Introducing auto portability and allowing open multiple employer plans (MEPs) were simulated to have the biggest impact on decreasing the retirement income deficit.
Tag: retirement plan legislation
Both chambers of the state assembly have passed legislation that would require religious organizations that manage pension plans to send regular updates on the financial health of the pensions to plan participants.
One retirement industry executive says she believes the Senate could act quite quickly in taking up the SECURE Act, which just passed the House of Representatives with a practically unanimous yea vote.
With the passage of the SECURE Act by the House of Representatives, experts tell PLANADVISER they are optimistic that agreement will be reached with the Senate during this Congress, but the many supporters of retirement reform will have to wait and see how compromise might be reached.
Advisers can play a role by encouraging actions by plan sponsors and participants.
The latest legislation to affect retirement planning in 2019 and beyond.
A section-by-section overview of the Retirement Enhancement and Savings Act of 2019, which was just introduced in the U.S. Senate.
Among the proponents of the retirement enhancement legislation is the Insured Retirement Institute, which expects the Ways and Means Committee to advance the new bill as soon as the first week of April.
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.
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.