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September 1st, 2020 Information & Insights for the 403(b) Community Analysis of Biden’s Retirement Savings Tax Credit Concept Retirement industry experts say more should indeed be done to help lower-income workers save for the long-term future, but disagreement persists about the best strategies to accomplish this important public policy goal. DOL Proposes Rule on Employee Benefit Plan Proxy Voting The proposal sets forth ‘permitted practices’ under which the plan fiduciary can adopt certain proxy voting policies and parameters, among other things. Ask the Experts Does the RMD Age Change Affect Rules for Special Catch-Up in 457 Plans? “We are a public university that sponsors both a 403(b) and 457(b) plan. For the special three-year catch-up election permitted in our 457(b) plan, I realize that the election is limited to the three calendar years prior to attainment of the plan’s normal retirement age—age 70.5 in our plan, which we understood was the maximum retirement age that we could implement. But, given the recent changes under the SECURE Act, could we increase our plan’s normal retirement age to 72?” Few Divorcing Couples Explore QDROs Older couples and women, in particular, are often put at a retirement disadvantage when faced with a divorce, a GAO report finds. IRS Issues Guidance About the Payroll Tax Deferral The guidance defined the ‘applicable wages’ per pay period that qualify for the deferral, as well as how the Social Security tax must be paid back. Did someone forward you this newsletter? Sign up here to get (b)lines directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us Copyright ©2024 Asset International, Inc. All rights reserved. No reproduction without prior authorization. Modern Slavery Statement 2022 | Do Not Sell My Personal Information | Privacy (including cookies), Social Media & Legal 702 King Farm Boulevard, Suite 400, Rockville, MD 20850