02 Jan 2024
Happy New Year! Are You Ready for New SECURE 2.0 Act Rules to Take Effect?
The SECURE 2.0 Act (Pub. L. No. 117-328, Div. T), which was included within the Consolidated Appropriations Act, 2023, has provisions with effective dates from 2023 to 2033. For 2024, some rules are mandatory and some are optional. Learn more by reading this timeline of SECURE 2.0 changes.
Related Content
- SECURE 2.0 Act Impact on Retirement Plan Compliance and Administration
Reference the many provisions of SECURE 2.0. One of the provisions effective in 2024 is elimination of required minimum distributions from designated Roth 401(k) accounts aligning the treatment of Roth 401(k)s with that which already applies for Roth IRAs. Another is the use of starter 401(k)s/403(b)s that allow elective deferrals only, with catch-ups. - SECURE 2.0 Act Tracker
Review SECURE 2.0 by referencing this tracker that records SECURE 2.0’s significant changes to the Internal Revenue Code and ERISA for tax-favored retirement plans, their effective dates, and related guidance.
Practical Guidance Updates
Featuring the latest updates from your Practical Guidance account.
- Employee Benefits & Executive Compensation Key Legal Developments Tracker
Stay informed on new developments.- Office of the Chief Accountant (OCA), DOL, and EBSA publish an assessment of the quality of audit work performed by independent qualified public accountants focused on their financial statement audits of ERISA employee benefit plans for the 2020 filing year. Audit Quality Study.
- Retirement Plans. IRS provides guidance in the form of Q&As on certain provisions of the SECURE 2.0 Act. Notice 2024-2.
- Health and Welfare Plans. HHS, EBSA, and IRS issue final regulations related to the fees established by the No Surprises Act for the Federal independent dispute resolution (IDR) process, as established by the Consolidated Appropriations Act, 2021. The final regulations amend existing regulations to provide that the administrative fee charged to participate in the federal IDR process, and the ranges for certified IDR entity fees for single and batched determinations, will be set by the agencies through notice and comment rulemaking. 88 Fed. Reg. ___ (unpublished version) (scheduled to be published 12/21/23).
- Generative Artificial Intelligence (AI) Resource Kit is a frequently updated collection of current Practical Guidance materials on generative AI, ChatGPT, and similar tools.
- Public Interest, Pro Bono, and Non-Profit Resource Kit offers valuable guidance for those providing pro bono legal services and assisting non-profit organizations and public interest groups. It includes useful content on topics including tenant's rights, fair housing and lending, discrimination, immigration, and general non-profit resources.
- Document alerts allow you to stay current on legal developments that affect your practice. Find out how to set up your document alerts.
- Practical Guidance Journal Winter Edition features Generative AI’s explosive impact on the law and legal practice. Explore developments covering Generative AI in discovery, data security, and intellectual property. Also review new private market data for real estate and labor & employment practitioners.
- Check out our Practical Guidance Author Center! Learn about the 2000+ leading attorney authors contributing to our 26 practice areas, and find out how you can Become a Practical Guidance Author. Practical Guidance is committed to amplifying diverse voices of attorneys across all differences, including gender and race.
- Legal Developments provide the latest updates and analyses of emerging topics impacting your practice area. Visit the Legal Developments page to see the latest topics, which also include breaking legal news and related Practical Guidance content.
- Listen Up! The Practical Guidance and Law360 Podcasts Resource Kit features interviews with industry-leading attorneys on cutting edge issues in the law: AI, NFTs, Cannabis, and more.
- New and Updated Practical Guidance Content
- Cybersecurity for Retirement Plans Resource Kit
- Cybersecurity Considerations for ERISA Plan Fiduciaries
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