Don’t Be Frightened by Change! Qualified Retirement Plan Year-End Amendments

Under the Internal Revenue Code (IRC), qualified plans and 403(b) plans are required to be in writing and to contain certain provisions specified under the IRC and associated Treasury Regulations, in addition to reflecting compliant design provisions. Qualified plans and 403(b) plans must satisfy the plan document requirements of the IRC and be operated in accordance with the requirements of the IRC as a condition to receiving tax-favored status. See this practice note to learn more about remedial amendment periods during which qualified plans can be amended to meet the rules.

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Related Content

• 2024 Retirement Plan Year-End Amendments and Operational Compliance
  See how, while many provisions under the SECURE 2.0 Act of 2022 (SECURE 2.0) are currently effective, or soon to become so, plan amendments are not yet due. Pursuant to IRS Notice 2024-2, plan sponsors have until December 31, 2026 (December 31, 2028 for collectively bargained plans, and December 31, 2029 for governmental plans) to adopt SECURE 2.0-related amendments.
• Major Legislative Amendments to ERISA and the Internal Revenue Code Affecting Qualified Retirement Plans
  Reference this checklist setting forth a chart that visualizes the many laws that have changed ERISA since its enactment in 1974.  

Practical Guidance Updates 
Featuring the latest updates from your Practical Guidance account.      

• Employee Benefits & Executive Compensation Key Legal Developments Tracker (Current)
  Stay informed on new developments.
  • Retirement Plans. IRS issues guidance regarding inadvertent overpayments of benefits from retirement plans under IRC sections 414(aa) and 402(c)(12) as added by SECURE 2.0, which expanded EPCRS coverage of such overpayments. IRS Notice 2024-77.
  • Retirement Plans. IRS issues additional guidance on eligibility and vesting in qualified plans for long-term, part-time employees, including guidance on the application of Section 403(b)(12) to such employees for Section 403(b) plans. IRS Notice 2024-73.
  • Retirement Plans. PBGC updates maximum guarantee tables for 2025 plan terminations for single-employer pension plans whose benefits PBGC pays as trustee. The monthly maximum straight life annuity increases to $7,431.82 (for annuities beginning at age 65) from $7,107.95 for 2024 terminations. PBGC, News Release.
  • Health and Welfare Plans. IRS issues 2025 increases for the individual income tax standard deduction, as well as COLA increases for health FSAs, transportation fringe benefits, and other limits. Proc. 2024.40.
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