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Legislation
President Trump signed the Tax Cuts and Jobs Act of 2017 (TCJA) into law just before Christmas. The debate over tax reform roiled Washington, and the retirement plan community was among the many parties concerned about the outcome. A recent white paper discusses the new law and its possible effects...
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Legislation has been reintroduced in the New Jersey state legislature to require certain disclosures by non-fiduciary investment advisors regarding their fiduciary status with clients.Reintroduced Jan. 9 by state Senator Patrick Diegnan, Jr., (D-Middlesex), along with Assemblywoman Nancy Pinkin (D-...
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Missouri is the latest state whose legislature has before it a measure that would establish a state-run program for employees whose employers do not offer a retirement plan. State Rep. Kip Kendrick, D-Columbia, who also serves as Minority Whip in the Missouri House of Representatives, introduced...
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Sen. Sheldon Whitehouse (D-RI) will join the Senate Finance Committee, Senate Minority Leader Chuck Schumer (D-NY) announced Jan. 9.The appointment of Whitehouse to the powerful Finance Committee resulted from a shift in the Senate's political makeup in the wake of the December 2017 special...
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Bipartisan legislation that proponents say will provide funding relief for some multiemployer plans could emerge shortly, according to published reports.Reps. Donald Norcross (D-NJ) and Phil Roe (R-TN) have just announced a multiemployer pension bill, the Give Retirement Options to Workers (GROW)...
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Visa is the latest firm to “credit” tax reform with a boost to its 401(k) plan.Visa says it will now match 200% of contributions up to 5% of base pay, up from a 200% match of up to 3% of base pay at present. They’re also planning to step up their current default contribution rate from 3% to 5% “to...
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Sen. Orrin Hatch (R-UT), one of the longest-serving U.S. senators and current chairman of the powerful Finance Committee, announced Jan. 2 that he will be retiring at the end of the current Congress.“I’ve always been a fighter … but every good fighter knows when to hang up the gloves, and for me,...
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Rep. Peter King (R-NY), on Jan. 2 announced that he will become the first Republican member of the House of Representatives to co-sponsor H.R. 4444, the Rehabilitation for Multiemployer Pensions Act.
King made the announcement at a press conference in Hampstead, NY, according to Politco. King...
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Before heading out for the holidays, President Trump on Dec. 22 signed into law (H.R. 1/P.L. 115-97) the most significant overhaul of the federal tax code since the Tax Reform Act of 1986.The $1.456 trillion net tax cut formerly known as the Tax Cuts and Jobs Act delivers major tax relief to...
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As part of its year-end legislative push, the U.S. House of Representatives approved legislation on Dec. 21 extending to victims of the California wildfires access to their 401(k)s and similar plans without incurring IRS penalties or immediate tax liability.This new, proposed tax relief for the...
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After facing a number of trials and tribulations as it made its way through the legislative process, Congress did, in fact, approve landmark tax reform legislation on Dec. 20, clearing the measure for President Trump’s signature.
A minor holdup occurred Dec. 19, when the Senate parliamentarian...
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Congressional Republicans and President Trump are on the verge of enacting broad-based tax reform legislation once the House of Representatives approves the legislation for the second time in two days.The House must again approve the Tax Cuts and Jobs Act (H.R. 1) after the Senate was forced to...
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House and Senate tax negotiators agreed on the final tax reform legislation Dec. 15, but they had to make some additional changes to pick up support from some wavering members. How did retirement plans fare?
Significantly, the retirement plan issues created by proposed tax changes affecting pass-...
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Seattle workers whose employers do not offer a retirement plan will have access to one through the city if a proposal by Mayor Jenny Durkan (D) is enacted.On Oct. 10, then-Mayor Tim Burgess (D) had sent legislation to the Seattle City Council to establish the Seattle Retirement Savings Plan (SRSP...
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Bipartisan legislation that would allow for electronic delivery of pension and retirement plan information was introduced in the U.S. House of Representatives Dec 11.Introduced by Rep. Jared Polis (D-CO) and Rep. Phil Roe (R-TN), along with 26 cosponsors, the “Receiving Electronic Statements to...
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A recent headline suggests that a Roth election could “mitigate” the retirement plan issues identified with a mismatch in tax rates for pass-through entities — but that falls well short of solving the problem created for small business retirements.
A recent article on the PLANADVISER website...
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House Ways & Means Committee Chairman Kevin Brady (R-TX) announced Dec. 8 that conferees from the House and Senate will hold an open meeting on Wednesday, Dec. 13 to begin the process of reconciling the two chambers’ versions of tax reform legislation.Last week, the House and Senate both...
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Tax reform proposals being hurried through Congress could have a dramatic impact on the retirement security of small businesses and millions of small business workers — we need your help to do something about it!
Both the Senate and House tax reform proposals include provisions that significantly...
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UPDATED 10:30 AM ET 12/6/2017
After a long and sometimes heated debate, the Senate took a major step toward enactment of landmark tax reform legislation, approving its version of the Tax Cuts and Jobs Act (H.R. 1) at nearly 2:00 a.m. Saturday, Dec. 2.
The bill, as amended by the Senate, was...
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Late Thursday, the Senate was nearing the end of debate on its tax reform legislation, but it appears the chamber must first address concerns about the federal budget deficit voiced by certain senators.
The Senate began debating H.R. 1, the Tax Cuts and Jobs Act, on Wednesday, Nov. 29, after...
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