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Government Affairs

Washington is set to become the latest state to run a retirement program that will provide coverage for private-sector employees whose employers do not. On March 27, Pat Sullivan, Executive Director of Legislative Affairs in Inslee’s office, issued an announcement that SB 6069 was among the bills... READ MORE
As the Department of Labor works in court to defend its rule allowing the use of environmental, social and governance (ESG) factors by fiduciaries when selecting plan investments, legislation to restrict the use of ESG has been reintroduced in Congress, albeit with modifications.   Rep. Greg... READ MORE
The Georgia Senate may create a committee to study the creation of Peach State Saves, a retirement saving program.  Senate Finance Committee Chairman Sen. Chuck Hufstetler (R-Rome) on March 20 introduced in the state senate SR 807, a resolution that would create the Senate Peach State Saves... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has updated a variety of interest rates used in determining the value of benefits, premiums, and penalties.  Variable Rate Premiums  The PBGC has adjusted the interest rates used in determining the value of vested benefits for purposes of variable... READ MORE
If bills before both chambers of the Wisconsin legislature are enacted, America’s Dairyland will have a retirement plan marketplace to connect individuals and small employers with retirement plans offered by private financial services firms. ​ Sen. Melissa Agard (D-Madison) introduced SB 1035 in... READ MORE
The Republican Study Committee (RSC), a conservative caucus to which most House GOP members belong, released its fiscal year (FY) 2025 budget proposal, “Fiscal Sanity to Save America,” on March 20. It said the budget would address the federal spending problem and pay down debt so that it would “... READ MORE
Social Security Commissioner Martin O’Malley on March 20 outlined steps the Social Security Administration (SSA) will be taking to address overpayments and underpayments. The announcement came during his testimony before the Senate Select Committee on Aging regarding the current state of the Social... READ MORE
Automatic enrollment of eligible employees in the Hawaii Retirement Savings Program is closer to being put in place.  Sen. Sharon Moriwaki (D-Waikiki) introduced SB2553 on Jan. 19, 2024. Under the bill, employees would no longer be required to opt in to participate in the Hawaii Retirement Savings... READ MORE
Pension Benefit Guaranty Corporation (PBGC) Director Gordon Hartogensis defended PBGC actions and said that it is “providing crucial pension relief” in a March 20 appearance before the House Subcommittee on Health, Employment, Labor, and Pensions. The subcommittee, part of the House Education and... READ MORE
The Illinois Senate may vote soon on a bill that would require school districts in the Land of Lincoln that offer their employees a 403(b) plan to enter into a contract with only one vendor in the plan. On Feb. 14, 2024, Sen. Karina Villa (D-West Chicago) introduced language for SB2568 stating... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) on March 12 issued the interest assumptions under the asset allocation regulation for plans with valuation dates in the second quarter of 2024. The assumptions are contained in a final rule that amends the PBGC’s regulation on Allocation of Assets in... READ MORE
Harkening back to the early days of the administration, President Biden’s fiscal year 2025 budget, once again, proposes significant tax increases on corporations and upper-income taxpayers, including a proposal to limit how much taxpayers are allowed to accumulate in their retirement plans. ... READ MORE
The IRS has confirmed that they expect to fix a system-wide glitch that has resulted in improperly withheld refunds of erroneous penalties related to Form 8955-SSA filings.  Kelsey Mayo, the American Retirement Association’s Director of Regulatory Policy, reports that some plan sponsors’ refunds... READ MORE
The Joint Board for Enrollment of Actuaries (JBEA) on March 13, 2024 announced proposed regulations that not only would retroactively extend the temporary waiver of its physical presence requirement for continuing professional education (CPE) programs—they also would eliminate the requirement... READ MORE
A Georgia Senate Committee has favorably reported a bill that would require a fiduciary of a retirement plan funded wholly or in part by public funds to put the interests of participants and their beneficiaries ahead of “nonpecuniary interests” such as social, political, or ideological concerns. ... READ MORE
The Office of Management and Budget (OMB) received the fiduciary rule, listed as Retirement Security Rule: Definition of an Investment Advice Fiduciary, from the Department of Labor (DOL) on March 8. The OMB will review its costs and benefits within 90 days. However, the compressed two-month... READ MORE
Add the Evergreen State to those that provide retirement plan coverage for private-sector employees whose employers do not. Well, soon.  "In the beginning of March, Washington joined the 15 other states that had previously adopted state auto-IRA language, to provide the best opportunity for small... READ MORE
Illinois Rep. Charles Meier, in an interview with ASPPA Connect, has outlined how the rules concerning the participation of members of volunteer fire departments (VFDs) in Illinois Secure Choice would change if a bill he introduced is enacted.  Meier (R-Highland), who serves as Assistant... READ MORE
[Updated: On Friday morning, the House passed H.R. 2799, Expanding Access to Capital Act of 2023, the larger bill that included the CITs in 403(b)s amendment, on a party line vote of 212 - 205. The bill will now go to the Senate. A quote from ARA CEO Brian Graff is added below.] On March 7, the... READ MORE
Home and community-based services employees would be able to participate in Minnesota Secure Choice if a bill introduced in the state House of Representatives is enacted.  Rep. Kelly Moller (DFL-40A) introduced HF 4248 on Feb. 26. The legislation would amend the law creating the Minnesota Secure... READ MORE

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