Bloomberg Law
May 25, 2023, 6:10 PM

Fixes Are Coming for Recent Retirement Law, Lawmakers Tell IRS

Austin R. Ramsey
Austin R. Ramsey

A bipartisan coalition of congressional leaders say they intend to pass new legislation clarifying several head-scratching provisions in a new retirement access package signed into law late last year.

Proposed technical corrections would delineate limits on startup tax and employer contribution credits and settle when increased required minimum distribution ages would kick in, according to a letter several Senate and House committee leaders sent to the Treasury Department and IRS on Thursday.

The lawmakers said they also intend to spell out when individual retirement account Roth contributions are permissible and ensure that catch-up contributions are permissible for all savers, correcting ...

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