The Treasury Department is extending the deadline for Individual Retirement Accounts and Simplified Employee Pension (SEP) arrangements to implement plan amendments that comply with changes mandated by the SECURE 2.0 Act.
The IRS announced Monday an extension of the deadline until Dec. 31, 2027 as the agency develops model language for those managing the plans to use to become compliant with SECURE 2.0 and resulting regulations.
SECURE 2.0 was a sweeping law that introduced various changes to workers’ retirement plans, including automatic enrollment, increased contribution limits and higher catch-up contributions for workers between the age of 60 and 63. The ...
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