To understand how provisions of the SECURE 2.0 Act of 2022 (the “Act”)—Division T of the Consolidated Appropriations Act, 2023—apply to retirement plans operating in Puerto Rico, one should keep in mind that such plans come in two flavors: dual-qualified plans and Puerto Rico-only qualified plans.
Dual-Qualified Plans
US-based retirement plans that cover both US and Puerto Rico participants are subject to the retirement plan qualification requirements of the US Internal Revenue Code of 1986, as amended (the “Code”), the various fiduciary and operational requirements of the Employee Retirement Security Act of 1974, as amended (“ERISA”), and, solely with ...
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