Advertisement
SECURE Act
Legislation that expands opportunities for Americans to increase their retirement savings and improves the portability of lifetime income options from one plan to another.
Automatic enrollment provisions contained in SECURE 2.0 were the focus of an Oct. 23 presentation at the ASPPA Annual conference in National Harbor, MD.
Craig Hoffman, an Attorney/Senior Consultant with Nova 401(k) Associates in Houston, Texas, said that in SECURE 2.0, Congress went much further...
READ MORE
House Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) on Oct. 5 sent a letter to Employee Benefits Security Administration (EBSA) Assistant Secretary Lisa Gomez that raises concerns about the Department of Labor’s (DOL) potential regulations that could affect retirement plans...
READ MORE
The IRS has updated the content it provides through an issue snapshot on the deductibility of employer contributions to a 401(k) plan made after the end of the tax year. The refresh accounts for application of the SECURE 2.0 Act.
The Issue Snapshot discusses the timing rules of the Internal...
READ MORE
The priority guidance plan that the Treasury and IRS have issued for 2023-24 includes plans for action that will affect retirement plans. They unveiled the plan on Sept. 29.
The 2023-2024 Priority Guidance Plan contains projects that will be the focus of guidance and regulatory efforts by the...
READ MORE
An important part of SECURE 2.0 that should garner more attention is The Savings Access for Escaping and Rebuilding (SAFER) Act.
It allows for an Internal Revenue Code Section 72(t) withdrawal, without the 10% additional tax on early distributions, from qualified retirement plans for survivors of...
READ MORE
The IRS released guidance on Aug. 25 that addressed Section 603 of the SECURE 2.0 Act with respect to Roth catch-up contributions.
The guidance grants a two-year delay in the provision's effective date that mandates that catch-up contributions must be Roth for those earning more than $145,000....
READ MORE
Retirement plans and benefits still are among the matters the IRS plans to address in upcoming guidance. They still are included in the IRS 2022-2023 priority guidance plan; the IRS issued a fourth quarter update to the plan on Aug. 21.
The IRS had released the initial plan on Nov. 4, 2022,...
READ MORE
We’ve been calling on all ASPPA members to join us at ASPPA Annual as agents of change to ensure that all working Americans have the ability to save for a dignified retirement. To help us achieve this goal, we’ll give you the resources you need at this event:
presentations that will help you...
READ MORE
As part of the 1,653 pages of the Consolidated Appropriations Act, 2023 we got, from pages 817 through 946, the SECURE 2.0 Act of 2022. Here we review aspects of this new pension law impacting me and my clients starting with the death blow to ADP testing as practiced when these 401(k) plans...
READ MORE
Hope your summer is off to a fun start. The end of June and beginning of July period truly feels like my one break during the busy year, even as the storm of September is on the horizon.
First up this month, the ASEA Monthly staff presents its write-up of David Kupstas’ recent presentation—I the...
READ MORE
The newest digital edition of ASPPA’s members-only magazine has been posted online!
For the self-employed and small business owners with a Solo 401(k) plan, important rules need to be carefully considered in the coming years. In this issue’s cover story, an expert panel—Nevin Adams, Dick Billings...
READ MORE
We are all painfully aware of the complexity of the tax and labor laws we work with. It is, therefore, no surprise that Congress makes drafting mistakes when amending these laws—particularly with voluminous and technical laws, such as the SECURE 2.0 Act of 2022.
Unfortunately, once enacted, many...
READ MORE
By now, everyone is well aware that SECURE 2.0 was signed into law on Dec. 29, 2022. One of the provisions in SECURE 2.0 is Section 604, a fundraiser provision that allows plan participants to elect to have any fully vested employer contributions funded to a defined contribution plan made as Roth...
READ MORE
On May 23, Congress sent a letter to the Treasury Department informing Secretary Janet Yellen and IRS Commissioner Daniel Werfel that it will introduce legislation to fix several technical errors contained in SECURE 2.0.
Signed by four prominent SECURE 2.0 figures—House Ways and Means Committee...
READ MORE
Appearing at the Employee Benefit Research Institute’s 2023 Spring Policy Forum on May 11, Lisa Gomez, Assistant Secretary for the Employee Benefits Security Administration (EBSA), told attendees that the department is busy working on getting guidance out the door.
On the retirement side, Gomez...
READ MORE
Only 28% of businesses with less than 10 employees offer retirement plans, and only 51% of businesses with 10-24 employees offer them. New research from Capital Group found that many business owners may not be offering a plan due to misperceptions around cost and company size requirements,...
READ MORE
The ink isn’t dry on SECURE 2.0, but it isn’t preventing high-profile behavioral economist Shlomo Benartzi, Ph.D., from looking ahead to what’s next. It’s what he does.
“While Secure 2.0 actually made great progress, I’m thinking about what should be in Secure 3.0,” Benartzi, Distinguished Senior...
READ MORE
The newest digital edition of ASPPA’s members-only magazine has been posted online!
SECURE 2.0 was enacted on the cusp of 2023. It’s complex and confusing — but also filled with opportunity. In this issue’s cover story, John Sullivan and Nevin E. Adams, JD take a look at what retirement...
READ MORE
The SECURE Act added IRC §401(b)(2) to allow for the retroactive adoption of new plans. In the latest ASPPA asap, Erin Books, ERPA, CPC, TGPC EGPS, writes that beginning with calendar year 2020 plans, a plan sponsor could retroactively adopt a stock bonus, pension, profit-sharing, or annuity plan,...
READ MORE
In what appears to address changes under the SECURE 2.0 Act, the IRS has issued updated information for reporting concerning IRAs, as well as a fresh reminder concerning required minimum distributions (RMDs).
IRA Reporting
The IRS has issued an updated version of Publication 590-B,...
READ MORE