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Legislation
For plan advisors and small businesses that may have taken advantage of forgivable loans under the Paycheck Protection Program (PPP), newly released guidance by the IRS further digs in on its position regarding the deductibility of otherwise covered expenses. But that may not be the end of it.
If...
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In a Nov. 11 webinar, American Retirement Association Director of Legislative Affairs Andrew Remo took at look at where current legislative proposals stand in the wake of the elections.
Currently, Congress is in a “lame duck” session, the period between the election and the end of the 116th...
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Bob Reynolds, President & CEO of Putnam Investments, spoke recently about what he sees for the future of the retirement industry, public policy developments and his perspective on product innovation and market consolidation.
Reynolds, along with John Mitchem, Principal of JM3 Projects as...
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After the economic strains of 2020—and all that has meant for retirement plans and those who serve and participate in them—there are signs of hope for 2021, said an industry expert in a recent webinar.
In the PenChecks webinar “The US Economy in 2021—Implications for the Pension Industry,” Alex...
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Many deadlines for various forms of relief under the Coronavirus, Aid, Relief and Economic Security (CARES) Act have passed. But not all, and there are deadlines looming for provisions concerning loans and distributions.
Loan Repayments
The CARES Act provides that any loan repayments due...
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Within the space of three months, two major pieces of legislation were enacted—the SECURE Act and the CARES Act. A panel at an Oct. 27 session of ASPPA All-Access discussed these measures and the opportunities they offer service providers.
Justin Bonestroo, Senior Vice President, CBIZ Retirement...
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Kicking off the ASPPA All Access virtual conference Oct. 26, Brian Graff, CEO of ARA and Executive Director of ASPPA, ARA General Counsel Allison Wielobob and ARA Chief Government Affairs Officer Will Hansen offered their insights into some of the most important legislative and regulatory...
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Two Republican members of the House of Representatives are pushing back on state and local efforts to impose financial transaction taxes that would impact non-residents.
Rep. Patrick McHenry (R-NC), the ranking Republican member of the House Financial Services Committee, and Rep. Bill Huizenga (...
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Witnesses testifying at a hearing before the New Jersey state legislature voiced strong opposition to a proposed financial transaction tax that would impact retirement plans.
At the Oct. 19 hearing held by the New Jersey Assembly Financial Institutions and Insurance Committee, 17 organizations...
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The Setting Every Community Up for Retirement Enhancement (SECURE) Act includes a provision permitting qualified childbirth and adoption expenses to be distributable events. And for its part, the IRS has issued guidance to provide some clarity on the new distributable event and how it works. An Oct...
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A proposed financial transaction tax has not been enacted yet, and a recent study suggests that could save retirement plans in the Garden State billions of dollars.
“A Case Study on the Effects of a Financial Transaction Tax on Savers in New Jersey,” an October 2020 study by Gourprabh, University...
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Amid ongoing negotiations with Trump administration officials, the House of Representatives moved forward on its own Oct. 1, approving a scaled-back economic relief bill with targeted retirement provisions.
The revised HEROES Act (H.R. 925, as amended) was approved by the House on a near-party-...
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What does the rest of 2020 portend for retirement plans? The election? American Retirement Association Retirement Education Counsel Robert Richter provided a look ahead, as well as a retrospective of recent months, in a Sept. 23 ASPPA Washington Update webcast.
Not Taking Wing
Richter said he is...
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I recently had an opportunity to sit down with Rick Unser as a guest on his 401(k) Fridays podcast. Guess what we talked about…
It was a wide-ranging discussion—no predictions as to the outcome of the elections, but we had a chance to bring to light some of the topics that we’ve covered over the...
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A continuing resolution approved by the House of Representatives to temporarily fund the government all but assures that a lame-duck session will happen. Here’s what that could mean for retirement relief.
The House of Representatives late Sept. 22 approved continuing appropriations legislation (...
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Democratic Governor Phil Murphy and the Democratic-controlled legislature are set to approve a $32 billion budget for fiscal year 2021 before the Sept. 30 deadline that will increase taxes on high-income individuals and reinstate a 2.5% corporate surtax to help address the state’s widening budget...
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A so-called “skinny” COVID-19 stimulus bill put forward by Senate Republicans was voted down Sept. 10 in the U.S. Senate, leaving the negotiations in limbo.
In a virtual party-line 52-47 vote, with Sen. Rand Paul (R-KY) joining Democrats, the “Delivering Immediate Relief to America’s Families,...
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The Labor Day break didn’t appear to ease any tensions in the back and forth between Republicans and Democrats on a follow-up COVID-19 stimulus bill, with the parties appearing to not be any closer to reaching an agreement.
Senate Majority Leader Mitch McConnell (R-KY) announced Sept. 8 that...
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Recently, a column in Roll Call titled “Biden retirement proposal would upend traditional 401(k) plans” claimed that the plan to “equalize” the incentives in 401(k) by ending such deductions and replacing them with flat tax credits for each dollar saved. That was, in turn, picked up by Forbes...
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It looks like we’ll have to wait a little longer to find out whether Congress and the Trump administration include retirement plan relief in the next round of economic relief to address the ongoing COVID-19 pandemic.
The Democrat-controlled House has been deadlocked with the Republican-...
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