Regulatory Updates
Regulatory Updates provide quick access to employee benefit regulations, rulings and other guidance released by governmental agencies in the U.S. and Canada.
New updates to this page may be included in Today’s Headlines which is emailed to International Foundation members each business day. Inquiries regarding these updates should be directed to the Benefits Knowledge Center at the International Foundation at (888) 334-3327, option 5 or [email protected].
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Departments Issue Final and Proposed Rules on Required Minimum Distributions Under the SECURE 2.0 Act of 2022; Comments Due September 17
The Department of the Treasury (Treasury) and Internal Revenue Service (IRS) issued both final and proposed rules on required minimum distributions (RMDs) addressing various provisions of the SECURE Act and SECURE 2.0 Act of 2022 that affect both administrators and participants of sections 403(b) and 457 plans.
The RMDs affected are those from:
- qualified plans
- section 403(b) annuity contracts and custodial accounts, and retirement income accounts;
- individual retirement accounts and annuities, and
- eligible deferred compensation plans under section 457.
The final and proposed regulations affect:
- administrators of, and participants in, those plans;
- owners of individual retirement accounts (IRAs) and annuities;
- employees for whom amounts are contributed to section 403(b) annuity contracts, custodial accounts, or retirement income accounts; and beneficiaries of those plans, contracts, accounts, and annuities.
The final rule is effective September 17, 2024. The applicability date for purposes of determining RMDs is for calendar years beginning on or after January 1, 2025.
The proposed rule requests comments due September 17, 2024. In addition, a public hearing is scheduled for September 25, 2024 at 10:00 am ET.
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