On September 5, the Internal Revenue Service (IRS) and the Treasury Department issued a Request for Information (RFI) on how to implement the new SAVER’s Match rules enacted in last year’s SECURE 2.0, The RFI, issued in Notice 2024-65, requests comments on “all aspects of SAVER’s Match contributions” and includes specific questions on an array of SAVER’s Match issues.
Specifically, the RFI seeks comments on eligibility, the process by which SAVER’s matches can be claimed, how to designate the account that will receive SAVER’s matches, how to recover taxes on certain early distributions, reporting and disclosure requirements, and other miscellaneous issues.
Comments are due by November 4, 2024.
Prospects: Treasury and the IRS said the RFI and the input it will generate will allow the agency to write rules that “will allow the program to reach its full potential to improve retirement readiness of low-to-moderate-income individuals.”
NAIFA Staff Contact: Jayne Fitzgerald – Director – Government Relations, at jfitzgerald@naifa.org.