News and Updates,Custom

Washington Perspective

Washington Perspective

Washington Perspective

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.

Webinar: Retirement Plan Legislation – Looking Forward to 2021

December 15, 2020

Our distinguished guest speakers discussed enacted legislation and changes on the horizon, along with their potential impacts on the public sector and others who serve their communities.

SECURE 2.0 Introduced in House Ways and Means Committee

October 29, 2020

On October 27, 2020, the House Ways and Means Committee Chair Richard Neal (D, MA) and Ranking Member Kevin Brady (R, TX) introduced the “Secure a Strong Retirement Act of 2020,” which has also been called “SECURE 2.0.”

IRS Announces 2021 Retirement Plan Contribution Limits

October 26, 2020

On October 26, 2020, the IRS announced the various adjustments applicable to retirement plan contribution limits for 2021.

IRS Continues to Issue Guidance on 2019's SECURE Act

September 16, 2020

On September 2, 2020, the Internal Revenue Service (IRS) issued Notice 2020-68 providing guidance on certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (the "SECURE Act").

DOL Releases Interim Final Rule on Lifetime Income Illustrations

August 25, 2020

On August 18, 2020, the Department of Labor (DOL) released its Interim Final Rule (IFR) implementing the SECURE Act requirement that participants in ERISA-governed defined contribution plans be provided a lifetime income illustration (LII) at least once per year.

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

July 22, 2020

Congress reconvened on July 20, 2020. It is expected that consideration will be given to a fourth legislative package to address the impacts of the COVID-19 coronavirus pandemic.

IRS Provides Additional Guidance/Relief on Required Minimum Distributions

July 2, 2020

On June 23, 2020, the Internal Revenue Service (IRS) released Notice 2020-51, which provides guidance on the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s waiver of required minimum distributions (RMD).

IRS Provides Additional CARES Act Plan Distribution and Loan Relief Guidance

July 2, 2020

On June 19, 2020, the Internal Revenue Service (IRS) released Notice 2020-50, which provides guidance on the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s retirement plan distribution and loan relief provisions.

IRS Allows for Remote Notarization for Spousal Consent

June 17, 2020

On June 3, 2020, the Internal Revenue Service (IRS) released Notice 2020-42 which provides 2020 relief for what is known as the “physical presence” requirement for spousal consent.

DOL Issues Final Electronic Disclosure Safe Harbor Rules

June 10, 2020

Recently issued final rules from DOL outlines rules for electronic delivery of plan-related communications and actions participants can take.

IRS Extends Certain Time-Sensitive Deadlines Until July 15

April 21, 2020

On April 9, 2020, the Internal Revenue Service (IRS) released Notice 2020-23. This guidance extends the deadlines until July 15, 2020 for certain actions required by the federal tax rules that are otherwise due to be performed on or after April 1, 2020, and before July 15, 2020.

Legislation To Allow 403(b) Plans To Invest In Lower-Cost Investments Introduced In House

March 31, 2020

On March 12, 2020, Rep. Jimmy Panetta (D-CA) introduced the Public Service Retirement Fairness Act to permit 403(b) plans to invest in Collective Investment Trusts (CITs).

Coronavirus Aid, Relief, and Economic Security Act Signed into Law

March 30, 2020

The $2 trillion stimulus bill, known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act, was signed into law on March 27, 2020, and addresses a range of economic and health-related issues resulting from the COVID-19 pandemic. The following are retirement-related provisions and implications of the CARES Act:

Advocacy and Thought Leadership

MissionSquare Retirement works with industry groups and meets with key Congressional staff at the Federal level as well as representatives at the State level to share our perspectives on policies and legislation we believe will positively impact plan sponsors and participants and better enable us to fulfill our mission of helping public employees build retirement security. Read more.

We encourage you to use this resource for updates on these and other retirement-planning topics as they develop.

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