New Year, New Look!
Social Security Administration Provides WEP/GPO Repeal Implementation Update
On January 24, 2025, the Social Security Administration (SSA) posted an update through almost a dozen Q&As on its implementation of the WEP/GPO repeal to their website.
IRS Issues Proposed Regulations on SECURE 2.0 Catch-up Contributions
On Friday, January 10, 2025, the Department of the Treasury and the IRS (collectively, the IRS) released proposed regulations addressing three provisions of SECURE 2.0 that impact catch-up contributions to certain types of employment-based retirement plans.
Social Security Fairness Act Repealing WEP/GPO Becomes Law
On January 5, 2025, President Biden signed into law the Social Security Fairness Act - legislation that repeals both the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), two provisions of Social Security that reduce or sometimes eliminate benefits for certain public servants, as well as their surviving spouses.
Congress Passes Social Security Fairness Act Repealing WEP/GPO
On early December 21, the Senate voted 76-20 to pass the Social Security Fairness Act - legislation that repeals both the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), two provisions of Social Security that reduce or sometimes eliminate benefits for certain public servants, as well as their surviving spouses.
Lisa Raff Appointed Chief Human Resources Officer at MissionSquare Retirement
MissionSquare Retirement is pleased to announce the appointment of Lisa Raff as Chief Human Resources Officer.
Treasury and IRS Publish Guidance on LTPT Rules for 401(k) and 403(b) Plans
The U.S. Department of the Treasury and IRS published guidance on the long-term part-time rules that apply to 401(k) and ERISA-covered 403(b) plans, as amended by SECURE 2.0.
IRS Request for Information on SECURE 2.0 Act Saver’s Match
The U.S. Treasury Department and Internal Revenue Service (IRS) have issued a request for information (RFI) on implementing the Saver’s Match provision of the SECURE 2.0 Act, which, beginning in 2027, will convert the existing Saver’s Credit into a refundable tax credit payable as a contribution of up to $1,000 deposited into an eligible individual’s designed retirement savings vehicle.
Treasury, IRS Guidance Provides Additional Clarity on SECURE 2.0 Student Loan Matching Contributions Provisions
The U.S. Department of the Treasury and Internal Revenue Service published Notice 2024-63, providing question-and-answer guidance on the provisions of SECURE 2.0 allowing employers to make matching contributions on student loan payments by employees.
IRS Releases Finalized RMD Rules
Treasury and the IRS have finalized regulations on RMDs from qualified plans and IRAs, incorporating changes from the SECURE Act and SECURE 2.0.
Guidance Issued for SECURE 2.0’s New Exceptions to the 10% Early Withdrawal Penalties
The IRS issued Notice 2024-55, providing guidance on the implementation of two new exceptions to the 10% early withdrawal penalties under IRC § 72. Sections 115 and 314 of the SECURE 2.0 Act of 2022 created emergency personal expense distributions and domestic abuse victim distributions, respectively.
Treasury, IRS Issue FAQ Regarding SECURE 2.0 Disaster Relief, Retirement Plans
On April 16, the Internal Revenue Service (IRS) issued Notice 2024-35 to address changes to certain provisions of the after-death required minimum distribution (RMD) rules as directed by the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. This notice provides valuable flexibility amidst regulatory changes, offering clarity for navigating RMD obligations in the coming years.
IRS Notice Offers Flexibility, Relief to RMD Rules
On April 16, the Internal Revenue Service (IRS) issued Notice 2024-35 to address changes to certain provisions of the after-death required minimum distribution (RMD) rules as directed by the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. This notice provides valuable flexibility amidst regulatory changes, offering clarity for navigating RMD obligations in the coming years.
IRS Issues Two Pieces of Guidance Related to SECURE 2.0
On December 20, 2023, the U.S. Treasury Department and Internal Revenue Service (IRS) issued two pieces of guidance clarifying various provisions of the SECURE 2.0 Act of 2022. Notice 2024-2, establishes a cursory framework for employers to implement certain, but not all, provisions. Notice 2024-3, the 2023 Cumulative List for changes to pre-approved DC plans, lists the changes required for a plan to remain a safe harbor, pre-approved plan.
IRS Issues 2-Year Delay for Key SECURE 2.0 Provision: Requirements for Roth Age Based Catch-Up Contributions
Today, the Internal Revenue Service (IRS) issued Notice 2023-62 announcing a 2-year administrative transition period (delay) that extends until 2026 with respect to the new SECURE 2.0 requirement that any age based catch-up contributions made by participants earning over $145,000 must be designated as after-tax Roth contributions.
IRS Announces Required Minimum Distribution (RMD) Relief for 2023
On July 14, 2023, the IRS released Notice 2023-54 (the “Notice”) to provide relief with respect to certain provisions of the RMD rules of Code section 401(a)(9) that Congress changed as part of the SECURE Act and the SECURE 2.0 Act.
SECURE 2.0 Technical Corrections Legislation Expected in Congress
A bipartisan coalition of congressional leaders say they intend to introduce new legislation clarifying several SECURE 2.0 provisions in a letter directed to the U.S. Department of the Treasury and the IRS.
IRS Issues Interim Guidance on SECURE 2.0 Expansion of EPCRS
The IRS on May 25, 2023 released guidance on expansion of the Employee Plans Compliance Resolution System (EPCRS) under Section 305 of SECURE 2.0.
MissionSquare Advocates for Delay in Required Roth Catch-up Rules; Emergency Savings for Governmental Plans
As part of our ongoing efforts to help plan sponsors comply with the many provisions of the SECURE 2.0 Act, MissionSquare has been urging lawmakers to delay by at least two years a new requirement related to age-based “catch-up” retirement contributions.
MissionSquare Retirement Applauds Passage of SECURE 2.0 Retirement Legislation
Lower Cost Investment Options, Removal of Administrative Barriers and Saver’s Match Will Strengthen Public Service Employees’ Ability to Prepare for Retirement