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Legislation
The devil may be in the details, but they occur against a bigger backdrop. At a Feb. 7 session of the 2022 NTSA Summit in Phoenix, American Retirement Association Chief Content Officer Nevin Adams offered attendees a look at some big picture “seismic shifts” affecting the retirement industry. ...
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The nearly $2 trillion broad-based legislative package that includes mega Roth and other retirement-based revenue raisers does not appear to be moving anytime soon, but there is hope for bipartisan retirement legislation.
Speaking to reporters last week, Sen. Joe Manchin (D-WV)—who had been the...
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This could be a busy year for lawmakers on a number of matters relevant to the retirement industry, American Retirement Association CEO Brian Graff suggested at a Feb. 6 session of the NTSA Summit in Phoenix, AZ.
What Could Have Been
There was an effort late in 2021 to pass the Build Back...
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After dying in 2020, a proposal to tax financial transactions—including those in 401(k) plans—is once again before the Garden State’s legislature.
During the start of the New Jersey legislative session this week, Assemblyman John McKeon (D-Essex and Morris) reintroduced legislation (A1757) on Jan...
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In the first six days of 2022, measures were introduced in three state legislatures that would establish retirement plans run by the state, or by third parties with which the state establishes a contract. Shortly after, a fourth measure was introduced to bolster a recently established state plan...
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Senate Democrat leadership hoped to start fresh in 2022 with an attempt to revisit the nearly $2 trillion Build Back Better legislation, but that effort appears to have hit another snag.
According to a report in Politico, Sen. Joe Manchin (D-WV) told reporters that talks on the BBB legislation...
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Another state-run IRA program for private sector workers is in the making.
Pennsylvania’s Keystone Saves program will be phased in over four years; the first two years are set aside for Treasury to set up the program, including an RFP process, and to implement a voluntary pilot.
Employers with...
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It’s beginning to look like further action on the Build Back Better budget bill will be pushed back to 2022—which would probably delay the effective dates of two controversial retirement plan provisions.
Capping a months-long process of negotiations among Democrats, the House approved an amended...
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Legislation supported by the American Retirement Association that would make permanent retirement plan tax relief measures following a presidentially declared disaster was introduced Dec. 9.
The bipartisan Disaster Retirement Savings Act, introduced by Reps. Mike Thompson (D-CA) and Mike Kelly (R...
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Capping a months-long process of negotiations among Democrats, the House approved an amended version of the roughly $1.7 trillion Build Back Better Act (H.R. 5376) Nov. 19 on a near party-line vote of 220-213, with one Democrat voting no.
The bill includes limits on “mega” Roths and in-plan Roth...
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There are proposals to replace the current formula by which the Social Security windfall elimination provision (WEP) is determined to one that is proportional. The Congressional Research Service (CRS) has issued a study that compares such a formula to the way it is currently determined.
In “The...
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Under a new law, employers in California are responsible for CalPERS overpayments under certain circumstances.
SB 278, enacted on Sept. 27, 2021, is intended to ensure that a retired CalPERS member is protected from a retroactive clawback of their benefits when alleged misapplication or...
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President Biden on Nov. 15 signed into law the $1.2 trillion infrastructure legislation that includes additional pension smoothing relief and new reporting requirements for digital assets, and clarifies disaster relief assistance.
The House approved the Infrastructure Investment and Jobs Act (H.R...
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Bipartisan retirement security legislation that shares some overlap with the SECURE Act 2.0—and is supported by the American Retirement Association—has been approved by a key House committee.
The House Education and Labor Committee on Nov. 10 approved the Retirement Improvement and Savings...
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The chairman and ranking member of the House Education and Labor Committee have introduced—and plan to act on—bipartisan legislation that shares some overlap with SECURE Act 2.0.
The Retirement Improvement and Savings Enhancement (RISE) Act (H.R. 5891) was introduced Nov. 5 by committee Chairman...
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The budget reconciliation bill wending its way through the House of Representatives includes provisions that would affect rollovers and conversions to Roth IRAs and designated Roth accounts.
In “Rollovers and Conversions to Roth IRAs and Designated Roth Accounts: Proposed Changes in Budget...
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Additional pension smoothing relief and new reporting requirements for digital assets are headed for enactment under the bipartisan infrastructure legislation passed by the House of Representatives Friday, Nov. 6.
Capping a months-long delay and protracted internal negotiations among Democrats,...
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The House of Representatives approved bipartisan legislation last week that would give the financial industry better tools to address suspected financial exploitation of seniors.
On a Oct. 25 voice vote, the House approved the Financial Exploitation Prevention Act (H.R. 2265) sponsored by Rep....
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Like a vampire arising from its recent interment, limits on so-called “Mega” Roths and in-plan Roth conversions have reemerged in the latest round of legislative sausage-making.
Just last week these provisions, along with a number that were projected to be a “game-changer” for retirement security...
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Lawmakers have continued to strip elements from the Build Back Better Act—and a series of sweeping retirement-related provisions have now all been axed.
While most of the news coverage on what was originally cast as a $3.5 trillion reconciliation bill has concentrated on a host of progressive...
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