Andrew Remo

Big Retirement Bill Resurrected in Senate

By Andrew Remo 3/9/2018

In a rare moment of bipartisan cooperation, the two leaders of the Senate Finance Committee — Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) — have reintroduced the Retirement Enhancement and Savings Act (RESA). This bill makes a number of important changes to the employer... READ MORE

Old Line State Looks at Extending Fiduciary Lines

By Andrew Remo 2/23/2018

Concerned that the Labor Department’s fiduciary rule could be pared back, Maryland is considering extending fiduciary duty under state law.The Maryland Senate Finance Committee held a hearing on proposed legislation on Feb. 22, following a Feb. 16 hearing on the legislation by the Maryland House... READ MORE

Tax Reform Bill Contains (Other) Retirement Plan Changes

By Andrew Remo 11/2/2017

UPDATED NOV. 8 While much of the focus has been on the potential “Rothification” of 401(k) plans, the Tax Cuts and Jobs Act included a number of other retirement plan-related provisions, including changes that impact hardship withdrawals and loans. Among the provisions of Title I, Subtitle... READ MORE

Congressional Update

By Andrew Remo 10/13/2017

In September, President Trump struck a bipartisan deal with House Minority Leader Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) that provided some immediate federal funding for the various emergencies resulting from an active hurricane season, extended the temporary suspension... READ MORE

Employers Say Roth Mandate Would Hurt, But Most Would Keep Plans

By Andrew Remo 6/23/2017

While the vast majority of plan sponsor respondents to a new survey think that eliminating or reducing pre-tax contributions to retirement savings plans is a bad idea, 85% say they would either definitely or probably continue to offer those programs if current pre-tax limits were lowered.However,... READ MORE

Oregon Moves Ahead With State-Run IRA Program

By Andrew Remo 4/24/2017

The Beaver State took another step forward this week to implement the “OregonSaves” program, as the Oregon Retirement Savings Board approved the final rules that will govern the operation of the program.Starting Nov. 15, 2017, Oregon employers with 100 or more employees must begin to register with... READ MORE

Congress Moves to Roll Back Safe Harbor for Municipal, County Auto-IRA Plans

By Andrew Remo 3/30/2017

The U.S. Senate has passed, by a vote of 50-49, a Congressional Review Act resolution that would block the Obama-era Department of Labor’s (DOL) rule that defined the terms under which cities and counties could create IRA plans that automatically enroll private-sector workers whose employers do not... READ MORE

Oregon Treasury Proposal Puts 401(k) Plans at Risk

By Andrew Remo 2/10/2017

The Oregon State Treasury has put forth a proposal in support of its state-run plan for private-sector workers who don’t have a plan at work — that could affect private-sector 401(k) plans.The proposal is intended to implement recent changes in state law that will require Oregon employers that don’... READ MORE

California Joins State-Run Retirement Plan Ranks

By Andrew Remo 9/30/2016

Another state-run retirement program for the private sector is now on the books.California Gov. Jerry Brown (D) on Sept. 29 signed into law legislation that will implement the California Secure Choice Retirement Plan. Brown hailed the effort — four years in the making — as helping millions of... READ MORE

Can Legislation Boost Retirement Income Prospects?

By Andrew Remo 9/28/2016

The legislative package that cleared the Senate Finance Committee unanimously in late September included provisions intended to encourage the use of lifetime income products, including a late addition that could turn out to be the most significant.Lifetime Income Selection Safe HarborThat provision... READ MORE

MEPs Resurface as ‘PEPs’ as Senate Finance Approves New Retirement Bill

By Andrew Remo 9/22/2016

The Senate Finance Committee has cleared two pieces of retirement legislation that are now pending before the full Senate, including one that includes a new brand of multiple employer plan (MEP) for the private sector.Meet the PEP — and the PPPOne of the bills, the Retirement Enhancement and... READ MORE

Retirement Bills Get Senate Finance Mark-Up

By Andrew Remo 9/19/2016

The Senate Finance Committee announced Sept. 19 that it will meet on Sept. 21 to consider two retirement policy bills — but the real story might be what’s not in those proposals.The first bill — called the Miners Protection Act of 2016 — will address the funding shortfalls in the United Mine... READ MORE

California Secures State-Run Retirement Program

By Andrew Remo 8/26/2016

Four years after enactment of the California Secure Choice Retirement Savings and Trust Act (S.B. 1234), the California Assembly passed legislation Aug. 25 approving the program’s implementation beginning Jan. 1, 2017. Gov. Jerry Brown (D) is expected to sign the implementation bill into law.At... READ MORE

Democrats’ Platform Stakes Out Retirement Priorities

By Andrew Remo 7/26/2016

The Democrats have laid out their party platform — and when it comes to retirement issues, they plan to do a lot of fighting.In keeping with an American political tradition dating back to the 19th Century, the Democrats have released a draft version of their platform ahead of the Democratic... READ MORE

GOP Policy Pokes at Retirement Provisions

By Andrew Remo 7/13/2016

Republicans in the House of Representatives recently finalized the last plank of their policy agenda, with the release of their comprehensive tax reform blueprint. The bold plan calls for significant cuts in the statutory tax rates on both the wage and investment income for individuals — a move... READ MORE

Forum Details Issues, Challenges With State-Run Retirement Programs

By Andrew Remo 6/24/2016

A recent forum brought together a group of political heavy hitters in Oregon and other key stakeholders — including Judy Miller of the American Retirement Association — to discuss the current status of the Oregon Retirement Security Program and the issues surrounding the creation and implementation... READ MORE

Senate Committee Examines Savings Innovations

By Andrew Remo 6/22/2016

The Senate Special Committee on Aging held a hearing on June 15 to examine ways to leverage prizes and technology to influence savings behavior.The hearing featured testimony from Transamerica Center for Retirement Studies President Catherine Collinson that focused on a new research report... READ MORE

ARA Leadership Converges on Capitol Hill

By Andrew Remo 6/17/2016

On Tuesday, June 14, the leaders of the American Retirement Association and its sister organizations stormed Capitol Hill to meet with key staff and get a fresh perspective on the congressional legislative and policy agenda for the year. The group, which included the Presidents and Presidents-Elect... READ MORE

House GOP Outlines Pieces of Retirement Security Agenda

By Andrew Remo 6/14/2016

Last week, House Republicans released the first of six documents detailing their policy agenda, a portion of which included recommendations to “build retirement security through the private retirement system.” The most notable aspect of the report, however — a blueprint from the Task Force on... READ MORE

Senate Joins House in Fiduciary Regulation Disapproval

By Andrew Remo 5/25/2016

Republicans in Congress continued their campaign to kill the Department of Labor’s (DOL) fiduciary rule — and managed to pull three Senate Democrats over to their side.The Senate voted 56-41 on May 24 to formally disapprove of the rule under the Congressional Review Act (CRA), with three Democrats... READ MORE

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