This year, the IRI has also issued a state advocacy blueprint calling on states to focus on educating individuals about the importance of retirement planning and encourage federal policymakers to enact proposals expanding access to private-sector retirement plans.
Tag: retirement plan legislation
Two members of the U.S. House of Representatives, one a Democrat and the other a Republican, have introduced H.R. 1439, known as the Increasing Access to a Secure Retirement Act.
Speakers during a webcast said passage of legislation to allow for open MEPs will be a disruptor affecting nearly all stakeholders in the retirement industry, including broker/dealers and advisers.
Chief executive officers of Church Alliance member organizations submitted letters to key Congressional leaders relating to an issue of an informal position taken by the Treasury Department and IRS, under which certain church-affiliated organizations are barred from sponsoring church retirement income account plans offered under section 403(b)(9) of the Internal Revenue Code.
Federal employees and contractors would be able to take retirement account distributions without penalty and be able to repay the distributions to their accounts.
A bipartisan pair of Senators introduced another retirement-focused piece of lame duck legislation, including more than 50 provisions aimed at increasing savings in DC plans and IRAs.
The consensus in early commentary is that the new House proposal appears to closely align with bipartisan legislation with potential majority support in the Senate.
Mostly party-line House action this week included passage of the Family Savings Act, which features key provisions drawn directly from the popular Retirement Enhancement and Savings Act.
The amendment is a fiduciary rule safe harbor for the selection of a lifetime income provider for retirement plans.
The IRS has issued two modified safe harbor explanations which take into consideration changes related to qualified plan loan offsets and other statutory changes.
Democratic Senator Patty Murray says her bill would be a strong first step toward addressing some of the key hurdles facing women as they save for retirement in defined contribution plans; there are also proposed protections for part time workers and lower income individuals.
A trio of bills introduced before the House Ways and Means Committee this week offer the first detailed look at Republican Congressional leaders’ hopes for “Tax Reform 2.0,” which include many initiatives supported broadly by retirement industry stakeholders.
"As businesses become more aware of employee ownership's advantages—which include higher corporate performance, a share in the rewards for employees, and a retirement plan that often outperforms other alternatives—it is easy to see employee ownership increasing,” said ESOP Association President J. Michael Keeling.
He says he will seek legislation that would require pension plans managed by religious organizations in Rhode Island to send regular updates on the financial health of the pensions to their plan participants.
The bills would allow for pooled employer plans, incentivize employers to adopt plans with automatic enrollment; allow employers to automatically enroll their workers in emergency savings accounts; and make it easier for individuals to automatically save their tax refunds.
The bill would create an online database for participants to find "lost" retirement accounts and would change rules for automatic cashouts and rollovers.
The legislation helps protect defendants who settle lawsuits from claims from co-defendants.