Small-business employees in Connecticut will soon be able to access retirement planning services administered by the state, and their employers have a variety of opinions about what this mean.
State Street Global Advisors is just the latest firm to tell PLANADVISER that serious policy conversations going on behind closed doors in Washington very much include retirement tax reform.
The legislation would reform the Securities and Exchange Commission (SEC) Rule 701, which imposes a slew of regulations on small businesses, especially newly formed start-ups.
President Trump signed a resolution passed by the House and Senate overturning the DOL rule about city- and municipality-run retirement plans for private-sector workers.
The bill amends the nondiscrimination rules to protect older workers in plans that have been closed or frozen.
Some industry groups were worried the DOL rules would mean individuals in these plans would not get the same protections as those in employer-sponsored plans.
The Trump administration is nearly set to formally implement its delay of the Obama-era DOL fiduciary rule, set to take effect in just two weeks, aimed at curbing conflicts of interest in the advisory and investment industries.
One retirement industry advocate says recent meetings on Capitol Hill have left him with the expectation that “we will start to see proposals soon that will have a number of provisions—good and bad—that alter the retirement system.”
Interested parties can email the IRS by 5 p.m. ET on April 17, 2017, with any suggestions for its presentation.
A bill introduced to lawmakers directs the DOL and the Treasury Department to allow employers and sole-proprietors participating in retirement plans administered in the same way to file a single aggregated Form 5500.
The Insured Retirement Institute will spend the year pushing Congress and the Administration to advocate for legislation that would expand Americans’ access to advice and simpler annuities.
Serving governmental retirement plans is viewed as attractive by many providers, simply due to the sheer size and stability of the clientele, but one ERISA attorney warns there may be unexpected risk that comes along with such arrangements.
GOP lawmakers in the House and Senate suggests it is a federal government overreach for DOL to encourage or require states to offer workplace retirement savings programs for private sector workers.
Federal agencies and initiatives carry significant momentum and must be redirected carefully, but forcefully, by any incoming president.
John Scott with Pew Charitable Trusts says there are some complicating factors that do not lend to a straightforward analysis of how this will affect those plans if the resolutions get signed into law.
A look at the retirement plan run by CKE Restaurants offers some food for thought about why the company's CEO, Andrew Puzder, backed away from the post of Labor Secretary.
A Texas district court judge has rejected industry arguments that the DOL exceeded its authority in crafting the forthcoming fiduciary rule—what this spells for the regulation’s future under the Trump administration is unclear.
Their concerns are that small businesses will be discouraged from offering retirement plans to employees, and that employees put into state-run plans will not have the protections of ERISA and will have limited control over their retirement savings.