ERISA Insights

More than two years after releasing proposed regulations that revised the required minimum distribution (RMD) regulations and other related guidance, the Internal Revenue Service (IRS) has released final regulations that revise existing regulations applicable to RMDs, eligible rollover distributions, and excess accumulation tax.

The IRS has issued Notice 2024-55, providing guidance on emergency personal expense distributions and domestic abuse victim distributions that are effective after December 31, 2023 under SECURE 2.0. The Notice details in question-and-answer format what represents an applicable distribution, distribution restrictions, withholding and notice requirements, repayment or rollover details, and exceptions to the 10 percent additional tax on early distributions.