In late December 2023, the Internal Revenue Service (IRS) issued Notice 2024-2 (the Notice), providing guidance on key provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0). SECURE 2.0, which was passed in December 2022, includes more than 90 provisions affecting US retirement plans, many of which are specifically aimed at enhancing savings opportunities for workers. The Notice provides guidance on many of the provisions of SECURE 2.0 in the form of questions and answers. This article covers the most significant provisions affecting 401(k) and 403(b) qualified retirement plans.
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