Government Shutdown: The Impact on Retirement Plans

With the government officially "shut down", many "non-essential" government functions have been suspended and workers may have been furloughed. All regulatory and research functions have been suspended--meaning that guidance on SECURE Act 2.0 provisions may be delayed. Routine DOL audits have been suspended and will not resume until the government reopens. Due to limited staffing at the IRS, it's also possible that cost-of-living updates (which are generally released late in October) may be delayed. The same is true with the Social Security Administration, which generally releases its cost-of-living adjustments in October. It's important to remember that all deadlines remain unchanged, including the Form 5500 filing deadline (although processing may also be delayed). For more information on the filing and qualification requirements that apply to qualified retirement plans, visit Tax Facts Online. Read More: Link to Q3714.