At this interim juncture it seems that essentially all of the changes to 457(b) and 403(b) plans that were being contemplated by the Senate have been dropped.
Tag: Retirement New Legislation
Each having passed their own version of the bill, the House and Senate now enter the conference committee phase, during which key legislators will attempt to craft a unified version of the Tax Cuts and Jobs Act.
Among other adjustments viewed as vital to the expansion of open multiple employer plans, the bill would remove the “one bad apple” rule and the commonality requirement.
Following the earliest stages of debate, both the House and the Senate seem to have backed away from major changes to deferred compensation arrangements, as well as from other retirement-industry focused proposals.
The GOP tax reform proposal leaves 401(k) deferrals alone, but there are other significant reforms in the package that would change the treatment of hardship withdrawals and in-service distributions for DC, DB and 457 plans, among others.
Early interpretation of the 500 page tax legislation released by majority Republicans suggests the treatment of retirement account salary deferrals will largely be left alone.
“In terms of the legislative agenda going forward, there is definitely a discussion of a pivot to tax reform,” said Elisabeth Bell, tax counsel for Senator Ben Cardin; she also warned the potential for health care reform is far from settled.
One experienced benefits attorney says he has seen employee stock ownership plans do a whole lot of good for a lot of people during the course of his career—and he wants to see more.
A bill that would repeal much of the Dodd-Frank Wall Street Reform Act and block the DOL fiduciary rule has cleared the House Financial Services Committee.
Many providers have supported the moves by the House and Senate to effectively slow the creation of state- and city-run retirement plans for the private sector, but other parties are severely disappointed by these actions.
LIMRA finds reactions were “mixed” among small-business owners regarding Connecticut’s forthcoming program offering state-administered retirement planning to private-sector employees.