Members of Congress returned to Washington, D.C.
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 Treasury Department and the Internal Revenue Service (IRS) were both included among the agencies that were affected by the shutdown. The IRS’s shu
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. Both of the developments addressed below are described at only a general level and focus on their impact on retirement and deferred compensation plans.
On December 19, 2018, Senators Rob Portman (R-OH) and Ben Cardin (D-MD) introduced the Retirement Security and Savings Act of 2018 (S.
On December 18, 2018, 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, where such student loan payments would be treated as if they were salary reduction contributions. The Retirement Parity for Student Loans Act (
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. The Notice generally provides transition and “fresh-start” rules for a 403(b) plan that improperly excluded part-time employee
On December 19, 2018, the Receiving Electronic Statements To Improve Retiree Earnings (RETIRE) Act (S.
As the 115th Congress limps to an end, there appears to be no path forward to end the partial federal government shutdown that began on December 22, 2018, after the President and Congress failed to agree on a short-term spending proposal. Talks broke down over the President’s insistence that $5.7 billion be provided for the construction of a wall on the U.S.-Mexico border, a project that congr
On November 14, 2018, the Department of the Treasury and the Internal Revenue Service (IRS) released proposed regulations modifying the rules for hardship distributions under 401(k) and 403(b) plans. These proposed regulations would make changes to reflect a number of statutory changes, particularly th
On November 1, 2018, the Internal Revenue Service (IRS) announced the annual adjustments to the contribution and benefit limitations for qualified plans for 2019. Each year, the IRS uses a statutory procedure to determine whether to adjust these limitations for cost-of-living increases. For 2019, a number of key qualified plan limits will increase. Those changes include: