Washington Perspective

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

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

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

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.

Senators Cardin and Portman reintroduce the Retirement Security and Savings Act

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

$325 Billion in Direct Assistance for State and Local Governments

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

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

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.

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.”

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

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").

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.

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.

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).

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.

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.

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

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.