The close passage of the Heroes Act in the House of Representatives, with 208 yeas and 199 nays, underscores the difficult path ahead for the fourth coronavirus relief package.
Tag: retirement plan new legislation
The bill would require an explanation of how a lump sum was calculated—including the interest rate, mortality assumptions and whether any additional plan benefits were included in the lump sum, such as early retirement subsidies.
The House Ways & Means Committee has already approved the bill, which mirrors many of the key provisions of the Retirement Enhancement and Savings Act.
Introduction of the bill follows a private letter ruling from the IRS in August in which it approved a plan sponsor's plan amendment to offer a student loan repayment benefit to employees.