The Administration’s 2014 budget: provisions affecting retirement benefits

On April 10, 2013 the Administration released its 2014 budget (hereafter, the ‘Budget’). In this article we review sections of the Administration’s budget that affect company retirement plans: a proposed PBGC premium increase; a $205,000 annual ‘annuity cap’ on tax-favored retirement savings; a 28% ‘deduction cap;’ implementation of the ‘Buffet Rule;’ and Auto-IRAs. Increase in… Read More

Entitlement reform and retiremnt benefits

In this article we begin with a brief update on the current timing of coming ‘budget battles’ and then discuss the extent to which possible changes in Social Security rules, intended to reduce entitlement expenditures, may affect retirement plans. The current state of the budget battles So far this year, Congress has passed a fix… Read More

Budget Crises: Issues for Retirement Plans

The first part of 2013 is shaping up to involve a series of political crises related to the budget and the budget deficit. In this article we review the key dates (when, in effect, the crises become ‘critical’) and whether and which retirement plan issues may be part of any related Congressional action. Budget crises… Read More

‘Fiscal cliff’ legislation and retirement benefits: 2013 explained

Earlier this month, Senate and House passed, and the President signed, the American Taxpayer Relief Act of 2012. The new law avoids the ‘fiscal cliff’, which would have triggered significant tax increases this year for most taxpayers. In this article we discuss the effect of the new legislation on retirement savings tax incentives. Roth conversions… Read More

Fiscal cliff & retirement plans: Capital gain & dividend taxes

We have posted a series of articles on the impact on 401(k) plan participants of possible changes in the Tax Code, including “The value of retirement benefits and tax policy”, “The ‘fiscal cliff’ and retirement plan participants”, “The fiscal cliff and retirement plans: ‘caps on deductions’”, and “The fiscal cliff and retirement plans: Medicare taxes”…. Read More

Tax policy and retirement plans — a summary

We have posted a series of articles separately analyzing the impact on 401(k) plan participants of possible changes in the Tax Code, including comprehensive tax reform proposals, proposals in connection with ‘solving’ the ‘fiscal cliff,’ caps on tax preferences, the new Medicare tax on net investment income and capital gains and dividend tax treatment. In… Read More

The fiscal cliff and retirement plans: Medicare taxes

As part of the Patient Protection and Affordable Care Act (PPACA), for joint filers making over $250,000, Medicare taxes will increase beginning in 2013. This tax increase is part of the ‘fiscal cliff’, but there has been, generally, no discussion of, e.g., delaying the effective date of this new tax. The new tax will have… Read More

The fiscal cliff and retirement plans: ‘caps on deductions’

We have written several times about proposals to change the Tax Code and the effect of such proposals on, e.g., 401(k) plan participants. There is currently talk, in connection with ‘avoiding the fiscal cliff,’ of ‘capping’ retirement savings tax benefits, generally in connection with a broader cap on tax deductions or tax preferences or tax… Read More

Retirement savings tax incentives and the data

Most agree that at some point in the relatively near future Congress will “do something” about the budget deficit, entitlements and tax reform. While there is much partisan disagreement about what should be done, there is widespread, bipartisan agreement that something must be done, and that these three issues — the deficit, entitlements and taxes… Read More

Congressman Neal introduces retirement savings legislation

Congressman Neal (D-MA) has introduced legislation — H.R. 4050, the “Retirement Plan Simplification and Enhancement Act of 2012” — which would make a number of changes to ERISA and the Tax Code. It’s unlikely in an election year that this bill will pass, but the issues it addresses — retirement income, annuities, electronic disclosure, simplification… Read More

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