On September 15, 2021, the House Ways and Means Committee proposed an amendment to the $3.5 trillion budget reconciliation bill for 2022, including several employee benefits changes.
The tax portion of the bill would:
- Restrict Roth conversions and rollovers of after-tax contributions for all taxpayers,
- Introduce additional retirement plan restrictions for high-income taxpayers,
- Create plan reporting obligations for high account balances, and
- Accelerate unrelated changes in paid leave and executive compensation.
The portion of the bill promoting alternative vehicles would:
- Reinstate and expand the bicycle commuter benefit that had been suspended in 2018.
Get more details from our latest alert.