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IRS Issues First Big Grab Bag of Guidance on SECURE 2.0 Act  

Author:  Jason A. Rothman.; Sheila M. Ninneman.; Robert A. Miller.

Source: Volume 41, Number 02, Winter 2024 , pp.37-45(9)

Journal of Taxation of Investments

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The Internal Revenue Service issued Notice 2024-2 on December 20, 2023. It is a grab bag of guidance for certain provisions of the SECURE 2.0 Act of 2022. The guidance covers many of the SECURE 2.0 Act provisions, but omits some of the complex items, such as the mandatory flip from 401(k) plan deferrals to Roth deferrals for highly compensated employees beginning in 2026 and the optional student loan matching contribution provision. Following a user-friendly Q&A format, the guidance includes clarifications regarding the 2025 required automatic enrollment provisions, de minimis incentives for employee plan contributions, optional treatment of employer contributions as Roth contributions, optional terminal illness distributions, safe harbor corrections of certain deferral failures, and extended deadlines for formal amendments adopting provisions of the SECURE 2.0 Act of 2022 and other prior legislation.

Keywords: SECURE 2.0, Notice 2024-2, automatic enrollment, de minimis incentives, terminally ill individual distribution, amendment, deadline, 401(k) plans, 403(b) plans, 457(b) plans, cash-balance plans, deferral failures safe harbor

Affiliations:  1: Calfee, Halter & Griswold LLP; 2: Calfee, Halter & Griswold LLP; 3: Calfee, Halter & Griswold LLP.

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