Overview
A standard in its field, The 2024 Pension Answer Book discusses in detail the full spectrum of pension topics—from qualification requirements to taxation of distributions, from minimum distribution requirements to 401(k) plans. It covers the most up-to-date and significant legislative, regulatory, and case law developments affecting these plans. As a decision-making tool, combining theory and practice-based guidance, The 2024 Pension Answer Book offers insight and clarification on the critical issues affecting pension administration and compliance. In short, The 2024 Pension Answer Book is the one reference tool that provides subscribers with the most current and comprehensive answers to the issues pension professionals face daily in their practice.
Highlights of the 2024 Edition
The 2024 Pension Answer Book has been fully updated to reflect the changes made by the enactment of new laws, the Revenue Rulings, Revenue Procedures, Notices, Announcements, and Private Letter Rulings issued by IRS, Opinion Letters and Interpretive Bulletins issued by DOL, final and proposed regulations issued by both IRS and DOL, and important case decisions. Discussed in The 2024 Pension Answer Book are the following:
• SECURE 2.0 Act of 2022 changes
• Mandatory automatic enrollment and automatic escalation features for defined contributions plans
• Major changes concerning required minimum distributions (RMDs)
• IRS notice on relief for reporting RMDs and extending implementation of RMD changes of SECURE 1.0
• Cases regarding employee benefit plan investments in cryptocurrency
• Matching contributions for student loan repayments
• Roth catch-up contributions and optional Roth employer matching contributions
• IRS Notice concerning delay on Roth catch-up contributions
• Increased catch-up contribution limit
• Changes to automatic cash-out feature and auto-portability
• Relaxed rules for hardship withdrawals and federal disaster withdrawals
• Additional tax penalty-free distribution options
• More relief for long-term part-time employees
• More on tax credits for start-up retirement plans
• Major changes to the Saver’s Match
• Enhancement of 403(b) plans and multiple employer 403(b) plans
• Consolidation of participant notice requirements
• Paper benefits statements
• Expansion of EPCRS and permanent safe harbor corrections
• More guidance on overpayment recovery relief
• Midyear termination or rollover rules from SIMPLE IRAs
• Nonelective contributions for SIMPLE plans
• Changes to family attribution rules
• Updated rules on determination letter filing program
• Proposed rule on the use of forfeitures for qualified retirement plans
• Tribal government domestic relations orders
• Cases on the fiduciary duties related to self-directed brokerage accounts and fees
• More guidance on applying to Special Financial Assistance Program
• Pension Benefit Guaranty Corporation (PBGC) technical guidance on 4010 filings
• Guidance on typical compliance issues of Employee Stock Ownership Plans (ESOPs)
• Deferral of tax on sales of S Corp stock to ESOPs
• Updated mortality tables for pension plans
• Increased cost-of-living adjustments for benefit plans
• More breach of fiduciary duty cases
• Final rule on Form 5500 revisions, including additional compliance and transparency questions
• Rules on how multiemployer defined benefit plan administrators comply with the annual funding notice requirements
• Updated rules for issuing an opinion letter for a pre-approved pension plan
