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Government Affairs

Not wasting any time, the Garden State has announced that it will hold a July 17 hearing in connection with its proposed new fiduciary standards. According to an announcement in the New Jersey Register, the Bureau of Securities also simultaneously announced that it is extending the comment period... READ MORE
The official hurricane season has just begun (the National Oceanic and Atmospheric Administration says it starts June 1). But we’ve already had a tropical system in the Atlantic (Andrea) — and that serves as a reminder that it can be helpful to a service provider and plan administrator to prepare…... READ MORE
The Congressional Budget Office (CBO) says the Social Security Trust Fund is in danger of running dry. That is, unless something is done to forestall that – and the CBO has come up with some ideas to do that. In “How Changing Social Security Could Affect Beneficiaries and the System's Finances,”... READ MORE
UPDATED MAY 24 AT 9:30 A.M. ET One of the most consequential pieces of retirement security legislation in more than a decade has been approved overwhelmingly by the U.S. House of Representatives.    In a May 23 House floor debate that featured much praise and few objections, the Setting Every... READ MORE
The federal government’s updated Spring 2019 unified regulatory agenda sheds some light on prospects for the Department of Labor’s next steps on a fiduciary rule revamp.  The DOL’s updated regulatory agenda confirms that the agency has set a target date of December 2019 to issue a Notice of... READ MORE
Perhaps consensus is a part of who we are as a people. But voices offering new ideas that challenge accepted mindsets are also part of who we are. And that applies to the discussion concerning retirement savings and preparedness as much as it does for anything else. There was lively debate in the... READ MORE
Bipartisan legislation to create a new federal commission that would study and recommend ways to improve Americans’ retirement security has been reintroduced in the Senate. The Federal Retirement Commission Act, reintroduced May 14 by Sens. Todd Young (R-IN) and Cory Booker (D-NJ), would charge... READ MORE
Changes that don’t have anything to do with retirement might undermine bipartisan support for retirement security legislation. House Majority Leader Steny Hoyer (D-MD) late last month had announced that the House planned to take up the Setting Every Community Up for Retirement Enhancement (SECURE... READ MORE
So is there a retirement crisis or not? House Budget Committee members and experts who testified before the committee on May 15 did not agree. But at least they did concur on one thing: the need to take action to bolster the retirement readiness of those who are not well-prepared. Testifying... READ MORE
Gordon Hartogensis was sworn in as Director of the Pension Benefit Guaranty Corporation on May 15. The U.S. Senate had confirmed him as director on May 1. Hartogensis, who has worked on Wall Street and also has been an entrepreneur and investor, as well as leader in the technology sector, succeeds... READ MORE
The 2019 Advisory Council on Employee Welfare and Pension Benefit Plans, a body that provides support and advice to the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA), has said that it will be reviewing transfers of uncashed checks from ERISA plans to state unclaimed... READ MORE
Members of the Senate Finance Committee expressed hope May 14 that Congress would move quickly to approve the long-pending Retirement Enhancement and Savings Act (RESA) before moving to the next round of broader retirement savings reforms.  “I’m hoping that the House will send its version of RESA... READ MORE
Picking up where they left off in the last Congress, the bipartisan duo of Sens. Rob Portman (R-OH) and Ben Cardin (D-MD) reintroduced their comprehensive “Retirement Security and Savings Act” on May 13.  The 132-page bill includes more than 50 provisions designed to strengthen Americans’... READ MORE
A key member of Congress has reintroduced legislation that would permit 401(k), 403(b), SIMPLE and governmental 457(b) retirement plans to make matching contributions to workers as if their student loan payments were salary reduction contributions. Sen. Ron Wyden (D-OR), Ranking Member of the... READ MORE
A measure that would create a board to study appropriate approaches to increase retirement savings by private-sector workers in Colorado reached the desk of Gov. Jared Polis (D) on May 13 and awaits his signature.Senate Bill 19-173 calls for the creation of a Colorado Secure Savings Plan Board that... READ MORE
That playground see-saw is more than a reverse-direction teeter-totter. It’s an apt simile for the paradox a recent white paper discusses concerning Pension Benefit Guaranty Corporation (PBGC) premiums. In “The PBGC Premium Burden Report — 2019,” the defined benefit administration and consulting... READ MORE
The IRS has issued final regulations that amend regulations on user fees for Enrolled Agents (EAs) and Enrolled Retirement Plan Agents (ERPAs). The final regulations affect individuals who are, or apply to become, enrolled agents and individuals who are enrolled retirement plan agents. The final... READ MORE
The key Senate committee with jurisdiction over retirement tax policy issues is turning its attention to reviewing proposals that encourage and facilitate retirement savings.  Sen. Charles Grassley (R-IA), Chairman of the Senate Finance Committee, has announced that the Committee will hold a... READ MORE
New proposed legislation could help close the retirement savings coverage gap — and you can help make it a reality. Small business owners face real challenges — costs, administrative burdens, and increased liability for mistakes — in the decision to provide retirement benefits for their workers.... READ MORE
Congress returned  from its two-week spring break with plans to consider bipartisan retirement security legislation to make it easier for businesses to offer retirement plans and for individuals to save for retirement.   House Majority Leader Steny Hoyer (D-MD) reportedly announced in a “Dear... READ MORE

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