The IRS is providing transitional relief for workplace retirement plans to implement changes Congress made to the beginning date for required minimum distributions, and intends to issue regulations that will affect plans in 2024.
Guidance (Notice 2023-54) the tax agency issued Friday states that the IRS won’t penalize employers for failing to properly treat distributions between Jan. 1 and July 31, 2023, for participants born in 1951. Regulators also extended the 60-day deadline for certain distribution rollovers.
The guidance provides regulatory and tax penalty relief for minimum distributions not made to beneficiaries when participants in the plan died. ...
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