Retirement Regulation

As background, changes made by the Tax Cuts and Jobs Act in 2017 required the IRS to revise the withholding tables and develop new forms to use to withhold taxes from periodic payments.

The highly anticipated retirement security bill, SECURE 2.0 Act, which is expected to become law by the end of 2022, is one step closer to passage, as it is now attached to the omnibus appropriations bill now before Congress.

Retirement savings plans could see a significant upgrade if this pending legislation becomes law before the end of the year, giving small businesses more ability to offer plans and opening up opportunities to gig workers.

National, state and local rules may continue to change, but employers need to be aware of regulatory changes and consult with their broker, compliance team and other trusted advisors.

After four consecutive 0.75 percentage point hikes, the Federal Reserve dialed back its inflation-fighting effort, but signaled more hikes to come in 2023.

The actuarial group relayed its support of automatic enrollment in new 401(k)s, benefit portability and other key provisions of the landmark legislation, expected to become law by the end of 2022.