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Washington Perspective

Washington Perspective

Washington Perspective

IRS Issues 2-Year Delay for Key SECURE 2.0 Provision: Requirements for Roth Age Based Catch-Up Contributions

August 25, 2023

Today, the Internal Revenue Service (IRS) issued Notice 2023-62 announcing a 2-year administrative transition period (delay) that extends until 2026 with respect to the new SECURE 2.0 requirement that any age based catch-up contributions made by participants earning over $145,000 must be designated as after-tax Roth contributions.

IRS Announces Required Minimum Distribution (RMD) Relief for 2023

July 14, 2023

On July 14, 2023, the IRS released Notice 2023-54 (the “Notice”) to provide relief with respect to certain provisions of the RMD rules of Code section 401(a)(9) that Congress changed as part of the SECURE Act and the SECURE 2.0 Act.

SECURE 2.0 Technical Corrections Legislation Expected in Congress

June 15, 2023

A bipartisan coalition of congressional leaders say they intend to introduce new legislation clarifying several SECURE 2.0 provisions in a letter directed to the U.S. Department of the Treasury and the IRS.

IRS Issues Interim Guidance on SECURE 2.0 Expansion of EPCRS

May 25, 2023

The IRS on May 25, 2023 released guidance on expansion of the Employee Plans Compliance Resolution System (EPCRS) under Section 305 of SECURE 2.0.

MissionSquare Advocates for Delay in Required Roth Catch-up Rules; Emergency Savings for Governmental Plans

April 3, 2023

As part of our ongoing efforts to help plan sponsors comply with the many provisions of the SECURE 2.0 Act, MissionSquare has been urging lawmakers to delay by at least two years a new requirement related to age-based “catch-up” retirement contributions.

MissionSquare Retirement Applauds Passage of SECURE 2.0 Retirement Legislation

December 23, 2022

Lower Cost Investment Options, Removal of Administrative Barriers and Saver’s Match Will Strengthen Public Service Employees’ Ability to Prepare for Retirement

SECURE 2.0 Act of 2022 Included in 2023 Omnibus Appropriations Package

December 22, 2022

The SECURE 2.0 Act of 2022 includes approximately 100 provisions designed to boost participation in workplace retirement plans and reduce the cost and administrative burdens of sponsoring them.

SECURE 2.0 Efforts Advance Out of Senate Committees: Setting the Stage for End of Year Passage

September 9, 2022

On September 8, the Senate Finance Committee released the long-awaited legislative text for The Enhancing American Retirement Now Act, dubbed the EARN Act, that unanimously passed out of the Committee on June 22.

SECURE 2.0 Efforts Advance Out of Senate Committees: Setting the Stage for End of Year Passage

June 24, 2022

On June 22, the Senate Finance Committee unanimously voted on a bipartisan bill, The Enhancing American Retirement Now Act, dubbed the EARN Act, that is the last Senate component for the broader SECURE Act 2.0 retirement security package.

SECURE 2.0 receives Bipartisan support in approval by the House

April 12, 2022

On March 29, the House overwhelmingly approved the bipartisan Securing a Strong Retirement Act by a vote of 414 to 5.

Prospects for Pension Reform in 2022

February 3, 2022

We believe there is a reasonable chance for pension reform legislation this year.

2022 Retirement Savings Plan Contribution Limits

November 4, 2021

The information below summarizes the 2022 IRS contribution limits for 457, 401(a), 401(k), and 403(b) plans as well as IRAs.

The Road to Pension Reform — Slow But Steady Progress

August 11, 2021

Despite the bipartisan commitment to retirement savings reforms, there is a very low expectation that any version of SECURE 2.0 legislation will pass into law in 2021. We are optimistic, however, that 2022 passage for retirement savings reforms remains a realistic possibility.

The Road to Pension Reform Gains Momentum

May 29, 2021

Senators Cardin and Portman reintroduce the Retirement Security and Savings Act

The Road to Pension Reform

May 6, 2021

House Ways and Means Committee Passes SECURE 2.0 By Unanimous Voice Vote

President Biden Signs $1.9 Trillion American Rescue Plan

March 11, 2021

$325 Billion in Direct Assistance for State and Local Governments

ICMA-RC Supports Additional Congressional Relief for Local and State Governments

February 18, 2021

Learn about our advocacy efforts supporting local and state government financial relief.

The 117th Congress and the Prospects for Pension Reform

February 2, 2021

We now have members of both the House and Senate advancing significant bipartisan pension reform.

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