WASHINGTON – February 20, 2024 – The ERISA Industry Committee (ERIC) sent a letter today in response to the Internal Revenue Service’s (IRS) Notice 2024-2, entitled “Miscellaneous Changes Under the SECURE 2.0 Act of 2022.” ERIC reiterated its support of SECURE 2.0 and offered comments on sections relating to the new automatic enrollment for new retirement plans; new small incentives to encourage employee participation; distributions to terminally ill participants; and the new option for employers to provide matching contributions on an after-tax basis.
“ERIC’s large employer member companies strongly supported the SECURE 2.0 Act, but they also anticipated that the law’s technical implementation would be challenging,” said Andy Banducci, Senior Vice President of Retirement and Compensation Policy at ERIC. “ERIC’s comments to the IRS seek clarification and better direction across a number of SECURE 2.0 provisions to help plan sponsors abide by the new law.”
The full text of ERIC’s response to IRS is here.
