If the IRS later determines an employee's original deferral violated some new rule (say, just missing a deadline for deciding to defer pay), he'll have to pay regular taxes and the 20% penalty tax on the whole balance (including earnings).
Now without a permanent chairman and missing a member, the commission has been in no hurry to draft a fiduciary rule, which it recommended under the Dodd-Frank financial reform law more than two years ago.
These leaders are doing something important in helping to hammer out the missing variable in job creation, good money, and creating a forum where the proponents of the Taylor Rule and the proponents of the gold standard can make their respective cases.