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.