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Legislation
In a preemptive move against retirement provisions in the forthcoming House Republican tax reform plan, Senate Democratic leaders on Oct. 31 unveiled an alternative proposal that would increase 401(k) contribution limits.In a press conference with several other Democratic senators, Senate...
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If last week’s volley between President Trump and House Ways and Means Committee Chairman Kevin Brady (R-TX) over the potential Rothification of 401(k)s has you perplexed, rest assured, we should have some initial answers this week.Following final House passage of the FY 2018 budget resolution last...
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It is all too common in human affairs to make choices that have “unforeseeable consequences.” And then there are those situations where people should have known better. Like the current rumors about capping employee pre-tax contributions at $2,400.Having the opportunity to put off paying taxes is...
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President Trump may have thought his tweet would have ended the controversy over a proposed partial Rothification of 401(k)s — but that was Monday.
While heading off on Marine One on Oct. 25, the President was asked about his comment that any changes to tax-free contributions to 401(k)s were off...
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On Oct. 23, the Massachusetts legislature’s Joint Committee on State Administration and Regulatory Oversight considered a bill that would set up a state-run multiple employer plan (MEP) for private employers in the Bay State, one of 25 pieces of legislation the committee examined that day.The bill...
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Tax reform, that is, and its potential to vex the retirement community and those it serves. With those words, American Retirement Association CEO and ASPPA Executive Director Brian Graff reminded attendees at ASPPA's 2017 Annual Conference at National Harbor, MD, that the matter is pressing. "We're...
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In recent days, there have been a number of reports about the potential for tax reform proposals to incorporate "Rothification" of 401(k)s -- a loss of, or reduction in, the amount of employee contributions allowed on a pre-tax basis -- perhaps capped at $2,400. How many savers would that impact?...
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In light of recent press reports regarding proposals involving tax reform and retirement savings incentives, the American Retirement Association has issued a set of retirement policy principles for tax reform.
"We support the tax reform goal of economic growth. However, the retirement security of...
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There have to be changes in the law, and “it needs to be done quickly,” argued former North Dakota Senator and Chairman of the Senate Budget Committee Kent Conrad at an Oct. 11 Bipartisan Policy Center event that concerned Retirement readiness and policies affecting it, including the health of the...
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In September, President Trump struck a bipartisan deal with House Minority Leader Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) that provided some immediate federal funding for the various emergencies resulting from an active hurricane season, extended the temporary suspension...
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If you’ve never been part of ASPPA’s “March on the Hill” — or if you’ve done it a dozen times — there’s never been a time when your participation is more needed or more valued. We make it easy — but don’t take our word for it. Some of the nation’s leading retirement voices weigh in on what ASPPA’s...
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A bipartisan group of U.S. Senators and Representatives on Oct. 3 announced that they are introducing legislation to protect the pensions of retired miners. All hail from states where there is heavy mining activity.Sens. Joe Manchin (D-WV) and Shelley Moore Capito (R-WV) have introduced the Senate...
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The prospects — and potential threats — posed by tax reform are much on all our minds as ASPPA Annual nears. Policy makers are telling us that wholesale retirement reform could be on their agenda soon, and are asking for our ideas on solving coverage and benefit security challenges. We’d like to...
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If you had a choice between paying a 25% tax on your income or a 35% tax on your income, which would you choose?
That’s the choice small business owners could be asked to make under the new tax reform just unveiled by Congress and the White House that includes a 25% “pass-through” cap on tax rates...
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Retirement industry leaders appearing at a recent Capitol Hill event generally agreed that building on the existing system would dramatically improve the retirement readiness of Americans throughout the country.In what turned out to be coincidental timing, the Financial Services Roundtable hosted a...
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Both the House and Senate on Sept. 28 approved legislation to expand access by victims of Hurricanes Harvey, Irma and Maria to their 401(k) and similar plans without incurring IRS penalties and taxes, clearing the measure for President Trump’s expected signature.
The Disaster Tax Relief and Airway...
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Rothification may not be on the table — yet — but the GOP’s tax reform outline includes a potentially nasty surprise for small business retirement plans.
Those taking a public stand against the so-called “Rothification” of 401(k)s yesterday included Rep. Richie Neal (D-MA) and Sen. Tim Scott (R-SC...
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Rep. Ann Wagner (R-MO) introduced legislation on Sept. 27 that would repeal the Department of Labor’s (DOL) fiduciary rule and create a new standard of conduct for brokers and dealers.Wagner has had her sights set on rolling back the fiduciary regulation since 2015, when she first introduced...
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An outline of the Republican tax reform plan was released today — a plan that includes a proposal to cap the tax rate on small business “pass-through” income at 25%.
More than 90% of businesses are organized as “pass-through” entities (i.e., partnerships, S corps, and small business limited...
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Congress has released draft legislation consistent with recent recommendations by the American Retirement Association to expand access by victims of Hurricanes Harvey, Irma and Maria to their 401(k) and similar plans without incurring IRS penalties and taxes.The draft legislation, currently named...
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