September 2026 - Spotlight on Benefits

Does Your Retirement Plan Need an Amendment for Saver’s Match?

Recently issued IRS Notice 2026-48 provides initial guidance on the Saver’s Match created by SECURE 2.0 largely to replace the current Saver’s Tax Credit. Under the Saver’s Match, beginning in 2027, eligible taxpayers with a maximum modified adjusted gross income (MAGI) of $35,000 ($71,000 for married filing jointly) are eligible to receive a matching contribution equal to 50% (reduced across a phaseout range as MAGI increases) of qualified retirement savings contributions up to $2,000. Qualified retirement savings contributions include contributions made by the taxpayer to a traditional or Roth IRA, elective deferrals to a 401(k), 403(b), or governmental 457(b) plan, SIMPLE 401(k) or IRA, SEP, and certain other specified contributions. Taxpayers will claim the Saver’s Match on a form filed with their tax return.

The Saver’s Match will be made by the Treasury Department directly to the plan or IRA, with the first match paid in 2028. The plan or IRA will treat the Saver’s Match as a pretax elective deferral contribution.

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Seventh Circuit Splits with Sister Circuits, Rules Employers Entitled to Full Credit for Prior Partial Withdrawal Liability

On September 17, 2026, the US Court of Appeals for the Seventh Circuit handed employers a significant win in Central States, Southeast and Southwest Areas Pension Fund v. Consumers Concrete Corp., No. 25-1765, affirming a district court ruling that rejected a multiemployer pension fund’s $23 million withdrawal liability assessment. The decision deepens a growing disagreement among the federal circuits over how to implement the standards under the Multiemployer Pension Plan Amendments Act of 1980 (MPPAA) for applying an employer’s credit for a prior partial withdrawal liability assessment against the later calculation of the employer’s liability for a complete withdrawal, and it carries real financial consequences for employers that contribute to multiemployer pension plans.

Case Background and Holding

Consumers Concrete Corp. was a contributing employer to the Central States, Southeast and Southwest Areas Pension Fund. In 2017, Consumers Concrete partially withdrew from the Fund and was assessed approximately $11.3 million in partial withdrawal liability. Two years later, in 2019, the company completely withdrew from the Fund and was assessed roughly $22.9 million in complete withdrawal liability.

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What Employers Need To Know About Trump Account Contribution Programs

On August 11, 2026, the IRS published proposed regulations providing guidance on employer contributions to Trump Accounts under new Section 128 of the Internal Revenue Code. The regulations are only proposed and would not take effect until the plan year following the year in which these regulations are finalized (thus, 2027 at the earliest). Employers can rely on the proposed regulations in the meantime. Issues discussed below may change before the guidance is finalized.

Background

A Trump Account contribution program is a separate written plan maintained by an employer for the exclusive benefit of its employees, providing contributions to the Trump Accounts of employees or the employees’ dependent(s). There are two main types of contributions: (1) contributions elected by the employee, potentially on a pretax basis, and (2) contributions made by the employer, also potentially on a pretax basis.

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