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Proposed Tax Reform has Implications for Educators
Federal Tax Reform Proposal
Contact your legislators now!
Members are asked to contact key members of the US Senate to oppose a provision in the Senate tax reform bill that will negatively impact OAESA & OASSA members and other school employees (Senate contact information below). Please make contact as soon as possible!
Issues affecting OAESA & OASSA members and other school employees:
Catch-up provisions for 457 and 403(b) plans--the Senate version of tax reform legislation contains language that eliminates the special "catch-up" rules that allow for increased pretax contributions by plan participants.
The proposal would eliminate the following current IRS contribution limits and increases to the general annual contribution limit:
- 457(b) plans of state and local governments may allow catch-up contributions for participants who are aged 50 or older.
- Special 457(b) catch-up contributions, if permitted by the plan, allow a participant for three years prior to the normal retirement age (as specified in the plan) to contribute the lesser of:
- Twice the annual limit ($37,000 in 2018 and 36,000 in 2015 - 2017), or
- The basic annual limit plus the amount of the basic limit not used in prior years (only allowed if not using age 50 or over catch-up contributions).
We are concerned that members may have already commenced additional contributions under the current rules and will be caught midstream if the tax code changes at the end of 2017. It will be confusing to members to explain why some of their previous contributions were allowed as pretax contributions. And we don't want the Senate to stop the catch-up contributions altogether, eliminating a current benefit for members.
Therefore, we are hoping that members will contact the offices of Senator Brown and Portman, as well as leadership (Senator Mitch McConnell, Senate president, and Senator Orrin Hatch, chairman of the Senate Finance Committee).
We are asking that the current catch-up provisions be maintained. We have included the numbers and e-mail addresses of Ohio Senators and their staff for your convenience. A very brief e-mail and phone message stating who you are and what you are asking is all that's necessary.
Senator Sherrod Brown: 202-224-2315 (office)
Gideon Bragin: email@example.com
Senator Rob Portman: 202-224-3353
Charlie Bolton: firstname.lastname@example.org
Senator Mitch McConnell: 202-224-2541
Phil Maxson: email@example.com
Senator Orrin Hatch: 202-224-5251
John Tanner: firstname.lastname@example.org
Preston Rutledge, senior staff on Senate Committee on Finance,