Tax Notes Quotes Ronald Cluett Proposed SECURE 2.0 Regulations

Tax professionals in the benefits industry have several requests for high-priority guidance concerning the SECURE 2.0 legislation that they hope to see in the coming year.

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SECURE 2.0 requires that the EPCRS be revised within two years of the law’s enactment on December 29, 2022, so “this priority item has a statutory deadline,” according to Ronald G. Cluett of Caplin & Drysdale, who noted that the IRS issued interim guidance (Notice 2023-43, 2023-24 IRB 919) in May.

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Cluett and Winters highlighted the need for finalizing the recently issued long-term part-time employee proposed regulations (REG-104194-23), which address the application of the relevant SECURE 2.0 provisions.

“These proposed regulations were issued over Thanksgiving weekend 2023, giving employers and service providers little time for review and implementation by January 1, 2024. The fact that plan amendments are not currently required affords time for plan document compliance, but operational compliance must proceed nonetheless,” Cluett explained.

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