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Legislation

The New Jersey Secure Choice Savings Program Board, the entity that runs New Jersey Secure Choice—the state-run savings program that provides retirement plan coverage to private-sector employees in New Jersey whose employers do not offer one—is seeking a program administrator.  The board has... READ MORE
The government of Maine has enacted a measure that adjusts its state-run retirement savings program.  Gov. Janet Mills (D) on June 12 signed into law legislation that adjusts the Maine Retirement Savings Program, the plan that provides coverage to private-sector employees whose employers do not.... READ MORE
Rep. Richard Neal (D-MA), ranking member of the House Ways and Means Committee, on June 21 reintroduced legislation that would make a variety of adjustments to the windfall elimination provision (WEP).  The Public Servants Protection and Fairness Act of 2023 would: introduce a new proportional... READ MORE
The ongoing battle over the use of environmental, social and governance (ESG) factors when making investment decisions for retirement plans continues.   The latest salvo comes from Reps. Andy Barr (R-KY) and Rick Allen (R-GA), who on June 21 reintroduced their Ensuring Sound Guidance (ESG) Act (H.... READ MORE
Nevada has become the latest state to provide retirement plan coverage for private-sector employees whose employers do not. The Nevada Senate passed legislation that would create a state program, SB305, on May 26; the Nevada Assembly followed suit on June 4.  The bill then went to Gov. Joe... READ MORE
We are all painfully aware of the complexity of the tax and labor laws we work with. It is, therefore, no surprise that Congress makes drafting mistakes when amending these laws—particularly with voluminous and technical laws, such as the SECURE 2.0 Act of 2022. Unfortunately, once enacted, many... READ MORE
Rep. Jim Banks (R-IN) has introduced a bill that would block private pension plans under ERISA from making new investments in companies controlled by or based in foreign adversaries. H.R. 4008, The Protecting Americans’ Retirement Savings Act (PARSA) would also require the disclosure of existing... READ MORE
Legislation that seeks to strengthen protections and safeguards from financial predators scamming senior investors out of their savings passed the House of Representatives June 5 by a unanimous voice vote. With older Americans reportedly losing up to $36 billion[1] each year to scams, the Senior... READ MORE
Nevada is poised to become another state with a state-run retirement savings program for private-sector employees.  The Nevada Assembly passed the bill, SB305, on June 4 by a vote of 35-7. Senate Chief Majority Whip Dallas Harris (D-Las Vegas) introduced the bill on March 16; it was referred to... READ MORE
Vermont is now among the states providing a state-run plan for private-sector employees whose employers are not. Gov. Phil Scott (R) has signed into law the measure that called for the creation of their iteration.  On June 1, Scott signed S. 135, the bill that creates VTSaves.  Action on the... READ MORE
Acting with a sense of urgency to avoid a first-ever federal debt default, the U.S. Senate late June 1 approved legislation to suspend the federal debt limit until 2025, clearing the measure for presidential signature, expected today. The Senate vote on the Fiscal Responsibility Act of 2023 (H.R.... READ MORE
Amid threats of the economy crashing and 401(k)s plummeting, the House of Representatives late May 31 approved legislation to suspend the federal debt limit until 2025. Facing a June 5 deadline to avoid a first-ever federal default if Congress does not act, the House approved the Fiscal... READ MORE
Legislation is before the New York state Senate that would allow certain employees of the city of New York to be automatically enrolled in the New York City Board of Education Retirement System.  The state Assembly has passed the legislation; a third committee of the state Senate is now... READ MORE
The odds increased of Nevada becoming the next state to provide retirement plan coverage to private-sector employees whose employers do not, when the state Senate on May 29 voted in favor of legislation that would do just that.  SB305 was introduced on March 16, 2023.  ARA Support  The American... READ MORE
With more than a third of the U.S. workforce said to be currently engaged in temporary, contract or on-demand work, a bipartisan group of senators has reintroduced legislation to test “innovative portable benefit designs” to help level the playing field for these workers who lack access to benefits... READ MORE
On May 23, Congress sent a letter to the Treasury Department informing Secretary Janet Yellen and IRS Commissioner Daniel Werfel that it will introduce legislation to fix several technical errors contained in SECURE 2.0. Signed by four prominent SECURE 2.0 figures—House Ways and Means Committee... READ MORE
The ink is barely dry on the measures that created state-run retirement plans in Connecticut and Maine that provide coverage for private-sector employees whose employers do not, but already bills are advancing in the legislatures in those states to fine-tune those programs.  Connecticut The... READ MORE
The Pennsylvania House of Representatives on May 24 passed HB 577, a bill that would create the Keystone Saves Program, which would be an automatic enrollment payroll deduction IRA retirement savings program. The measure passed in a 106-95 vote. All 101 Democrats in the state House voted for it,... READ MORE
Minnesota became the latest state to officially launch a state-sponsored retirement plan for private-sector employees lacking coverage.  Gov. Tim Walz (D) signed HF0782, the measure that creates the Minnesota Secure Choice retirement program, into law on May 19, making it one of 12 states offering... READ MORE
The Land of 10,000 Lakes is poised to become the next to adopt a measure creating a state-run retirement program that provides coverage for private-sector employees whose employers do not. The state Senate approved the bill that would do so on May 11, and the House had done so 10 days earlier; the... READ MORE

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