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Legislation
Legislation that would amend the nondiscrimination rules applicable to retirement plans to protect older plan participants and those with longer-term service whose employers have closed or frozen their pension plans is now before both chambers of Congress.H.R. 6335, the Retirement Security...
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The Retirement Enhancement and Savings Act (RESA, S. 3471), which would amend the Internal Revenue Code to encourage retirement savings, was placed on the Senate’s legislative calendar by Sen. Orrin Hatch (R-Utah) Nov. 16.Hatch, Chairman of the Senate Finance Committee, also placed the Miners...
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Less than 24 hours after Donald Trump’s stunning victory, the Chairman of the House Ways & Means Committee was talking tax reform — and that could be ominous for retirement savings.While both presidential candidates had spoken during the campaign of the need for tax reform, the odds for action...
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The 2016 general election is upon us, a knock-down, drag-out fight between two intensely polarizing figures — Hillary Rodham Clinton and Donald J. Trump — vying for votes among an increasingly polarized electorate.In this intensely partisan political atmosphere, it is easy for the topic of saving...
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What’s the retirement plan industry’s biggest concern in the coming election? ASPPA Executive Director Brian Graff addressed the issue in the opening session of ASPPA’s 2016 Annual Conference at National Harbor, Md. “The biggest concern that we have has to do with tax reform,” said Graff, noting...
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The Fall 2016 issue of Plan Consultant is now online. The issue focuses on the most important matters facing the industry, including the DOL’s fiduciary rule, legislation that would eliminate obstacles to MEPs, and the new overtime rules, as well as expert perspectives on best practices. And you’ll...
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Another state-run retirement program for the private sector is now on the books.California Gov. Jerry Brown (D) on Sept. 29 signed into law legislation that will implement the California Secure Choice Retirement Plan. Brown hailed the effort — four years in the making — as helping millions of...
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Two bills that would facilitate reform of New Jersey’s public pension plans are now before the state Senate. Senate Bill 2555 and Senate Concurrent Resolution 123 have been filed in the chamber by Sens. Joseph Kyrillos (R-Red Bank) and Steven Oroho (R-Sparta).SB 2555 would create a task force to...
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The Senate Finance Committee has cleared two pieces of retirement legislation that are now pending before the full Senate, including one that includes a new brand of multiple employer plan (MEP) for the private sector.Meet the PEP — and the PPPOne of the bills, the Retirement Enhancement and...
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The Senate Finance Committee announced Sept. 19 that it will meet on Sept. 21 to consider two retirement policy bills — but the real story might be what’s not in those proposals.The first bill — called the Miners Protection Act of 2016 — will address the funding shortfalls in the United Mine...
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Bipartisan legislation has been introduced in Congress to make it easier for small businesses to set up retirement programs for employees.The Small Business Employee Retirement Savings Act, introduced by Sens. Richard Burr (R-N.C.) and Michael Bennet (D-Colo.), would increase the retirement plan...
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Concern about retirement plans and savings can transcend ideology and politics — even in Congress. Members from both the House and Senate, and hailing from both major political parties, have unveiled bills they intend to address various aspects of retirement plans’ administration and functions....
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A series of small and mid-sized employer focus groups finds a general skepticism regarding those state-run initiatives.The Pew Charitable Trusts recently convened focus groups to explore employers’ views on retirement programs and potential policy initiatives. Pew conducted focus groups in...
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Four years after enactment of the California Secure Choice Retirement Savings and Trust Act (S.B. 1234), the California Assembly passed legislation Aug. 25 approving the program’s implementation beginning Jan. 1, 2017. Gov. Jerry Brown (D) is expected to sign the implementation bill into law.At...
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The Democrats have laid out their party platform — and when it comes to retirement issues, they plan to do a lot of fighting.In keeping with an American political tradition dating back to the 19th Century, the Democrats have released a draft version of their platform ahead of the Democratic...
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It’s hard to believe, but the Pension Protection Act of 2006 will be a decade old next month. And it’s probably done more good for the nation’s retirement security than most realize.The PPA drew its name from the portions targeted at shoring up defined benefit plans (and PBGC funding, I suppose),...
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Legislation before the House and Senate would change the treatment of Pension Benefit Guaranty Corporation (PBGC) premiums so they are no longer counted as general fund revenue.The Senate version of the Pension and Budget Integrity Act of 2016 (S. 3240) was introduced by Sen. Mike Enzi (R-Wyo.);...
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Republicans in the House of Representatives recently finalized the last plank of their policy agenda, with the release of their comprehensive tax reform blueprint.
The bold plan calls for significant cuts in the statutory tax rates on both the wage and investment income for individuals — a move...
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A House appropriations bill takes another shot at the Department of Labor’s (DOL) fiduciary rule, while a litigant’s suit has now jumped to the front of the hearing queue.Under the heading of “Reducing Harmful Red Tape,” the House Committee on Appropriations said, “the legislation includes several...
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Look for a bill to be introduced in Congress next month that some have called “auto-IRA on steroids.”At the recent Aspen Institute Financial Security Program (FSP) commemorating the 10th anniversary of the Pension Protection Act, Rep. Joe Crowley (D-N.Y.), Vice Chair of the House Democratic Caucus...
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