increase the balance limit from $5,000 to $7,000 for employers to transfer former employees’ retirement accounts from a workplace retirement plan into an IRA.expand the SECURE Act’s open MEP provisions to allow unrelated public education and other non-profit employers to join a 403(b) MEP.establish an online “Retirement Lost and Found” database at the Department of Labor to help workers locate their retirement savings as they move from job to job.make it easier for employees to find lost retirement accounts by creating a national online database of lost accounts (to be managed by the PBGC).expand the Employee Plans Compliance Resolution System and.
provide a safe harbor for corrections of employee elective deferral failures.allow individuals to receive an employer match in their retirement plans for paying down a student loan.increase the required minimum distribution age to 75.allow a higher catch-up limit to apply at age 60 (from 2020’s $6,500 to $10,000) and raise the SIMPLE plan limit from $3,000 to $5,000.allow 403(b) plans to join together to offer retirement plans to their employees in multiple employer plans (MEPs).increase and “modernize” the existing Saver’s Credit for contributions to a retirement plan or IRA.expand auto-enrollment by enrolling employees automatically in their company’s 401(k) plan when a new plan is created.Among those measures are the Securing a Strong Retirement Act of 2020 (SECURE 2.0) and the RISE Act. We are “on the precipice of seeing action this year” on key legislation that will affect the industry and participants, said Adams. 7 session of the 2022 NTSA Summit in Phoenix, American Retirement Association Chief Content Officer Nevin Adams offered attendees a look at some big picture “seismic shifts” affecting the retirement industry. The devil may be in the details, but they occur against a bigger backdrop.
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