Reflecting on the much-anticipated House vote, Kevin Walsh, principal with Groom Law Group, said today is an important day for the retirement industry, but it’s not the end of the story.
Tag: retirement plan legislation
A new research report and Catherine Collinson, with Transamerica Center for Retirement Studies, lay out steps all three can take to improve retirement confidence and readiness in America.
Plan sponsors can look for new legislation and regulations that will have big effects on retirement plans this year, and state legislation could add some confusion.
Like RESA, the SECURE Act contains popular measures to help Americans prepare for their long-term financial future by expanding opportunities to save for retirement in tax-qualified accounts.
A 2019 version of the popular “RESA” legislation has been reintroduced in the Senate, which has published a helpful section-by-section summary of the sweeping retirement reform proposal.
The new legislation includes the core provisions of H.R. 1007, the Retirement Enhancement and Savings Act.
The Pension Accountability Act is designed to give workers and retirees “a seat at the table” when a looming multiemployer pension bankruptcy may require major pension cuts, U.S. Senators from Ohio announced.
In addition, in a new 2019 State Retirement Security Blueprint, the Insured Retirement Institute (IRI) says the creation of state-run retirement plans is the wrong approach to addressing retirement security for all Americans.
H.R. 1439, known as the Increasing Access to a Secure Retirement Act, would establish a stronger Employee Retirement Income Security Act (ERISA) safe harbor for defined contribution (DC) plan sponsors to offer in-plan guaranteed income products.
If legislation allowing for open multiple employer plans (MEPs) is passed, it will be a while before implementation, and changes it will bring will affect services and business models of nearly every stakeholder in the retirement plan industry.
Given their diverse backgrounds, the speakers shared different points of emphasis in their testimony, but they all called on the lawmakers present to embrace bipartisanship and to enact commonsense solutions.
An informal position taken by the IRS is indicated by it excluding mention of non-qualified church-controlled organizations (non-QCCOs) from the ability to rely on pre-approved plans.
Federal employees and contractors would be able to take retirement account distributions without penalty and be able to repay the distributions to their accounts.
The bill would establish a Pension Rehabilitation Administration (PRA)—an entirely new agency within the Department of the Treasury authorized to issue bonds in order to finance loans to certain multiemployer pension plans.
Among some 50 other provisions aimed at improving retirement readiness in the U.S., the bill substantially increases the tax credit under current law for small businesses that adopt a new qualified retirement plan.
"The new legislation contains language addressing key IRI concerns including providing retirement plan participants with an illustration of how current savings would translate into an income stream in retirement and enhancements to automatic enrollment and contribution escalation features in retirement plans,” says Cathy Weatherford, president and CEO of the Insured Retirement Institute.
Before the House passed the Family Savings Act, leadership added the Senate’s annuity selection safe harbor provision from RESA, potentially increasingly the appetite for compromise legislation.