Dear Members,
Last week, a coalition of retirement industry trade associations met with congressional staff to press for legislation to delay the effective date of Section 603 of SECURE 2.0. The coalition included NAGDCA, the American Benefits Council (ABC), and the National Coordinating Committee for Multiemployer Plans (NCCMP), along with several payroll providers and record keepers. The meeting was a follow up to a recent white paper explaining the issues different organizations face in implementing Section 603.
The staff on the call actively listened and asked several questions about how they could help. They were especially receptive to the difficulties government plans face in meeting the current effective date. While nothing will be certain until a legislative fix is signed, the call was encouraging, and the fact that so many organizations and firms were willing to come together on the call added significant weight to the argument NAGDCA has been making since SECURE 2.0 first passed late last year.
To further our efforts, ABC has created an Action Letter to demonstrate the depth and breadth of the organizations needing more time to implement Section 603. NAGDCA has signed this letter on behalf of our members, but we encourage any of you who are interested to add your organization to the list. Currently, more than 100 different entities have joined the letter. If you are interested, please sign on by Monday, June 26th.
SIGN LETTER HERE
Thank you for your continued support on this issue. We will continue to keep you updated as our conversations progress.
Regards,
Matt Petersen
NAGDCA Executive Director