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Legislation
Washington is discussing a bill that would provide retirement plan coverage for private-sector employees whose employers do not. No, not Washington state. And not Washington, as in the federal government. This measure is before the City Council of Washington, DC—the District of Columbia.
At-Large...
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Hawaii is seeking an executive director for the Hawaii Retirement Savings Program. Executive Assistant to the Deputy Director Nancy Bernal, who also serves as interim secretary to the Hawaii Retirement Savings Board (HRSB), made the announcement July 21.
The executive director will provide...
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By now, almost every state has at least considered legislation that would establish a state-run retirement plan, and this year alone almost half the state legislatures have considered legislation about one. A panel of key players in the plans established in some states offer an insider’s look. ...
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Pressure from the states for action on the federal Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) is increasing.
The WEP and the GPO are benefit formulas that reduce Social Security benefits for workers and their eligible family members if the worker receives (or is...
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The lack of guidance to help implement a major new retirement plan design requirement contained in the new SECURE 2.0 Act is causing increased heartburn in the retirement plan stakeholder community.
Over 200 organizations recently wrote a letter to the four leaders of the tax law writing...
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On June 28, Sen. Bill Cassidy (R-LA), ranking member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, and Rep. Virginia Foxx (R-NC), chairwoman of the House Education and the Workforce Committee, criticized the Biden administration’s hard close proposed rule that they said “...
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The American Retirement Association joined over 100 organizations—including major corporations, law firms, and advocacy organizations—in sending a letter June 29 to the House Ways & Means Committee seeking a two-year delay of the Roth catch-up requirement in SECURE 2.0 that requires anyone who...
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The New Jersey Secure Choice Savings Program Board, the entity that runs New Jersey Secure Choice—the state-run savings program that provides retirement plan coverage to private-sector employees in New Jersey whose employers do not offer one—is seeking a program administrator.
The board has...
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The government of Maine has enacted a measure that adjusts its state-run retirement savings program.
Gov. Janet Mills (D) on June 12 signed into law legislation that adjusts the Maine Retirement Savings Program, the plan that provides coverage to private-sector employees whose employers do not....
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Rep. Richard Neal (D-MA), ranking member of the House Ways and Means Committee, on June 21 reintroduced legislation that would make a variety of adjustments to the windfall elimination provision (WEP).
The Public Servants Protection and Fairness Act of 2023 would:
introduce a new proportional...
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The ongoing battle over the use of environmental, social and governance (ESG) factors when making investment decisions for retirement plans continues.
The latest salvo comes from Reps. Andy Barr (R-KY) and Rick Allen (R-GA), who on June 21 reintroduced their Ensuring Sound Guidance (ESG) Act (H....
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Nevada has become the latest state to provide retirement plan coverage for private-sector employees whose employers do not.
The Nevada Senate passed legislation that would create a state program, SB305, on May 26; the Nevada Assembly followed suit on June 4. The bill then went to Gov. Joe...
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We are all painfully aware of the complexity of the tax and labor laws we work with. It is, therefore, no surprise that Congress makes drafting mistakes when amending these laws—particularly with voluminous and technical laws, such as the SECURE 2.0 Act of 2022.
Unfortunately, once enacted, many...
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Rep. Jim Banks (R-IN) has introduced a bill that would block private pension plans under ERISA from making new investments in companies controlled by or based in foreign adversaries.
H.R. 4008, The Protecting Americans’ Retirement Savings Act (PARSA) would also require the disclosure of existing...
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Legislation that seeks to strengthen protections and safeguards from financial predators scamming senior investors out of their savings passed the House of Representatives June 5 by a unanimous voice vote.
With older Americans reportedly losing up to $36 billion[1] each year to scams, the Senior...
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Nevada is poised to become another state with a state-run retirement savings program for private-sector employees.
The Nevada Assembly passed the bill, SB305, on June 4 by a vote of 35-7. Senate Chief Majority Whip Dallas Harris (D-Las Vegas) introduced the bill on March 16; it was referred to...
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Vermont is now among the states providing a state-run plan for private-sector employees whose employers are not. Gov. Phil Scott (R) has signed into law the measure that called for the creation of their iteration.
On June 1, Scott signed S. 135, the bill that creates VTSaves. Action on the...
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Acting with a sense of urgency to avoid a first-ever federal debt default, the U.S. Senate late June 1 approved legislation to suspend the federal debt limit until 2025, clearing the measure for presidential signature, expected today.
The Senate vote on the Fiscal Responsibility Act of 2023 (H.R....
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Amid threats of the economy crashing and 401(k)s plummeting, the House of Representatives late May 31 approved legislation to suspend the federal debt limit until 2025.
Facing a June 5 deadline to avoid a first-ever federal default if Congress does not act, the House approved the Fiscal...
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Legislation is before the New York state Senate that would allow certain employees of the city of New York to be automatically enrolled in the New York City Board of Education Retirement System.
The state Assembly has passed the legislation; a third committee of the state Senate is now...
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