SECURE 2.0 Act of 2022 (the âActâ) was signed into law by President Biden on December 29, 2022, as part of the year-end omnibus spending bill known as the Consolidated Appropriations Act of 2023. The Act follows the Setting Every Community Up for Retirement Act of 2019 (often referred to as “SECURE Act 1.0”) and makes numerous changes affecting retirement plans which are intended to strengthen the US retirement system. Below are some of the…
In a Private Letter Ruling released on August 17, 2018 (PLR 201833012) (âRulingâ), the IRS approved an employerâs proposed amendment to its 401(k) plan (âPlanâ), under which it would make an employer non-elective contribution on behalf of an employee conditioned on the employee making student loan repayments (âSLR non-elective contributionâ). As described in the Ruling, the proposed student loan repayment benefit program (the âprogramâ), is a voluntary program under which the employee must elect to…