The ERISA Industry Committee (ERIC) has asked the Department of the Treasury and the Internal Revenue Service for additional clarity regarding SECURE 2.0 provisions that govern retirement benefits, in a letter sent last week. ERIC responded to the agencies' call for recommended topics to their 2024-2025 Priority Guidance Plan.
James Gelfand, president and CEO or ERIC, released the letter on behalf of large employer member companies regarding Notice 2024-28 that guides priorities for the Treasury and the IRS. The focus areas and recommendations pertaining to SECURE 2.0 provisions include:
Matching student loan contributions: SECURE 2.0 allows employers to match employee student loan payment, which ERIC encourages companies to offer. In its guidance, the Treasury/IRS should provide additional clarity about the "reasonable procedures" plan sponsors may establish for employees to claim the match. "The IRS should issue this guidance as soon as practicable, so that plan sponsors can implement this feature," writes ERIC.
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