of the SECURE 2.0 Act of 2022. Notice 2024-2, establishes a cursory framework for employers to implement certain, but not all, provisions. Notice 2024-3, the 2023 Cumulative List for changes to pre-approved DC plans, lists the changes required for a plan to remain a safe harbor, pre-approved plan.

IRS Issues 2-Year Delay for Key SECURE 2.0 Provision: Requirements for Roth Age Based Catch-Up Contributions

August 25, 2023

Today, the Internal Revenue Service (IRS) issued Notice 2023-62 announcing a 2-year administrative transition period (delay) that extends until 2026 with respect to the new SECURE 2.0 requirement that any age based catch-up contributions made by participants earning over $145,000 must be designated as after-tax Roth contributions.

IRS Announces Required Minimum Distribution (RMD) Relief for 2023

July 14, 2023

On July 14, 2023, the IRS released Notice 2023-54 (the “Notice”) to provide relief with respect to certain provisions of the RMD rules of Code section 401(a)(9) that Congress changed as part of the SECURE Act and the SECURE 2.0 Act.

SECURE 2.0 Technical Corrections Legislation Expected in Congress

June 15, 2023

A bipartisan coalition of congressional leaders say they intend to introduce new legislation clarifying several SECURE 2.0 provisions in a letter directed to the U.S. Department of the Treasury and the IRS.

IRS Issues Interim Guidance on SECURE 2.0 Expansion of EPCRS

May 25, 2023

The IRS on May 25, 2023 released guidance on expansion of the Employee Plans Compliance Resolution System (EPCRS) under Section 305 of SECURE 2.0.

MissionSquare Advocates for Delay in Required Roth Catch-up Rules; Emergency Savings for Governmental Plans

April 3, 2023

As part of our ongoing efforts to help plan sponsors comply with the many provisions of the SECURE 2.0 Act, MissionSquare has been urging lawmakers to delay by at least two years a new requirement related to age-based “catch-up” retirement contributions.

MissionSquare Retirement Applauds Passage of SECURE 2.0 Retirement Legislation

December 23, 2022

Lower Cost Investment Options, Removal of Administrative Barriers and Saver’s Match Will Strengthen Public Service Employees’ Ability to Prepare for Retirement

SECURE 2.0 Act of 2022 Included in 2023 Omnibus Appropriations Package

December 22, 2022

The SECURE 2.0 Act of 2022 includes approximately 100 provisions designed to boost participation in workplace retirement plans and reduce the cost and administrative burdens of sponsoring them.

SECURE 2.0 Efforts Advance Out of Senate Committees: Setting the Stage for End of Year Passage

September 9, 2022

On September 8, the Senate Finance Committee released the long-awaited legislative text for The Enhancing American Retirement Now Act, dubbed the EARN Act, that unanimously passed out of the Committee on June 22.

Return to top