On Taxes and Retirement, Here’s What Could Change in 2025
That said, “the moment tax reform is on the table, everything is on the table. In order to pass the reconciliation bill, they must generate sufficient revenues to meet the agreed upon net number. This is where surprises can appear,” Bush pointed out. Retirement Policy While Secure 2.0 regulatory guidance is anticipated next year, the Labor Department’s fiduciary and ESG rules put forth under the Biden administration “are natural focal points for the incoming administration and Congress,” said Mark Iwry, the former head of national retirement policy during the Obama-Biden administration, who’s now a nonresident senior fellow at the Brookings Institution in Washington. Groom Law Group attorneys noted on a recent webcast that among the Secure 2.0 changes anticipated next year are projects such as the retirement “lost and found” registry, savers match and portability studies. Catch-up contribution changes and part-time employee rules are also expected in early 2025, the lawyers said. Iwry noted that two major factors should “limit the impact” of the presidential transition on Secure 2.0. First, the law “was famously bipartisan, largely because much of it was proposed by and for industry stakeholders,” Iwry said. Second, “plan sponsors and their advisors, recordkeepers and other service providers need...
