Resources

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.

Learn how new 2024 regulations let you roll over up to $35,000 in unused 529 plan funds into a beneficiary’s Roth IRA. Explore what this means for parents saving for college and young adults with leftover 529 savings, including rules, benefits, and tips to make the most of this opportunity.

The Department of Labor’s Employee Benefits Security Administration has issued a proposed rule and class exemption implementing acceptable standards and procedures to establish good faith for market value for shares to be acquired by an ESOP pursuant to SECURE 2.0. The proposal provides guidance governing the determination of fair market value in accordance with the definition of the term “adequate consideration” under ERISA as applied to certain ESOP transactions involving employer stock. Comments are due within 75 days of publication in the Federal Register.

Thanks to the SECURE 2.0 Act, certain employees will have more deferral opportunities beginning in 2025. Read below to learn how much employees can contribute to their retirement plan and about the types of deferrals that may be available.

Student Loan Repayments Employers may now treat an employee’s qualified student loan payments like elective deferrals or after-tax contributions for purposes of providing an employer matching contribution.

The Internal Revenue Service has released Notice 2024-77, Guidance Under Sections 414(aa) and 402(c)(12) of the Internal Revenue Code with Respect to Inadvertent Benefit Overpayments.

The IRS has issued Notice 2024-73, providing question-and-answer guidance on long-term, part-time employees in 403(b) plans. Guidance is applicable for plan years beginning after December 31, 2024.

For years, Congress and the IRS have addressed natural disasters (and others) with largely piecemeal responses. For example, when a major hurricane struck, the President would declare a federal disaster, Congress would grant certain relief, and the IRS would implement the details, such as determining the timing of allowable distributions from retirement plans and extending filing deadlines.

In 2019, the SECURE Act made several changes to the rules for retirement plans and IRAs, including raising the applicable RMD age from 70½ to 72.