Some Retirement, Benefit Rules Outdated, Should Go, IRS Says

Several retirement and benefit rules are among nearly 300 regulations the IRS deems unnecessary and would like to do away with.

The regulations either have no future applicability or interpret tax code provisions that were “significantly revised,” the Internal Revenue Service said in its Feb. 13 proposal. Many regulations related to retirement plans and benefits predate the enactment of the major federal benefits law, the Employee Retirement Income Security Act.

The proposal is a response to two 2017 executive orders. President Donald Trump ordered federal agencies to form task forces to identify existing regulations that are outdated, unnecessary, or ...