Skip to main content

You are here

SECURE Act

It is now possible to offer plan participants in 401(k), 403(b), and 457(b) plans the option to treat employer contributions as Roth contributions, under the SECURE 2.0 Act.  More precisely, it is Section 604 of the SECURE 2.0 Act that allows plan participants to elect to have any fully vested... READ MORE
On Feb. 20, the American Retirement Association (ARA) sent a letter to the Internal Revenue Service (IRS) that addressed technical issues affecting certain SECURE 2.0 provisions. It noted a few that are of particular relevance to retirement plan sponsors and advisors.  More specifically, the ARA... READ MORE
The IRS has made the 2023 Cumulative List of Changes in Plan Qualification Requirements for Defined Contribution Qualified Pre-Approved Plans available. The new list, contained in Notice 2024-3, provides updated listings of required modifications and information packages for DC plans.  The 2023... READ MORE
It’s a big year for the implementation of certain SECURE 2.0 provisions. While many of the items are optional, it represents an excellent opportunity to explain what they mean and their potential impact. “There are two that are the big standouts,” Kevin Gaston said when asked about the provisions... READ MORE
The IRS has just released new guidance in the form of questions and answers addressing several key provisions contained in the SECURE 2.0 Act of 2022. The IRS advises that the notice (Notice 2024-02) is not intended to provide comprehensive guidance as to the specific provisions of the SECURE 2.0... READ MORE
The IRS on Dec. 20, 2023, issued the 2023 cumulative list of changes in plan qualification requirements for pre-approved defined contribution plans. The changes are contained in Notice 2024-03. The 2023 Cumulative List is intended to assist providers applying to the IRS for opinion letters for the... READ MORE
In a positive sign that lawmakers are committed to fixing several errors contained in the SECURE 2.0 Act, the House and Senate have just released a draft technical corrections bill, including changes to allow catch-up contributions and provide parity for Starter 401(k)s championed by the American... READ MORE
Many 403(b) plans are sponsored by single employers, but that could change. A recent report by the Congressional Research Service (CRS) discusses legislation that has—and could—change the rules governing them. In “403(b) Pension Plans: Overview and Legislative Developments,” the CRS provides a... READ MORE
Do you feel confident selling SECURE 2.0 to clients? Joey Santos-Jones writes in MarketBeat about an Oct. 24 session of the 2023 ASPPA Annual conference, which featured PSCA Executive Director Will Hansen, JJ McKinney from EGPS and Kirsten Curry from LRS as they unspun the most talked-about... READ MORE
The IRS released guidance on Aug. 25 that addressed Section 603 of the SECURE 2.0 Act concerning 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. More... READ MORE
Voya Financial will serve as the recordkeeper for the new Secure Retirement 403(b) Pooled Employer Plan (PEP), the firm announced July 28. Launched by The Platinum 401k, Inc., the PEP apparently is the first 403(b) program to the market following enactment of the SECURE 2.0 Act late in 2022, which... READ MORE
The recent 2023 NTSA Summit provided a unique opportunity to connect and also to gain from the insights of industry experts. Following is a quick rundown of our coverage of the event.  NTSA Leadership Stubbs Takes the Helm as 2023 NTSA President https://www.ntsa-net.org/news-resources/stubbs-... 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
Are retirement plans SECURE? American Retirement Association CEO Brian Graff, NTSA Executive Director Nathan Glassey, and ARA Director of Federal and State Legislative Affairs Andrew Remo at the Feb. 26 opening session of the 2023 NTSA Summit in Tampa, FL discussed Washington’s take on that. And,... READ MORE
“When you hear the words SECURE 2.0, what comes to mind?” Sue Diehl, President of PenServ Plan Services, asked panelists at the outset of “Starting “Points: Implementation Implications for SECURE 2.0 and Other Recent Changes," a session dedicated to explaining the 403(b) implementation challenges... READ MORE
While the original SECURE Act increased tax credits for small employer plans, SECURE 2.0 significantly increases the available tax credits—including some that could cover the costs of operating/administering a small plan for up to three years. Here is an overview of the small employer tax credits... READ MORE
There’s nothing like a global pandemic to fuel interest in, if not the need for, emergency savings, writes Nevin Adams in MarketBeat. Indeed, he continues, there are a half dozen provisions in the new SECURE 2.0 designed to make it easier for workers to tap into their retirement savings — two aimed... READ MORE
The American Retirement Association (ARA) recently identified what it calls a “significant technical error” in the SECURE 2.0 Act of 2022 regarding catch-up contributions. Specifically, according to wording in the current legislation, beginning in 2024, no participants will be able to make catch-... READ MORE
Increasing and securing retirement income is “an area where Congress is willing to act,” high-profile retirement income expert Wade Pfau says, pointing to the SECURE 2.0 as proof. The popular bipartisan legislation allows individuals to buy QLACs to satisfy all their RMD requirements up to $200,... READ MORE
In a changing of the guard, Rep. Jason Smith (R-MO) has been selected by the House Republican leadership to take over as chairman of the powerful House Ways and Means Committee, but what does that mean for retirement policy? Overall, Rep. Smith appears to be somewhat of a blank slate in this area... READ MORE

Pages