Search Results for keywords:"SECURE 2.0 Act"

Found 2 results

Search Results: keywords:"SECURE 2.0 Act"

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  • 2025-00501 — Automatic Enrollment Requirements Under Section 414A
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    Type:Proposed Rule
    Citation:90 FR 3092
    Reading Time:about 93 minutes

    The Treasury Department and the IRS have proposed new rules to guide automatic enrollment in certain retirement plans, reflecting changes from the SECURE 2.0 Act of 2022. These regulations will apply to specific retirement plans with automatic contributions, ensuring that they align with the new requirements. Exceptions exist for government, church, and small or new business plans. Public comments are requested, and a hearing is scheduled to discuss these regulations further.

    Simple Explanation

    The government wants to make sure people save money for retirement by making it easier for some workers to join special saving plans automatically, but there are some plans that don't have to follow these new rules, like those for churches and very small businesses. They also want people to tell them what they think about these changes and will have a meeting to talk about it.

  • 2025-00327 — Voluntary Fiduciary Correction Program
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    Type:Rule
    Citation:90 FR 4192
    Reading Time:about 3 hours

    The Department of Labor has updated the Voluntary Fiduciary Correction Program (VFC Program) to simplify the process of correcting fiduciary breaches under the Employee Retirement Income Security Act (ERISA). These updates add a self-correction feature for common plan issues like late participant contributions, streamline procedures for program participation, and incorporate changes from the SECURE 2.0 Act allowing self-correction for certain participant loan failures. The goal is to make the program more user-friendly for employers and other plan fiduciaries, encouraging compliance with the law and avoiding potential civil penalties.

    Simple Explanation

    The Department of Labor has made it easier for people who manage retirement plans to fix mistakes without getting in trouble, by letting them fix problems by themselves when certain rules are followed. This update is like giving plan managers a way to clean up their messes, so they don't face penalties, but it's still a bit tricky and needs careful following of the new rules.