"[Notice 2023-62] confirms that catch-up contributions are here to stay and were not eliminated. Also, the transition period for the mandatory treatment of Roth contributions for high-income individuals shows the IRS's intent to issue further guidance on unresolved issues surrounding implementation of that provision."  MORE >>

"Besides giving plan sponsors and administrators breathing room to comply, the transition period gives the IRS and Congress time to reevaluate Section 603 and provide clear statutory authority for the positions taken in the guidance. However, it's unclear whether the IRS has the authority to issue guidance that appears to conflict with statutory language."  MORE >>

"[6] Failing to amend plans.... [7] Income taxation of 457(f) plans.... [8] FICA taxation of 457 plans.... [9] Code Section 409A.... [10] Excise tax on compensation above $1,000,000." [Also see Part 1]  MORE >>

"[K]ey takeaways and actionable next steps [from the 7th Annual Aspen Leadership Forum on Retirement Saving]: ... [1] Different workers have different financial needs.... [2] 'Personalization' may be the route to equity in retirement savings.... [3] Federal and state governments are critical partners in growing the private retirement market.... [4] Act now to capitalize on the Saver's Match.... [5] The retirement ecosystem needs more -- and more diverse -- champions."  MORE >>

15 pages; rev. Sep. 2023. "Most states have chosen to retain their defined benefit (DB) plan by modifying required employer and employee contributions, restructuring benefits, or both. Some states, however, have looked to hybrid plans as a retirement benefit policy solution or as a political compromise."  MORE >>

"This Bill would generally replace the current-law windfall elimination provision (WEP) with a new formula ... for individuals becoming eligible for OASDI benefits in 2068 or later. Individuals becoming eligible after 2024, but before 2068, would receive the higher of their benefit using the PSF and their benefit using the current-law WEP.... Over the period 2023 through 2032 ... the program benefit cost for the OASDI program would be increased by $25.2 billion.... [E]nactment of the Bill would result in a negligible increase in the OASDI actuarial balance over the 75-year projection period as a whole."  MORE >>

"Pension finances slipped during August, as falling stock markets outweighed higher interest rates. Both model plans ... lost ground last month: our traditional Plan A lost 1% but remains up 8% for the year, while the more conservative Plan B lost a fraction of 1%, remaining up almost 2% for the year through August."  MORE >>

"The [IRS] today announced tax relief for individuals and businesses affected by Idalia, anywhere in South Carolina. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments.... All 46 counties in South Carolina qualify. Individuals and households that reside or have a business in these counties qualify for tax relief."  MORE >>