The IRS has issued a notice requesting comments on Saver's Match contributions that the Treasury will pay under the SECURE 2.0 Act of 2022.
Notice 2024-65 requests comments on all aspects of Saver’s Match contributions and asks specific questions on various Saver’s Match topics.
Saver’s Match contributions represent a new approach to promoting retirement savings and an opportunity to improve the long-term financial security for millions of low- to moderate-income Americans.
Starting in 2027, individuals can receive an annual Saver’s Match contribution of up to $1,000 from the Treasury by contributing up to $2,000 per year to a 401(k)-type plan or an Individual Retirement Account.
The program reduces eligibility for taxpayers whose modified adjusted gross income exceeds certain limits.
The match phases out for single taxpayers with income between $20,500 and $35,000, and for married couples filing jointly with income between $41,000 and $71,000.
The IRS will accept comments through Monday, Nov. 4, at regulations.gov or by mail to IRS, CC:PA:01:PR (Notice 2024-65), Room 5203, P.O. Box 7604, Ben Franklin Station, Washington, D.C. 20044.