Cavanaugh Macdonald issues a White Paper on the Inflation Reduction Act

President Joe Biden signed the Inflation Reduction Act of 2022 into law on August 16, 2022. The Inflation Reduction Act (IRA) aimed to make historic investments in the nation’s social safety net. The new bill contains provisions to combat climate change, to lower the cost of prescription drugs and to raise taxes on corporations. Of particular interest to public sector retiree healthcare plans and retirement systems are the changes to Medicare Part D and a three-year extension of the enhanced subsidies for plans purchased on the Affordable Care Act (ACA) exchanges.