Guidance Issued for Employers Setting up Savings Accounts for Employees
The IRS issued Notice 2024-22 providing initial guidance to help employers with implementation of pension-linked emergency savings accounts (PLESAs) for their employees. Authorized under the SECURE 2.0 Act of 2022, PLESAs are individual accounts in defined contribution plans, such as 401(k) accounts, and are designed to permit and encourage employees to save for financial emergencies. Employers can […]