Source: Pension Policy International
On Tuesday, Day 28 of the government shutdown, federal agencies and departments were unable to make important updates that, if delayed much longer, could affect retirement plans and their participants.
The Internal Revenue Service, for example, operated as normal in the early days of the shutdown, but eventually needed to furlough employees and to further reduce operations as the government closure dragged on.
As it stands now, the agency is unable to publish critical information that normally would be released in fall. For example, each fall, the IRS publishes updates to various limits in defined contribution plans, such as the maximum amount individual participants can contribute to their plan. Last year, that guidance was released in early November.