{"id":5243,"date":"2024-01-17T14:14:28","date_gmt":"2024-01-17T20:14:28","guid":{"rendered":"https:\/\/www.employco.com\/blog\/?p=5243"},"modified":"2024-01-17T14:14:56","modified_gmt":"2024-01-17T20:14:56","slug":"hr-newsletter-irs-guidance-on-secure-2-0","status":"publish","type":"post","link":"https:\/\/www.employco.com\/blog\/2024\/01\/17\/hr-newsletter-irs-guidance-on-secure-2-0\/","title":{"rendered":"HR Newsletter: IRS Guidance on Secure 2.0"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.employco.com\/images\/newsletter\/HR\/November2021_IRS.jpg\" alt=\"HR Newsletter: IRS Guidance on Secure 2.0\"\/><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>On Dec. 20, 2023, the IRS issued <a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/n-24-02.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Notice 2024-2<\/a>, providing guidance in the form of questions and answers with respect to various provisions of the legislation known as the \u201cSECURE 2.0\u201d Act.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Background<\/strong> &#8211; The <a href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/house-bill\/2617\/text\" target=\"_blank\" rel=\"noreferrer noopener\">Consolidated Appropriations Act of 2023<\/a> was signed on Dec. 29, 2022, which is an omnibus bill that includes the SECURE 2.0 legislation, referred to as such because it builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The legislation is intended to increase employees\u2019 retirement savings and makes numerous important changes that employers should be aware of. A section-by-section summary of the legislation can be found <a href=\"https:\/\/www.finance.senate.gov\/imo\/media\/doc\/Secure%202.0_Section%20by%20Section%20Summary%2012-19-22%20FINAL.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/li>\n<\/ul>\n\n\n\n<!--more-->\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Plan Amendments<\/strong> &#8211; Under Section 501 of SECURE 2.0, the plan amendment deadline for SECURE Act and SECURE 2.0 Act provisions is the last day of the first plan year beginning or after Jan. 1, 2025 (or Jan. 1, 2027, in the case of certain collectively bargained or governmental plans). The new guidance extends the plan amendment deadlines under Section 501.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Section Summary<\/strong> &#8211; 2024-2 addresses a variety of issues including:\n<ul class=\"wp-block-list\">\n<li>Section 101 (expanding automatic enrollment in retirement plans)<\/li>\n\n\n\n<li>Section 332 (employers allowed to replace SIMPLE retirement accounts with safe harbor 401(k) plans during a year)<\/li>\n\n\n\n<li>Section 350 (safe harbor for correction of employee elective deferral failures)<\/li>\n\n\n\n<li>Section 604 (optional treatment of employer contributions or nonelective contributions as Roth contributions)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>The Treasury Department and the IRS invite comments and suggestions on the guidance, which should be submitted on or before Feb. 20, 2024.\u00a0 We will continue to monitor and communicate Secure 2.0\u2019s status and changes.<\/p>\n\n\n\n<p><a href=\"mailto:jeisenhut@employco.com\">Contact us<\/a> with any questions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Dec. 20, 2023, the IRS issued Notice 2024-2, providing guidance in the form of questions and answers with respect to various provisions of the legislation known as the \u201cSECURE 2.0\u201d Act.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31],"tags":[],"class_list":["post-5243","post","type-post","status-publish","format-standard","hentry","category-hr-newsletter"],"featured_image_src":null,"author_info":{"display_name":"Employco USA","author_link":"https:\/\/www.employco.com\/blog\/author\/employcousa\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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The 2023 standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will\u2026","rel":"","context":"In &quot;HR Newsletter&quot;","block_context":{"text":"HR Newsletter","link":"https:\/\/www.employco.com\/blog\/category\/employco-in-the-news\/hr-newsletter\/"},"img":{"alt_text":"HR Newsletter: IRS Announces 2023 Standard Mileage Rates","src":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2023_MileageRates.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2023_MileageRates.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2023_MileageRates.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2023_MileageRates.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2023_MileageRates.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":4685,"url":"https:\/\/www.employco.com\/blog\/2023\/06\/15\/hr-newsletter-new-hsa-limits-for-2024\/","url_meta":{"origin":5243,"position":3},"title":"HR Newsletter: New HSA Limits for 2024","author":"Employco USA","date":"June 15, 2023","format":false,"excerpt":"On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2024. The IRS is required to publish these limits by June 1 of each year. These limits include: 2024 2023 Contribution Limit (Individual)\u2026","rel":"","context":"In &quot;HR Newsletter&quot;","block_context":{"text":"HR Newsletter","link":"https:\/\/www.employco.com\/blog\/category\/employco-in-the-news\/hr-newsletter\/"},"img":{"alt_text":"New HSA Limits for 2024","src":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/June2023_HSA.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/June2023_HSA.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/June2023_HSA.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/June2023_HSA.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/June2023_HSA.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":5129,"url":"https:\/\/www.employco.com\/blog\/2023\/11\/14\/hr-newsletter-irs-announces-2024-retirement-plan-limits\/","url_meta":{"origin":5243,"position":4},"title":"HR Newsletter:\u00a0IRS Announces 2024 Retirement Plan Limits","author":"Employco USA","date":"November 14, 2023","format":false,"excerpt":"The Internal Revenue Service (IRS) has released Notice 2023-75, containing cost-of-living adjustments for 2023 that affect the amounts employees can contribute to 401(k) plans and individual retirement accounts (IRAs). Description20242023Regular Contribution Limit$23,000$22,500Catch-up Contribution Limit$7,500$7,500Employee + Company Limit$69,000$66,000 Click the following link to read our Legal Update article on this topic:\u2026","rel":"","context":"In &quot;HR Newsletter&quot;","block_context":{"text":"HR Newsletter","link":"https:\/\/www.employco.com\/blog\/category\/employco-in-the-news\/hr-newsletter\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3286,"url":"https:\/\/www.employco.com\/blog\/2021\/02\/12\/hr-newsletter-aca-reporting-deadline\/","url_meta":{"origin":5243,"position":5},"title":"HR Newsletter: ACA Reporting Deadline","author":"Employco USA","date":"February 12, 2021","format":false,"excerpt":"Affordable Care Act (ACA) reporting under Section 6055 and Section 6056 for the 2020 calendar year is due in early 2021. Specifically, reporting entities must: File returns with the IRS by March 1, 2021, since Feb. 28, 2021, is a Sunday (or March 31, if filing electronically); and Furnish statements\u2026","rel":"","context":"In &quot;HR Newsletter&quot;","block_context":{"text":"HR Newsletter","link":"https:\/\/www.employco.com\/blog\/category\/employco-in-the-news\/hr-newsletter\/"},"img":{"alt_text":"ACA Reporting","src":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/February2021_ACA.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/February2021_ACA.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/February2021_ACA.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/February2021_ACA.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/February2021_ACA.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/posts\/5243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/comments?post=5243"}],"version-history":[{"count":1,"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/posts\/5243\/revisions"}],"predecessor-version":[{"id":5244,"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/posts\/5243\/revisions\/5244"}],"wp:attachment":[{"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/media?parent=5243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/categories?post=5243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/tags?post=5243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}