Federal Managers Association

In the News

• IRS announces two-year delay to TSP catch-up contribution changes - August 29, 2023

• New rules requiring high-income 401(k) participants to make catch-up contributions only to Roth accounts will not take effect until 2026.

  Erich Wagner, Government Executive

  The Internal Revenue Service last week announced that it would delay implementation of new rules governing catch-up contributions in 401(k)-style retirement savings programs, including the federal government’s Thrift Savings Plan, until 2026.

  Last December, Congress passed the SECURE 2.0 Act, a bill aimed at making it easier for people to save for retirement. Among the law’s provisions are reforms to expand automatic enrollment in employer-sponsored retirement plans and increasing the age at which people must begin taking required minimum distributions from their 401(k)-style retirement plans from the current 72 years old to 75.

  To read the full article, click here.

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