The Bipartisan Budget Act of 2018 established the committee and requires that it hold public hearings, and vote on its findings and legislative recommendations no later than November 30.
Tag: retirement plan legislation
Several provisions of the two-year budget bill affect retirement plans.
According to a press release on Senator Chuck Schumer’s website, the new law would create a Joint Select Committee to Solve the Multiemployer Pension Crisis.
Wolters Kluwer Legal & Regulatory U.S. issued a white paper, “Tax Cuts and Jobs Act Will Present Retirement, Benefits, Executive Compensation and Payroll Professionals with New Challenges in 2018."
The IRS notice also includes a modified unisex version of the mortality tables for use in determining minimum present value for distributions with annuity starting dates that occur during stability periods beginning in the 2019 calendar year.
In addition to expanding access to MEPs, the bill would facilitate lifetime income disclosure and clarify the current annuity selection safe harbor.
The legislation would take steps to provide additional anti-cutback protections for Teamsters, miners, and other unionized American workers who have paid significant sums into multiemployer pension funds.
The RETIRE Act would ensure employers make retirement information easily accessible online, while providing protections for employees who prefer to receive paper documents.
The calendars summarize the annual compliance requirements and disclosure obligations that retirement and health plan sponsors need to know.
Congress has periodically adjusted the cash-out limit over the years to reflect increasing costs of plan administration; however, the last time it was updated was 1997.