National Conference on Public Employee Retirement Systems

The Voice for Public Pensions

Print Page

Blog

National Organizations Urge Treasury/IRS to Recognize Unique Legal Constructs of Governmental Plans When Issuing SECURE 2.0 Guidance

  • By: admin
  • On: 05/12/2023 11:16:46
  • In: News
  • Comments: 0
NCPERS joined national organizations to submit comments yesterday to the U.S. Treasury Department regarding pending regulatory guidance on "SECURE 2.0" retirement provisions.
 

National organizations representing state and local governments, elected officials, finance officers, employee organizations and retirement systems jointly submitted comments to the U.S. Treasury Department regarding pending regulatory guidance on "SECURE 2.0" retirement provisions. The organizations urged Treasury and IRS to recognize the state and local statutory and regulatory governance structures in place for public retirement plans when promulgating regulations surrounding the new law.
 
Notably, governmental plans may need additional time to amend state and local statutes to come into operational compliance with some of the recently-enacted provisions. Further, they are exempt from ERISA and should be afforded reasonable, good-faith compliance with applicable state and local statutes, regulations and definitions. The organizations also asked to meet with federal officials to discuss further. Read the letter.
 
In addition to NCPERS, NASRA, and NCTR, signatory organizations included the National Conference of State Legislatures (NCSL), National Association of Counties (NACo), United States Conference of Mayors (USCM), National League of Cities (NLC), International City/County Management Association (ICMA), National Association of State Treasurers (NAST), Government Finance Officers Association (GFOA), National Association of State Auditors Comptrollers and Treasurers (NASACT), International Association of Fire Fighters (IAFF), National Association of Police Organizations (NAPO), and National Association of Government Defined Contribution Administrators (NAGDCA).

Comments

There have been no comments made on this article. Why not be the first and add your own comment using the form below.

Leave a comment

Please complete the form below to submit a comment on this article. A valid email address is required to submit a comment though it will not be displayed on the site.

HTML has been disabled but if you wish to add any hyperlinks or text formatting you can use any of the following codes: [B]bold text[/B], [I]italic text[/I], [U]underlined text[/U], [S]strike through text[/S], [URL]http://www.yourlink.com[/URL], [URL=http//www.yourlink.com]your text[/URL]

Contributors