Links & Resources

Important Deadlines (2023 Tax Year and 2024 Calendar Year)

SECURE 2.0 Act

The latest legislation related to qualified retirement plans was passed on December 23, 2022.

Many of its provisions are optional. The Plan Sponsor/Employer chooses which to adopt and makes the chosen features available for all eligible participants. No amendment is necessary to make use of any of these new provisions, but ALL plans will need an amendment by the December 31, 2025 to update document language to reflect the Plan’s elective choices as well as the mandatory features of SECURE 2.0.

Here are a number of resources about the SECURE 2.0 Act. There are countless more online.

SECURE 2.0 Executive Summary (1 page PDF)

SECURE 2.0 Detailed Review of Optional Provisions (pending)

SECURE 2.0 Summary of In-Service Distributions (Table by John Hancock, Comments by LAR)

SECURE 2.0 New Guidelines for 401(k) Plans with “Long-Term Part-Time” Employees (PDF by Ascensus)

SECURE 2.0 New Plan Tax Credits (PDF by American Funds, Official IRS link here)

Plan Restatements:

The IRS requires retirement plans to be restated every 6-8 years to stay up to date with the newest legislation. Defined Contribution and Defined Benefit Plans are on two separate timelines.

Deadline to Adopt Post-PPA (for Defined Contribution Plans)(past-due)

DC’s were recently due for restatement on July 31, 2022, called Post-PPA. The next restatement period is not determined, likely by ~2028.

Deadline to Adopt PPA (for Defined Benefit Plans)(past-due)

DB’s were supposed to have already been restated to PPA years ago. The next restatement period will be called Post-PPA and due in calendar year 2025 or 2026. More details to follow by year-end 2024 or earlier.

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Form 5500 – IRS Information/Links