Summer 2023

Dear Taxation Section Members:

It is an honor to serve as Chair of the Taxation Section for the 2022–2023 term. Like the prior year, this year has continued to be a year of transition from the pandemic. It has been great to have returned to in-person meetings and programming, especially for our marquis events. I feel like the Tax Section has been energized by these activities. Yet, virtual programming has allowed us the opportunity to bring more programming to our members across Michigan, especially for committee events. The Taxation section has also offered several events, including Tax Council meetings, with options to attend both in-person or virtually.

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Samantha Kopacz of Miller Canfield continues to act as Chair of the Employee Benefits Committee. On February 2, 2023, the Employee Benefits Committee met virtually for a “Roundtable Discussion on Employee Benefits Hot Topics.”

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By Neal Nusholtz

A “catch 22” happens when the act of claiming something contradicts the truth of what is being claimed. The term comes from Joseph Heller’s satirical novel about World War II, “Catch-22.” In his novel, an army psychologist explains to the main character, John Yossarian, that if a pilot claims insanity as a reason to discontinue flying dangerous missions, the pilot is not insane because it is the rational request of a sane person. The psychologist calls the inconsistency a catch-22.

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By Samantha A. Kopacz, Brian T. Gallagher, Katina K. Gorman and Samuel L. Parks

Following the passage of the Setting Every Community Up For Retirement Enhancement Act (the "SECURE Act") at the end of 2019, another—arguably even more sweeping—set of retirement plan changes were passed into law in the final days of 2022. This second set of eagerly-anticipated, comprehensive retirement plan changes is commonly known as the SECURE 2.0 Act (the "Act"). The Act was signed into law on December 30, 2022, as part of the Consolidated Appropriations Act of 2023. This article provides an overview of the major changes applicable to retirement plans under the Act.

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Michael P. Monaghan
Chair

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