Notice 2024-77: Guidance under sections 414(aa) and 402(c)(12) regarding correction of inadvertent benefit overpayments

Comments on the guidance are due by December 16, 2024.

Download PDF
Share
October 15, 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:

  • Section 414(aa) addresses the requirements of sections 401(a) and 403 with respect to inadvertent benefit overpayments.
  • Section 402(c)(12) addresses the treatment of certain inadvertent benefit overpayments as eligible rollover distributions.

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.

Thank you!

Thank you for contacting KPMG. We will respond to you as soon as possible.

Contact KPMG

Use this form to submit general inquiries to KPMG. We will respond to you as soon as possible.

By submitting, you agree that KPMG LLP may process any personal information you provide pursuant to KPMG LLP's . Privacy Statement

An error occurred. Please contact customer support.

Job seekers

Visit our careers section or search our jobs database.

Submit RFP

Use the RFP submission form to detail the services KPMG can help assist you with.

Office locations

International hotline

You can confidentially report concerns to the KPMG International hotline

Press contacts

Do you need to speak with our Press Office? Here's how to get in touch.

Headline