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Government Affairs
The New Mexico Senate is considering a request for a study regarding equalization of teachers’ pensions with those of public employees.
Sen. Mimi Stewart (D-Bernalillo), President Pro Tempore of the New Mexico Senate, on Jan. 18 introduced SM 4, a bill requesting that the Legislative Finance...
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While the Department of Labor’s Employee Benefits Security Administration (EBSA) recovered $1.435 billion in direct payment to plans, participants and beneficiaries in fiscal year 2023, that number has been trending downward for the past few years.
According to a fact sheet released by EBSA,...
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Coming slightly more than a month after its first hearing on the Department of Labor’s proposed investment advice fiduciary rule, a second subcommittee of the House of Representatives debated the merits of the proposal, with the battle lines drawn between the two parties.
The Feb. 15 hearing by...
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The Pension Benefit Guaranty Corporation (PBGC) has updated its Pension Insurance Data Tables concerning its Single-Employer and Multiemployer Programs. Overall, there is good news in the new figures.
The tables summarize information on PBGC’s Single-Employer and Multiemployer Insurance Programs...
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OregonSaves, the first state-run program to provide retirement plan coverage to employees whose private-sector employers do not, is devoting $5 million to coverage for childcare providers. The Oregon Retirement Savings Board and State Treasurer Tobias Read made the announcement on Feb. 12.
In...
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Georgia may join sister states in establishing a state-run retirement plan to provide coverage for private-sector employees whose employers do not, if a measure now before the Senate is enacted.
Sen. Chuck Hufstetler (R-52) introduced SB 477 on Feb. 9, 2024. It calls for the creation of the Peach...
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On Feb. 7, House Ways and Means Committee Ranking Member Richard Neal (D-Mass.) introduced a bill to establish a federal auto-IRA for employers with more than 10 employees who do not currently sponsor a retirement plan.
The Automatic IRA Act of 2024 would require employees to be automatically...
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The scope of New York Secure Choice, the program through which the Empire State provides coverage to private-sector employees whose employers do not, has been expanded to include single proprietors.
New York Gov. Kathy Holchul (D) signed S 2399 into law on Jan. 26, 2024. Sen. Andrew Gounard (D-...
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A powerful group of lawmakers has introduced legislation to help children start saving early for retirement by establishing a savings account for every child in America.
The bicameral 401Kids Savings Act was introduced Jan. 31 in the Senate (S. 3716) by Sen. Bob Casey (D-Pa.), along with Senate...
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Minnesota Democratic Representative Angie Craig has reintroduced legislation that would eliminate federal taxes on Social Security benefits for seniors. The bill would extend full benefits for two decades and reduce the federal debt by a substantial amount, according to the analysis it cited....
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A bill before the Mississippi House of Representatives would establish a state-run retirement plan to provide coverage for private-sector employees whose employers do not offer one.
Rep. Orlando Paden (D-Bolivar) on Jan. 24, 2024 introduced House Bill 599, the Mississippi Secure Choice Savings...
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Those who make filings with the Pension Benefit Guaranty Corporation (PBGC) now must use the agency’s new e-Filing portal. It became operational on Feb. 1, 2024.
The PBGC had announced on Jan. 8 that it would launch a new and improved e-filing portal at the start of the next month. The launch of...
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The American Retirement Association (ARA) is calling on the IRS to revise several provisions contained in the proposed long-term, part-time employee (LTPTE) rules for 401(k) plans.
Chief among the ARA’s recommendations is for the IRS to revise the proposed rule regarding vesting service to...
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Employees would no longer be required to opt in to participate in the Hawaii Retirement Savings Program but rather would be automatically enrolled under legislation now before the Hawaii House and Senate.
Sen. Sharon Moriwaki (D-Waikiki) introduced SB2553 on Jan. 19, 2024; Rep. Andrew Garrett (D-...
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A resolution before the Alaska House calls for the state to join others in calling for the repeal of the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).
Rep. Alyse Galvin (I-Anchorage) introduced House Joint Resolution 18 on Jan. 22, 2024.
Alaska has the highest...
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Washington—the state, not the city—is considering legislation that would establish a state-run retirement plan to cover those whose employers do not offer one.
If the legislation is enacted, the Evergreen State would join its Pacific Coast neighbors in providing such a plan. California was the...
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The Pension Benefit Guaranty Corporation (PBGC) on Jan. 19 announced that it has chosen the firms that will participate in its Smaller Asset Managers Program (SAMP).
SAMP is intended to reduce barriers to competition and create opportunities for smaller asset investment management firms. SAMP...
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The Treasury Department, the Department of Labor’s Employee Benefits Security Administration (EBSA), and the Pension Benefit Guaranty Corporation (PBGC) have announced that they will issue a joint request for information (RFI) seeking public input to help them review the effectiveness of existing...
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The Department of Labor (DOL) announced Jan. 18 that its Employee Benefits Security Administration (EBSA) released a proposed regulation on automatic portability transactions under SECURE 2.0.
The DOL said automatic portability transactions aim to help workers keep track of their retirement...
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Rhode Island is on the road to possibly becoming a member of the Secure Choice Club. A bill has been introduced in the state’s House of Representatives that would establish a state-run retirement program that would cover those whose employers do not offer one.
Rep. Evan P. Shanley (D-East...
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