This article provides both a high-level overview, as well as a detailed summary, of SECURE 2.0"s retirement plan provisions. Separate sections describe [1] Mandatory provisions, [2] Optional provisions, and [3] Legislative changes that do not require plan amendment.  MORE >>

"For the second year in a row, the IRS Required Amendments (RA) List (Notice 2023-79) identifies no statutory or regulatory changes for individually designed qualified and Section 403(b) retirement plans.... IRS Notice 2024-2 extends the deadline to at least Dec. 31, 2026, for required and discretionary amendments related to recent legislation, including the SECURE 2.0 Act ... However, employers making unrelated discretionary changes in 2025 generally will still need to amend their plans by the end of the 2025 plan year[.]"  MORE >>

"This practice note discusses pre-approved Internal Revenue Code Section 403(b) plans, including their advantages, legal pitfalls, and other issues that an eligible employer may consider when determining whether to use a pre-approved plan for a new 403(b) plan or convert its existing 403(b) plan into a pre-approved plan."  MORE >>

25 pages. "This practice note discusses the rules that apply when eligible tax-exempt organizations (or their employees) establish tax-sheltered annuities, custodial accounts, or retirement income accounts, as described in Section 403(b) of the Internal Revenue Code.... This practice note has been updated to address significant changes affecting 403(b) plans pursuant to the Secure 2.0 Act[.]"  MORE >>

"[M]any advisors will have mass-affluent clients with all their qualified funds inside of company retirement plans, which are ignored for the purposes of calculating backdoor Roths (assuming the funds aren't rolled over into an IRA during the year).... Unfortunately, things get complicated quickly if taxpayers have existing IRA dollars (in any account) and/or if they plan to roll over funds from a qualified account at any point during the year."  MORE >>

"Vendor Benchmarking is the practice of monitoring, analyzing, and comparing your vendor's performance, reliability, and quality to other internal, competitive, or industry retirement plan performances. This process ensures you receive the best value for your organization and employees. It also allows you to establish standards and goals from the start of your vendor relationships, track progress, and measure success at present intervals."  MORE >>

11 pages. "Significantly more small-balance job-changers will be subject to new mandatory distribution provisions. Auto portability exerts a dramatic effect on reducing cashout leakage. Auto portability will grow net incremental wealth by $1.6 Trillion, vs. no auto portability."  MORE >>

"Many of the major provisions Congress enacted late last year in sweeping workplace retirement access legislation will take effect in 2024, but plan sponsors are still wary of the mostly optional coverage enhancements. Employers don't want to test the waters by adopting plan amendments that would allow them to treat worker student loan repayments as 401(k) contributions or establish in-plan emergency savings accounts, according to benefits advisers and attorneys."  MORE >>

"This practice note explains the application of Internal Revenue Code Section 457A, which restricts the ability of certain tax-indifferent entities (so-called nonqualified entities) to defer compensation for services provided by their service providers. It provides guidance on practical steps for attorneys advising such entities on nonqualified deferred compensation plans."  MORE >>

"ISS will vote on a case-by-case basis on shareholder proposals requiring that executive severance (including change-in-control related) arrangements or payments be submitted for shareholder ratification."  MORE >>