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Legislation
Both the House and Senate are scheduled to return this week for a lame-duck session, but the dust hasn’t settled yet on the elections and time is running short, including whether the SECURE Act 2.0 will cross the finish line.
Here’s where things stand and what is known so far.
In late September,...
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Legislation that seeks to stem retirement plan leakage by providing incentives for the use of automatic portability arrangements in defined contribution plans picked up support in the U.S. House of Representatives.
The Advancing Auto-Portability Act of 2022 (H.R. 9252) was introduced Oct. 28 by...
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Feeling SECURE? We’re still fairly new at implementing the first one, and here comes the second. In an Oct. 24 session of the 2022 ASPPA Annual conference, two industry experts offered a deep dive into what part two may portend.
“The legislative process is a mystery,” said American Retirement...
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In working on behalf of retirement plans, retirement plan participants, and those who support them, one of the constants is the importance of a bipartisan approach, American Retirement Association CEO and ASPPA Executive Director Brian Graff stressed in his opening remarks at the 2022 ASPPA Annual...
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Just as the Department of Labor (DOL) gets set to release a final regulation allowing the use of environmental, social and governance (ESG) factors by fiduciaries when selecting plan investments, another bill has been introduced in Congress that seeks to dial that back.
The Safeguarding...
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Shortly before recessing for the mid-term elections, the House of Representatives approved legislation opposed by the American Retirement Association that would prohibit arbitration and discretionary clauses in employer-sponsored benefit plans under ERISA.
The proposed changes were passed as part...
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Legislation that could affect retirement plans is pending on Capitol Hill — the midterm elections loom and its remaining weeks after that will be a “lame-duck” session. But that may not spell doom for those bills, suggested American Retirement Association CEO Brian Graff at the Oct. 3 opening...
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A trio of Republican legislators have introduced a bill that would widen the acceptable investment classes in defined contribution plans to, well, pretty much anything—including “digital assets.”
The Retirement Savings Modernization Act was just introduced by U.S. Sens. Pat Toomey (R-PA) and Tim...
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Legislation that would create Massachusetts Secure Choice, a state-run retirement program that would provide coverage for private-sector employees whose employers do not offer a retirement plan, is now before the Rules Committees of both chambers of the Bay State’s legislature.
The legislation was...
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We now have legislative language for the Enhancing American Retirement Now (EARN) Act—and a quick review finds a change from the concept draft regarding catch-up contributions.
In June, the Senate Finance Committee approved the EARN Act by a unanimous 28-0 vote, but the legislation at that point...
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CalSavers, the state-run program that provides retirement plan coverage to private-sector employees whose employers do not, will cover nearly all such employees in the Golden State. Gov. Gavin Newsom (D) on Aug. 26 signed legislation further expanding the program.
S. 1126 expands the definition...
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It may not be the first in this instance, but the First State has joined its sisters that provide retirement plan coverage to employees whose private-sector employers do not.
Gov. John Carney (D) on Aug. 18 signed into law HB 205, the measure that creates the Delaware Expanding Access for...
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Expanding the scope of CalSavers is one step closer to happening. The state Assembly has passed a measure that would do so.
S. 1126, a measure that would expand the definition of “eligible employer” for purposes of the CalSavers Retirement Savings Trust Act—the measure that establishes the...
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Speaking at the 2022 NAPA D.C. Fly-In Forum on July 26, one of the most influential lawmakers on retirement policy urged the delegates to press for action on the SECURE 2.0 legislation—now.
Sen. Ben Cardin (D-MD), a senior member of the Senate Finance Committee, outlined the possible paths for...
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The House of Representatives has passed legislation that would restore fully vested monthly benefits for eligible participants of Delphi’s pension plans.
The House in a 254-175 vote on July 27 passed H.R. 6929, a measure Rep. Daniel Kildee (D-MI) introduced on March 3, 2022. The bill would...
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Hawaii has joined the states that provide retirement plan coverage for private-sector employees whose employers do not offer one—and with a twist. Gov. David Ige (D) signed legislation creating the program into law on July 12. It went into effect immediately.
The program has two unique features....
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A key House Republican has released a discussion draft of financial data privacy legislation that could impact how retirement plan providers and administrators collect and share consumers’ personal information.
Rep. Patrick McHenry (R-NC), who serves as the top Republican on the House Financial...
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All it will take for Delaware to become the next state to offer a retirement plan that would provide coverage for employees whose employers do not offer one is the stroke of one pen. The bill, approved by both chambers of the state legislature, now awaits the assent of Gov. John Carney (D).
The...
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Paving the way for a year-end deal with the House of Representatives, one of the most powerful committees in the U.S. Senate has advanced comprehensive retirement reform legislation that has the support of the American Retirement Association.
Serving as the foundation for the Senate’s counterpart...
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A bill before the New Jersey legislature will require that there be multiple vendors for purposes of providing certain retirement plans to school districts.
The legislation provides that a board of education of a school district with an enrollment of at least 1,000 students that offers a 403(b...
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