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Government Affairs
The lack of guidance to help implement a major new retirement plan design requirement contained in the new SECURE 2.0 Act is causing increased heartburn in the retirement plan stakeholder community.
Over 200 organizations recently wrote a letter to the four leaders of the tax law writing...
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On June 28, Sen. Bill Cassidy (R-LA), ranking member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, and Rep. Virginia Foxx (R-NC), chairwoman of the House Education and the Workforce Committee, criticized the Biden administration’s hard close proposed rule that they said “...
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The American Retirement Association joined over 100 organizations—including major corporations, law firms, and advocacy organizations—in sending a letter June 29 to the House Ways & Means Committee seeking a two-year delay of the Roth catch-up requirement in SECURE 2.0 that requires anyone who...
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Cybersecurity—and its importance to retirement plans and savings—being top of mind, Assistant Secretary of Labor Lisa M. Gomez has some suggestions on reducing the risk of fraud or loss to your retirement account.
Register, set up, and regularly monitor an online account.
Regularly checking a...
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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...
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The newest digital edition of ASPPA’s members-only magazine has been posted online!
For the self-employed and small business owners with a Solo 401(k) plan, important rules need to be carefully considered in the coming years. In this issue’s cover story, an expert panel—Nevin Adams, Dick Billings...
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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....
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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...
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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....
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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...
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ASPPA Connect will not be published on Monday, June 19 as our offices will be closed on Juneteenth. ASPPA Connect will resume publication on Wednesday, June 21.
Juneteenth, our newest federal holiday, is the oldest known celebration commemorating the end of slavery in the United States. Union...
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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...
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After months of speculation, the Department of Labor’s (DOL) newly released Spring 2023 regulatory agenda confirms that a fiduciary rule rewrite could be released later this summer; it also provides other key insight for the department’s regulatory plans for the coming months.
In fact, the fall...
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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...
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The Pension Benefit Guaranty Corporation (PBGC) on June 14 issued the interest assumptions under the asset allocation regulation for plans with valuation dates in the third quarter of 2023.
The assumptions are contained in a final rule that amends the PBGC’s regulation on Allocation of Assets in...
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The Pension Benefit Guaranty Corporation’s (PBGC) regulatory agenda now includes proposed rules to reflect updates to the dollar limit for mandatory distributions under SECURE 2.0.
The Office of Information and Regulatory Affairs of the Office of Management and Budget (OMB) has outlined the PBGC...
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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...
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The Department of Labor has pushed back on a lawsuit filed by a coalition of 25 state attorneys general that challenged its so-called ESG regulation.
The coalition,[1] led by Texas Attorney General Paxton, said in a January 2023 press release that the 2022 Rule “undermines key protections for...
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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...
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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...
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