Comments on the guidance are due by December 16, 2024.
The IRS today released Notice 2024-77 as guidance in the form of “questions and answers” (Q&As) on sections of the Code added by section 301(b) of Division T of the SECURE 2.0 Act of 2022:
The notice provides guidance on the effect of sections 414(aa) and 402(c)(12) on the Employee Plans Compliance Resolution System (EPCRS), set forth in Rev. Proc. 2021-30, including the impact on correction of inadvertent benefit overpayments.
Comments on the guidance in Notice 2024-77 and any other aspect of sections 414(aa) and 402(c)(12), including as those sections are affected by the provisions of section 301(c) and (d) of the SECURE 2.0 Act, are due by December 16, 2024.