On August 25, 2023, the Internal Revenue Service issued Notice 2023-62 providing guidance on Section 603 of SECURE 2.0. Read about these changes and how they will serve as a welcome relief for everyone including stakeholders involved. 

Are you over the age of 50? You are eligible to contribute an additional $7,500 into your plan as a catch-up contribution. See how much you could potentially save over the course of 17 years in this short read. 

After a 3-year deferment period for student loans, interest begins to accumulate again on September 1, while payments resume October 1. What does this mean for plan sponsors? As employees prepare to, once again, deal with the financial burden of student loans, sponsors have an opportunity to help lessen the load and ensure retirement contributions don’t fall to the wayside — learn how to help your plan sponsors today to prepare for their future tomorrow. 

Companies typically devote considerable attention to assisting their participants nearing retirement, yet they should also be focusing on getting their youngest workers enrolled — and contributing as soon as possible. So, what do we actually know about Gen Zer's' attitudes on retirement planning? Read on to learn. 

According to recent data from the National Council on Aging and the Women's Institute for a Secure Retirement, nearly half of women ages 25 and older lack access to a tax-advantaged, employer-sponsored retirement plan. Beyond closing the gender pay gap, employers can help women better prepare for a more secure retirement in a number of ways — read on to learn these strategies. 

Mistakes are inevitable in drafting legislation. This is especially true in tax legislation, as tax law is complex and more nuanced as compared to other areas of the law. Congress has informed the Treasury Department they intend to make four technical corrections to SECURE Act 2.0. Here are those changes:

Recent changes to the 2023 Form 5500 are intended to improve reporting of financial information and plan expenses. There are new compliance questions concerning safe harbor status and how a plan satisfied certain discrimination and coverage tests. To see how requirements compare from previous years, review our recent blog for answers.

In the future, Plan Sponsors will have to pay more attention to allocating unused balances in forfeiture and fevenue credit accounts. A proposed rule pertaining to allocating forfeiture account amounts has an effective date of January 1, 2024. To learn more about these changes, read our latest blog.