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1 min read

IRS Issues Guidance on Emergency Withdrawals from Retirement Plans

By NAIFA on 7/15/24 4:31 PM

On June 20, the Internal Revenue Service (IRS) issued Notice 2024-55, guidance on when there is an exception from the ten percent penalty tax for early withdrawals from retirement savings plans. The guidance focuses on emergency personal expenses and victims of domestic abuse.

Topics: 401(k) Retirement Plans IRS
4 min read

Final Fiduciary Rule Heads to Court

By NAIFA on 5/15/24 2:01 PM

On April 23, the Department of Labor (DOL) finalized its new fiduciary rule and its accompanying amendments to prohibited transaction exemptions (PTEs) 2020-02 and 84-24. The new rules would take effect September 23, but they have already triggered the first of what are likely to be multiple court challenges to them. Those court decisions could impact the effective date. And Congress is likely to vote on a Congressional Review Act (CRA) motion to block the rules, although even if a CRA motion passes both the House and Senate, President Biden will surely veto it.

Topics: Retirement 401(k) SEC Congress DOL Fiduciary
3 min read

Auto IRA Bill Reintroduced

By NAIFA on 2/15/24 12:01 PM

On February 7, Rep. Richard Neal (D-MA), ranking member of the House Ways & Means Committee and a chief architect of SECURE and SECURE 2.0, reintroduced his automatic IRA program bill. The bill would impose a penalty tax on employers with more than ten employees that do not have a retirement savings plan in place if they do not set up an automatic enrollment IRA program (or another form of automatic contribution retirement savings plan) for their workers. The bill would not require employer contributions. It would allow employees to opt-out. And it provides a tax credit for small employers to defray the administrative cost of the program.

Topics: Legislation & Regulations 401(k) Congress
2 min read

Treasury Issues Guidance on New Retirement Savings Provisions

By NAIFA on 1/16/24 12:51 PM

On December 20, the Treasury Department issued a “grab bag” of guidance on the new retirement savings rules and opportunities in the SECURE 2.0 retirement savings law enacted late in 2022. Notice 2024-02 covers a dozen of the law’s provisions, in a question-and-answer format.

Topics: Retirement 401(k) SECURE 2.0
1 min read

SECURE 2.0 Technical Corrections Draft Released

By NAIFA on 12/15/23 2:01 PM

On December 6, professional staff to Congress’ retirement savings committees released a draft of their proposed SECURE 2.0 technical corrections package. The committee staff are requesting input from stakeholders to be sure the proposed fixes work, and to provide one last opportunity to add any newly identified errors that need correcting.


Topics: Retirement 401(k) Congress Individual Retirement Accounts SECURE 2.0
2 min read

Treasury Releases Proposed Regulations on Long-Term Part-Time Employees

By NAIFA on 12/15/23 1:29 PM

On November 24, the Treasury Department and the IRS issued proposed regulations implementing the rules of the provision in the SECURE retirement laws that qualifies long-term (those who have worked two years or more for an employer), part-time (those who work at least 500 hours/year) employees to participate in an employer-sponsored retirement savings plan.


Topics: Retirement 401(k) Congress IRS
2 min read

IRS Releases Retirement and Benefit Plan Inflation Adjustments

By NAIFA on 11/15/23 12:20 PM

On November 1, the Internal Revenue Service (IRS) released inflation-adjusted retirement and benefits plan contribution limits for 2024. Next year, 401(k) savers will be allowed to contribute $500 more than they can in 2023.

Topics: Retirement 401(k) IRS