On Sept. 5, the IRS and the Treasury Department published a notice requesting comments on Saver’s Match contributions paid out by the Treasury Department under the SECURE 2.0 Act of 2022.

According to an IRS press release, the agencies are soliciting public input through Notice 2024-65 regarding all aspects of Saver’s Match contributions and asking “specific questions on a variety of Saver’s Match topics,” specifically all aspects of sections 103 (including section 6433 of the Code) and 104 of the act.

The SECURE Act provides for matching contributions—known as Saver’s Match contributions—paid by the Treasury to applicable retirement savings vehicles on behalf of eligible individuals making qualified retirement savings contributions.

Section 104 of the SECURE 2.0 Act requires the Treasury Department to raise the public’s awareness of Saver’s Match contributions and submit a report to Congress about its promotion efforts.

The IRS called Saver’s Match contributions a new approach to promoting retirement savings and an important opportunity to build on the long-term financial security for Americans in the low- to moderate-income bracket.

Starting in 2027, by making yearly contributions of up to $2,000 to a 401(k)-type plan or an IRA, an individual can get as much as an annual $1,000 Saver’s Match contribution.

An individual Saver’s Match contribution depends on the income or joint income level of taxpayers. For instance, the Saver’s Match contribution phases out entirely at a joint income of $71,00 for married individuals filing jointly; on the other hand, for single filers, the Saver’s Match contribution phases out entirely at an income of $35,500.

Notice 2024-65 is requesting specific comments on these Saver’s Match topics:

• Eligibility for Saver’s Match contributions;

• How Saver’s Match contributions would be claimed;

• How the account receiving Saver’s Match contributions would be designated;

• The process for completing Saver’s Match contributions;

• Saver’s Match recovery taxes on specified early distributions;

• Reporting and disclosure for Saver’s Match contributions; and

• How can both agencies ensure that individuals know how to participate and receive the full benefits.

Comments are due by Nov. 4. They can​​ be submitted online or mailed to the IRS at this address: Internal Revenue Service, CC:PA:01:PR (Notice 2024-65), Room 5203, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044.