Regulatory roundup

More retirement-related regulatory news for plan sponsors, including links to detailed information.

New report on long-term projections for Social Security
The Congressional Budget Office (CBO) released the report “CBO’s 2017 Long-Term Projections for Social Security: Additional Information.” This year, in lieu of publishing a separate report providing additional information on the agency’s long-term projections for Social Security, the CBO is publishing the data that it would have presented in that report.

For more information, click here.

Changes to long-term Social Security projections since 2016
A report from the Congressional Research Service explains the changes to the CBO’s long-term Social Security projections since last year. Compared with those made in July 2016, the CBO’s latest projections indicate a slight improvement in the financial outlook for Social Security.

For more information, click here.

Revised factor for adjusting a participant’s high-3 compensation limitation under Section 415(b)(1)(B)
The Internal Revenue Service (IRS) issued Notice 2017-64, providing a listing of dollar limitations applicable to qualified retirement plans as adjusted for cost-of-living adjustments for 2018. This document provides a revised factor for adjusting a participant’s high-3 compensation limitation under section 415(b)(1)(B) of the Code for plan years beginning on or after January 1, 2018. The revision is necessary due to the adjustment by the U.S. Bureau of Labor Statistics (BLS) of the Consumer Price Index for All Urban Consumers (CPI-U) for the months of July 2016 and August 2016, used in the calculation of the factor. After taking into consideration the adjustments made by the BLS, the factor is 1.0197.

For more information, click here.

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