In addition to asking for input on the SECURE Act’s requirements and the current Form 5500, the DOL has published a notice of proposed changes to its implementation of regulations under Title I of ERISA.
As evidenced by Wednesday morning’s House Education and Labor Committee hearing, retirement security is a topic where strong bipartisan consensus is possible, even in an intensely divided Congress.
An updated page on the IRS website serves as a reminder of requirements in effect and those that will be in effect soon.
Retirement Plan Execs Confident Senate Will Pass the Bill Into Law
The introduction of the Improving Access to Retirement Savings Act could be a key step toward eventual passage of retirement reforms that build on the momentum of the SECURE Act.
The markup hearing, punctuated by a unanimous vote to advance the legislation, demonstrated that retirement security issues are capable of bringing together members of Congress who don’t agree on much else.
Sources say the House Ways and Means Committee will likely vote to advance the Securing a Strong Retirement Act of 2021, often called a follow-up to the SECURE Act, as soon as tomorrow afternoon.
While there is still a learning curve when it comes to advisers understanding their role in the pooled employer plan marketplace, providers entering the space say the future is bright.
A new research report out of the Wharton School suggests changes to required minimum distribution (RMD) rules might not have as big an impact in practice as many might expect, though one subset of clients seems likely to benefit the most from an older RMD age.
As an example, if a plan sponsor has not yet started tracking part-time employees to see whether they accumulate 500 hours of service in 2021, they should begin doing so immediately.
Since winning the 2019 PLANSPONSOR Retirement Plan Adviser Mega Team of the Year award, Bukaty Companies Financial Services was acquired by employee benefits giant OneDigital, greatly expanding the services it can now offer clients.
