Congress issued guidance on correction of plan errors through SECURE 2.0. The source of the guidance was unexpected, as guidance on plan administration has typically been left to the purview of the IRS. Section 301 of the Act addresses correction of plan overpayments and amends sections of both ERISA and the Code. These additions codify the ...
By: Lyndsey Barnett and Michaela Taylor*
Next up on our updates on SECURE 2.0 is Section 111 which addresses rising student loan debt. According to an article published by the Education Data Initiative last October, student loan debt totals $1.745 trillion. While SECURE 2.0 contains many new changes impacting benefit plans, this provision may ...
At the end of last year, Congress passed, and President Biden signed, the new appropriations bill which contained the SECURE 2.0 Act. The legislation provides numerous changes that impact retirement plans and is an expansion of the earlier SECURE Act law. The previous SECURE Act changed the age at which retirees had to take required minimum ...