Legislation

An influential U.S. Senator is preparing legislation that would allow tax- and penalty-free withdrawals to pay for long-term care insurance.  Sen. Pat Toomey (R-PA), who is a member of the Senate Finance Committee, is working on a bill that would allow individuals to withdraw funds from their 401(... READ MORE

Treasury Secretary Steven Mnuchin and key Republican lawmakers added their voices to growing concerns over the effect a potential financial transaction tax (FTT) would have on retirement savings and the U.S. economy.   In a Dec. 5 hearing before the House Financial Services Committee to review... READ MORE

Thanksgiving has been called a “uniquely American” holiday, and while that may be something of an overstatement, it is unquestionably a special holiday, and one on which it seems appropriate to reflect on all for which we should be thankful. So, as I look back at this past year: I’m thankful that... READ MORE

Noting that “many employers would like to offer a 401(k), but the private market doesn’t offer low-cost, hassle-free options,” Democratic candidate for President (and current South Bend, IN mayor) Pete Buttigieg has unveiled a “Public Option 401(k).”  According to a 19-page white paper issued by... READ MORE

Despite bipartisan support from key lawmakers and others, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 (H.R. 1994) remains in limbo.  H.R. 1994 was approved by the House in May by a vote of 417-3. The bill then stalled in the Senate, at which point many observers... READ MORE

Amid the push to enact the SECURE Act, new research shows that small business owners strongly believe the legislation will help them offer 401(k) plans that compete with large firms’ plans.  According to a forthcoming study, the Nationwide Retirement Institute found that nearly 60% of small... READ MORE

While open multiple employer plans can be very effective for many small businesses, they may not be for everyone, a new white paper warns.  Proponents of open MEPs hail them as a means of reducing both the burden and cost of sponsoring a retirement plan for smaller employers, but as MassMutual... READ MORE

The Congressional Research Service (CRS) has updated “Social Security: The Windfall Elimination Provision,” its publication that discusses what the WEP is, how it works and recent developments affecting it. The WEP is a modified benefit formula that reduces the Social Security benefits of certain... READ MORE

Proponents contend that a financial transaction tax would curb volatility and limit speculative trading, but a new study contends that an FTT would fail to meet those objectives. “The Ramifications of a Financial Transaction Tax” by the Securities Industry and Financial Markets Association (SIFMA... READ MORE