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SECURE Act
Legislation that expands opportunities for Americans to increase their retirement savings and improves the portability of lifetime income options from one plan to another.
Like an onion, the SECURE Act has many layers; one of them makes it possible to retroactively adopt a plan. An Oct. 25 session of the 2022 ASPPA Annual conference discussed some of the vagaries of what that provision facilitates.
Mike Eaton, an actuary at Future Plan, and Matt Rustige, an...
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In working on behalf of retirement plans, retirement plan participants, and those who support them, one of the constants is the importance of a bipartisan approach, American Retirement Association CEO and ASPPA Executive Director Brian Graff stressed in his opening remarks at the 2022 ASPPA Annual...
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Legislation that could affect retirement plans is pending on Capitol Hill — the midterm elections loom and its remaining weeks after that will be a “lame-duck” session. But that may not spell doom for those bills, suggested American Retirement Association CEO Brian Graff at the Oct. 3 opening...
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As previously reported, IRS Notice 2022-33 extends the deadline for employers to adopt plan amendments for the SECURE Act as well as the required minimum distribution (RMD) provisions of the CARES Act.[1] We’ve heard that many providers are moving forward with amendments for these provisions...
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The IRS on Aug. 3 announced in Notice 2022-33 that it is extending the deadline for amending a retirement plan to reflect the provisions of Section 2203 of theCoronavirus Aid, Relief, and Economic Security (CARES) Act. Section 2203 concerns a waiver of required minimum distributions (RMDs).
CARES...
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Paving the way for a year-end deal with the House of Representatives, one of the most powerful committees in the U.S. Senate has advanced comprehensive retirement reform legislation that has the support of the American Retirement Association.
Serving as the foundation for the Senate’s counterpart...
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As the second half of 2022 begins, there are some deadlines relevant to retirement plans that now come into sharper focus. Some are becoming immediate; with others, there still is a bit of time to prepare.
July 31, 2022
Pre-Approved Plans (Cycle 3 Restatement). All plans using IRS pre-approved...
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The Senate Health, Education, Labor and Pensions (HELP) Committee is set to move forward on legislation intended to build off the House-passed SECURE Act 2.0.
After formally introducing the “Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg” (RISE...
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In an opening bid by the Senate, the chair and ranking Republican of the Senate Health, Education, Labor and Pensions Committee have released a discussion draft of legislation that builds off the House-passed SECURE Act 2.0 legislation.
Sens. Patty Murray (D-WA) and Richard Burr (R-NC) on May 26...
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The American Retirement Association is urging the IRS to make several modifications to the proposed regulations addressing the exception to the unified plan rule for multiple employer plans (MEPs).
Enacted in December 2019, the SECURE Act added Section 413(e) to the Internal Revenue Code,...
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Well, this looks familiar: Capitol Hill considering a SECURE Act. But this time around, it’s SECURE 2.0. In a recent webcast, American Retirement Association Retirement Education Counsel Robert M. Richter provided an update regarding the provisions of SECURE 2.0 as well as other legislation of...
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The House of Representatives’ overwhelming passage last week of the Securing a Strong Retirement Act (H.R. 2954, a.k.a SECURE 2.0) helps set the stage for action by the U.S. Senate later this year, Brian Graff explained at the April 3 opening session of the 2022 NAPA 401(k) Summit in Tampa, FL.
“...
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March 29 was a busy day on Capitol Hill—in addition to the House of Representatives approving SECURE Act 2.0, the Senate Health, Education, Labor and Pensions (HELP) Committee held a hearing on improving retirement security.
In the hearing, titled Rise and Shine: Improving Retirement and...
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After waiting for nearly a year, legislation that builds off the original SECURE Act and is supported by the American Retirement Association was approved March 29 by the House of Representatives.
The Securing a Strong Retirement Act of 2022 (H.R. 2954)—a.k.a. SECURE Act 2.0—was approved by a 414-...
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It looks like SECURE 2.0 will be coming up for a vote in the House this week after all.
According to a March 25 Dear Colleague letter from House Majority Leader Steny Hoyer (D-MD), “during the week of March 28, the House will take up legislation to help Americans save for retirement.” The...
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Proposed guidance addressing the so-called “one-bad-apple” rule under the SECURE’s Act multiple employer plan (MEP) provisions was released March 25.
The proposed regulations address changes under the Setting Every Community Up for Retirement Enhancement (SECURE) Act providing an exception to the...
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The $1.5 trillion budget bill passed by Congress this week includes budget boosts for the Employee Benefits Security Administration (EBSA) and the IRS—but bipartisan retirement legislation apparently will have to wait for another day.
On March 9, the House of Representatives passed, by a vote...
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For those looking for an official analysis and explanation of the SECURE and CARES acts, the Joint Committee on Taxation has just posted a handy resource.
The “Bluebook” (known formally as the General Explanation of Tax Legislation Enacted in the 116th Congress) provides explanations of more than...
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The Congressional Research Service (CRS) has released an updated version of its annual report on traditional and Roth IRAs. The CRS treats it as a primer that explains the accounts and the laws and regulations governing them, with new information added to account for developments since the last...
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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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