Puerto Rico Legislation May Require Changes To Retirement Plans

Author:Ms Nancy Gerrie, Jeffrey M. Holdvogt and Maggie McTigue
Profession:McDermott Will & Emery
 
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Puerto Rico enacted new legislation in February that will require changes to tax-qualified retirement plans covering Puerto Rico employees, including both Puerto Rico-only and dual-qualified (US and Puerto Rico) retirement plans. Act No. 9-2017 revises a number of Puerto Rico qualified retirement plan rules including contribution limits, rules related to nondiscrimination testing and employer deductions for retirement plan contributions. Questions remain about how and when to implement these changes, but the 2017 Act became effective...

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