Groom principal and policy practice chair Brigen Winters was quoted in the CNN Business article, “New retirement law increased tax-free savings options,” where he spoke on changes in laws governing retirement plans that go into effect in 2024.
CNN reported, “One issue to watch this year: There is a drafting error in the law that would ban the right to make any catch-up contributions after 2024. So lawmakers either must make a technical correction in the law, or the Treasury and IRS will need to issue regulatory guidance to plan sponsors to clarify that catch-up contributions are intended to be permitted, said Winters.”
In discussing how, beginning in 2024, Roth 401(k) plans will no longer be subject to required minimum distribution rules, CNN noted, “That can be a benefit, Winters said, if you like the investments offered in your 401(k) plan and if they have a lower cost than what you might find if you managed your own IRA in a brokerage account.”
To read the article, click here.
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