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Posted

From my quick search in House-passed H.R. 1 (the “One Big Beautiful Bill”):

I found no amendment to titles I, III, or IV of the Employee Retirement Income Security Act of 1974.

I found nothing that would amend the Internal Revenue Code’s conditions for a tax-qualified or eligible retirement plan.

Section 110016 would revise Internal Revenue Code § 25B’s credit to include contributions to a § 529A ABLE account in qualified retirement savings contributions.

Beyond ERISA and the tax Code, amendments of the Administrative Procedure Act, the Congressional Review Act, and other law would call for yet more elements of information to be included in rulemakings and reports to Congress. These could lengthen the work it takes to make a rule or regulation.

Section 112211: “The Secretary of the Treasury may not regulate, prohibit, or restrict the use of a contingent fee in connection with tax returns, claims for refund, or documents in connection with tax returns or claims for refund prepared on behalf of a taxpayer.”

I’m not counting changes to retirement plans for US government employees.

Did I miss anything retirement-plans practitioners care about?

Peter Gulia PC

Fiduciary Guidance Counsel

Philadelphia, Pennsylvania

215-732-1552

Peter@FiduciaryGuidanceCounsel.com

Posted

Although technically a retirement topic, but nonetheless an important provision for individuals over age 65, "(Sec. 110204) This section expands eligibility to make tax-deductible HSA contributions to include individuals who are 65 years or older and are enrolled in Medicare Part A."

This makes available a very tax-advantaged deferral opportunity that is in addition to 401(k) deferrals or IRA contributions.

I have seen some discussion where the bill does not override the provisions of the Statutory Pay-As-You-Go Act of 2010 so the increased spending would trigger a 4% cut in Medicare payments starting in 2026.  An HSA would help deal with the decreased Medicare payments.

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