The partial federal government shutdown, which ended on January 25, 2019 after a record-breaking 35 days, is expected to impact the timing of output of regulatory and other guidance from key agencies that oversee retirement and benefits policy.
The Department of the Treasury and the Internal Revenue Service (IRS) recently released two pieces of guidance implementing certain provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) that could be relevant to retirement plan sponsors.
Senators Rob Portman (R-OH) and Ben Cardin (D-MD) introduced the Retirement Security and Savings Act of 2018 (S. 3781), a bill that the senators had initially released in October as a discussion draft to gather comments from stakeholders.
Senator Ron Wyden (D-OR) introduced legislation that would allow employers to make matching contributions to employees’ retirement accounts based on employees’ student loan payments.
On December 4, 2018, the Internal Revenue Service (IRS) issued Notice 2018-95, which provides guidance and temporary relief for 403(b) plans from the “once-in-always-in” (OIAI) eligibility rule.