Legislative updates

The IRS has released Notice 2024-22, providing guidance on anti-abuse rules under Section 127 of the SECURE 2.0 Act with respect to Pension-Linked Emergency Savings Accounts (PLESAs).

The Pension Benefit Guaranty Corporation has published in the Federal Register inflation-adjusted penalty amounts for failure to provide certain notices or other material information and for failure to provide certain multiemployer notices.

The Department of Labor (DOL) Wage and Hour Division has issued a news release and final rule to clarify whether a worker qualifies as an employee or an independent contractor under the Fair Labor Standards Act.

Representative Mike Gallagher (R-WI) has introduced HR 6857, the Simplify and Expand Health Savings Accounts Act. 

Representatives Darin LaHood (R-IL), and Linda Sanchez (D-CA) have introduced H.R. 6757 to permit rollover contributions from Roth IRAs to designated Roth accounts in a 401(a), 403(a), 403(b) or 457(b) arrangement.

The SECURE 2.0 Act has shortened the time necessary to allow part-time workers access to 401(k) plans. 

The Senate and House committees of jurisdiction have released a draft containing technical corrections and other clarifications to SECURE 2.0.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on November 21, 2023, for California Hurricane Hilary, for the incident period of August 19-21, 2023.

Representative Michelle Steel (R-CA), along with co-sponsors David Schweikert (R-AZ), and Ami Bera (D-CA), have introduced HR 6279, the “Wearable Equipment Adoption and Reinforcement and Investment in Technology Act”, or the “Wear It Act”.

Senator Bill Cassidy (R-LA), and co-sponsor Tim Kaine (D-VA) have introduced the “Helping Young Americans Save for Retirement Act”.