PLANSPONSOR - November/December 2024 - 30
TOTAL BENEFITS
SECURE 2.0's New Match
The IRS speaks to matching student loan payments through the plan
he IRS published guidance, late this summer, to aid plan
sponsors in providing, or planning to provide, matching
contributions to employees' retirement plan accounts
based on the person's qualified student
loan payments-or
QSLPs-under the SECURE [Setting Every Community Up
for Retirement Enhancement] 2.0 Act of 2022. Previously, a
sponsor could match only employees' elective deferrals to their
retirement plan account.
Student loan repayment is frequently identified as one of
the greatest causes of financial stress, and one of the largest
impediments to retirement saving, among U.S. workers.
The guidance, Notice 2024-63, uses a Q&A format to illustrate
the rules for employers with a 401(k), 403(b) or governmental
457(b) plan.
The notice also separately outlines student loan payment
matching contributions, based on QSLP rules, for SIMPLE
IRA [savings incentive match plan for employees individual
30 PLANSPONSOR.COM November - December 2024
Art by Ellen Weinstein
T
retirement account] plans.
The IRS requested public comments on the notice, which
applies to plan years beginning after this December 31. Through
the end of October, the agency had received eight letters.
The ERISA [Employee Retirement Income Security Act]
Industry Committee, which represents large employers in their
capacity as benefit plan sponsors, supported the agency's action.
" ERIC's member companies are committed to the financial
well-being of their employees, including those with outstanding
student loans, " said Andy Banducci, ERIC's senior vice president
for retirement and compensation policy, in a statement.
" That's why we lobbied Congress to enact a tax-law change
allowing employers to make retirement plan matching contributions
on account of workers' qualified student loan payments.
We applaud the IRS for issuing interim guidance implementing
this change and look forward to providing technical comments
to the IRS in the coming weeks. "
http://www.PLANSPONSOR.COM
PLANSPONSOR - November/December 2024
Table of Contents for the Digital Edition of PLANSPONSOR - November/December 2024
Insights
Participant analysis
Rules and regulations
Upfront
The Retirement Industry 2024
PLANSPONSOR DB Administration Survey
Plan Sponsors in Conversation
Build and Equip
SECURE 2.0’s New Match
2025 ERISA Plan Compliance Calendar
Counting the Costs
A Provision Review
SCOTUS to Decide
Helping Transient Workers Save
PLANSPONSOR - November/December 2024 - Cover1
PLANSPONSOR - November/December 2024 - Cover2
PLANSPONSOR - November/December 2024 - 1
PLANSPONSOR - November/December 2024 - Insights
PLANSPONSOR - November/December 2024 - 3
PLANSPONSOR - November/December 2024 - Participant analysis
PLANSPONSOR - November/December 2024 - 5
PLANSPONSOR - November/December 2024 - Rules and regulations
PLANSPONSOR - November/December 2024 - 7
PLANSPONSOR - November/December 2024 - 8
PLANSPONSOR - November/December 2024 - 9
PLANSPONSOR - November/December 2024 - Upfront
PLANSPONSOR - November/December 2024 - 11
PLANSPONSOR - November/December 2024 - 12
PLANSPONSOR - November/December 2024 - 13
PLANSPONSOR - November/December 2024 - 14
PLANSPONSOR - November/December 2024 - 15
PLANSPONSOR - November/December 2024 - The Retirement Industry 2024
PLANSPONSOR - November/December 2024 - 17
PLANSPONSOR - November/December 2024 - 18
PLANSPONSOR - November/December 2024 - 19
PLANSPONSOR - November/December 2024 - PLANSPONSOR DB Administration Survey
PLANSPONSOR - November/December 2024 - 21
PLANSPONSOR - November/December 2024 - 22
PLANSPONSOR - November/December 2024 - 23
PLANSPONSOR - November/December 2024 - Plan Sponsors in Conversation
PLANSPONSOR - November/December 2024 - 25
PLANSPONSOR - November/December 2024 - Build and Equip
PLANSPONSOR - November/December 2024 - 27
PLANSPONSOR - November/December 2024 - 28
PLANSPONSOR - November/December 2024 - 29
PLANSPONSOR - November/December 2024 - SECURE 2.0’s New Match
PLANSPONSOR - November/December 2024 - 31
PLANSPONSOR - November/December 2024 - 2025 ERISA Plan Compliance Calendar
PLANSPONSOR - November/December 2024 - 33
PLANSPONSOR - November/December 2024 - 34
PLANSPONSOR - November/December 2024 - 35
PLANSPONSOR - November/December 2024 - Counting the Costs
PLANSPONSOR - November/December 2024 - 37
PLANSPONSOR - November/December 2024 - A Provision Review
PLANSPONSOR - November/December 2024 - SCOTUS to Decide
PLANSPONSOR - November/December 2024 - Helping Transient Workers Save
PLANSPONSOR - November/December 2024 - Cover3
PLANSPONSOR - November/December 2024 - Cover4
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