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Legislation
Gov. Kathy Hochul (D) has signed into law legislation that would convert New York State’s voluntary participation state-run IRA program to mandatory for employers that do not offer a retirement plan and employ 10 or more employees.
The legislation had been passed by the State Senate back in June,...
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The retirement industry currently faces challenges—but there is opportunity and good news as well, Brian Graff pointed out in the Oct. 17 Washington Update session at the 2021 ASPPA Annual conference.
Work to Do
There is plenty of work to do, Graff suggested. The ASPPA Executive Director/ARA CEO...
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Editor’s Note: The House Ways and Means Committee recently approved funding provisions for the Build Back Better Act of 2021, including several retirement plan provisions (starting on page 665, and summarized here.)
That part of the bill is aimed at limiting the ability of high-income...
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Touted as a way to help gig workers, part-time workers and those without access to an employer-sponsored account, legislation has been introduced in both the House and Senate to create universal, portable retirement accounts.
The Portable Retirement and Investment Account (PRIA) Act of 2021 ...
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Editor’s Note: The House Ways and Means Committee recently approved funding provisions for the Build Back Better Act of 2021, including several retirement plan provisions (starting on page 665, and summarized here.)
That part of the bill is aimed at limiting the ability of high-income...
READ MORE
Editor’s Note: The House Ways and Means Committee recently approved funding provisions for the Build Back Better Act of 2021, including several retirement plan provisions (starting on page 665, and summarized here.)
That part of the bill is aimed at limiting the ability of high-income...
READ MORE
Mega-Roth, backdoor IRAs and large retirement account balances would be limited under legislation approved Sept. 15 by the House Ways and Means Committee.
In a near party-line vote of 24-19, the changes were approved as part of the $3.5 trillion Build Back Better Act reconciliation recommendations...
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The House Ways and Means Committee has revealed that it intends to partially pay for the $3.5 trillion reconciliation bill through a series of limitations on upper-income individuals’ retirement savings.
The retirement proposals are included in Subtitle I titled “Responsibly Funding Our...
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The retirement provisions in the Democrats’ Build Back Better (BBB) legislation could create the biggest influx of plans and participants in the history of the retirement industry, industry leader Brian Graff believes.
Graff, CEO of the ARA and Executive Director of NAPA, made his remarks at the...
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There have been many changes in the last year in the rules governing distributions, rollovers, loans and more. A workshop in the recent NTSA Summit offered a detailed look at those changes.
In “Navigating the New Minefield of Distributions, Repayments/Rollovers, & Loans,” Susan Jennings, an...
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Retirement savings—in an IRA, a 401(k) plan, or a defined benefit plan—is, in the end, a project that involves turning present income, via savings and investment, into future income. As such, it inevitably involves the capital markets. And, indeed, it is often hard to sort out whether any...
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The House Ways and Means Committee has approved the retirement subtitle of the Build Back Better Act, legislation supported by the American Retirement Association as a way to help close the coverage gap and boost the existing retirement savings system.
The retirement subtitle, which is estimated...
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Noting that it would add trillions of dollars in retirement savings and would help close the coverage gap, the American Retirement Association has offered its support for the retirement provisions contained in the Build Back Better Act, set to be considered by the House Ways and Means Committee...
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The House Ways and Means Committee this week will consider legislation requiring employers without employer-sponsored retirement plans to automatically enroll their employees in IRAs or 401(k)-type plans.
Committee Chairman Rep. Richard Neal (D-MA) announced Sept. 7 that the Committee will begin...
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ASPPA traditionally offers access to a recording of a webcast (including both audio and visual portions of the presentation) approximately one week following the original live webcast presentation. These recordings are available for 1 year after the date of the original live webcast. Below is a...
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The Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted on the cusp of 2020—and before the dust even settled, new guidance and additional measures were enacted. In an ASPPA webcast, an industry expert looked at some key considerations for designed-based safe harbor 401(k...
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Sens. Todd Young (R-IN) and Cory Booker (D-NJ) have reintroduced several bills to help boost retirement security for individuals and families.
Citing data by the U.S. Department of Labor showing that more than 40 million people do not have access to any workplace retirement plan, the pair...
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The Senate wrapped up its work for the summer Aug. 10, approving a $1.2 trillion infrastructure bill that extends pension smoothing relief for single-employer plan sponsors, as well as a $3.5 trillion budget outline that sets the stage for a broader tax and spending bill later this fall.
The...
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The 2,700-page bipartisan infrastructure bill that the Senate is considering this week includes another extension of pension smoothing for single-employer plan sponsors.
Like the pension smoothing relief that was provided in the American Rescue Plan Act (ARPA) enacted in March, the Infrastructure...
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In testimony before the Senate Finance Committee on July 28, Brian Graff, CEO of the American Retirement Association and Executive Director of ASPPA, cited projections that enactment of new legislation could create 51 million new individuals saving for retirement and add an additional $6.2 trillion...
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