Responding to a request for guidance from employers on some key SECURE 2.0 provisions, the IRS has released much-need guidance: An IRS fact sheet informing employers that adopting certain plan provisions will impact how certain amounts are reported on their W-2s.

In May, the ERISA Industry Committee (ERIC) sent a letter to the IRS seeking clarity, on behalf of their employer members, on implementing the de minimis financial incentive provision in SECURE 2.0, which is now covered in the just-released IRS fact sheet.

The new IRS fact sheet also includes guidance on Roth Savings Incentive Match Plan for Employees (SIMPLE) and Roth Simplified Employee Pension (SEP) Individual Retirement Arrangements (IRAs) and optional treatment of employer nonelective or matching contributions as Roth contributions.