Senate Majority Whip John Barrasso (R-WY) and Rep. Claudia Tenney (R-NY) have introduced the Simplifying Modern Access to Retirement Tools for Savings (SMART) Act of 2026 into their respective houses of Congress. Sen. Barrasso and Rep. Tenney both cited NAIFA’s strong support in their press releases announcing the legislation.
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Sen. Barrasso and Rep. Tenney Cite NAIFA's Support for the SMART Act to Modernize IRA Rules
Topics: Retirement Planning Individual Retirement Accounts Supported Legislation
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NAIFA Applauds IRS Move on Retirement Plan Catch-Up Contributions
Retirement planners can breathe a sigh of relief.
The IRS has delayed implementing a provision of the SECURE 2.0 legislation that would require retirement plan catch-up contributions by high-income earners to be made as after-tax Roth-style contributions rather than pretax contributions. The legislative language states that the change is effective after 2023, which would have presented unworkable communications, record-keeping, and implementation challenges to plan sponsors and participants as well as advisors. Prior to this fix, some plan sponsors had said they would likely have to eliminate the ability of employees to make catch-up contributions.
