The IRS recently issued Notice 2024-73, which provides much-needed guidance on long-term, part-time (“LTPT”) employees in ERISA-governed 403(b) retirement plans. Following passage of the SECURE 2.0 Act, an employee is...more
10/16/2024
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403(b) Plans ,
Compensation & Benefits ,
Effective Date ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
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New Guidance ,
Part-Time Employees ,
Proposed Regulation ,
Retirement Plan ,
SECURE Act ,
Time Extensions
The Internal Revenue Code generally discourages retirement plan participants from requesting distributions from their retirement plan funds prior to age 59 ½ by imposing an additional 10% tax on those distributions. However,...more
The IRS and the U.S. Department of Labor recently issued guidance which addresses the newly created Pension Linked Emergency Savings Accounts (“PLESAs”), a novel plan design option authorized under SECURE 2.0. PLESAs are...more