The agency ended its determination letter program effective in 2017, but said it will measure the need for exceptions in a variety of ways including annual input from the Employee Plans (EP) community.
With the passage of the Senate’s version of tax reform, the stage is set for a bicameral conference committee process through which a select group of legislators will try to rectify the House and Senate bill texts.
Analysts warn it’s too soon to tell what middle ground, if
any, may be reached between the House and Senate; for now 401(k) retirement
plan deferrals appear to be mostly unaltered, but other important changes are
It appears 401(k) contributions won’t be affected by tax
reform, but one industry veteran warns the process is still only just beginning—and
that tax uncertainty is “unfortunately not likely to ever go away.”
Find here a link to our sister publication’s chart denoting
the 2018 maximum benefit and contribution limits set by the IRS, including current
and historical limits on all types of tax-advantaged retirement accounts.