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Government Affairs
A bill that would create a state-run multiple-employer retirement savings plan in the Show Me State is moving through the state House of Representatives toward consideration by the full chamber.
The measure, which Rep. Michael O’Donnell introduced on Jan. 4, had been referred to two House...
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Social Security continues to face “significant financing issues,” says the Board of Trustees of the federal Old-Age and Survivors Insurance and Disability Insurance (OASDI) Trust Funds in its annual report to Congress. It notes that it has arrived at that finding in prior years.
The Board calls on...
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Even though the ink is barely dry on the SECURE 2.0 Act, there’s no rest for the weary, as some in Washington are pushing a federal government-run retirement system that would unfairly compete with the private sector, warned Brian Graff on April 2.
Graff, who serves as CEO of the American...
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The ink isn’t dry on SECURE 2.0, but it isn’t preventing high-profile behavioral economist Shlomo Benartzi, Ph.D., from looking ahead to what’s next. It’s what he does.
“While Secure 2.0 actually made great progress, I’m thinking about what should be in Secure 3.0,” Benartzi, Distinguished Senior...
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Mark Twain said, “History never repeats itself, but it does often rhyme.” So, tell me if you have seen this before. The Republican Party is ascendent after a mid-term election result that saw them gain the majority in the House of Representatives, which they consider a clear repudiation of the...
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The newest digital edition of ASPPA’s members-only magazine has been posted online!
SECURE 2.0 was enacted on the cusp of 2023. It’s complex and confusing — but also filled with opportunity. In this issue’s cover story, John Sullivan and Nevin E. Adams, JD take a look at what retirement...
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If a measure before the Oregon Senate becomes law, ABLE accounts would be added to the options available to employees in Oregon. If enacted, the new option would be available beginning Jan. 1, 2025.
SB 571 provides that if an employer offers or provides contributions to employee retirement...
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The Department of Labor (DOL) in its budget proposal for fiscal year 2024 seeks funding to implement SECURE 2.0, and that includes retirement-related priorities.
The DOL seeks $4,672,000 to Implement SECURE 2.0. The DOL indicates that it has no choice but to do so.
The Consolidated...
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The penalties imposed on employers for failure to enroll covered employees in the Maine Retirement Savings Program would be altered under a bill now before the state Senate.
On June 24, 2021, Gov. Janet Mills (D) signed into law a measure creating the Maine Retirement Savings Program. The law...
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Private-sector employees in the Silver State whose employers do not offer a retirement plan could be covered by a state plan, if a bill now before the state Senate is passed and enacted.
Senate Chief Majority Whip Dallas Harris (D-Clark County) on March 16 introduced SB 305, a measure that would...
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In what appears to address changes under the SECURE 2.0 Act, the IRS has issued updated information for reporting concerning IRAs, as well as a fresh reminder concerning required minimum distributions (RMDs).
IRA Reporting
The IRS has issued an updated version of Publication 590-B,...
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The Department of Labor (DOL) in its budget proposal for fiscal year 2024 seeks funding to fuel new initiatives to make sure lost benefits go to those to whom they belong.
The DOL seeks $5 million in FY 2024 to establish a program for ensuring that missing participants receive the benefits to...
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A group of Senate Democrats has asked Congress’ watchdog agency to examine the impact of the pay gap between men and women on the ability of women to save for retirement.
Released in conjunction with Equal Pay Day, the March 14 letter from Senate Special Committee on Aging Chairman Robert Casey,...
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Speed has been a hallmark of the Pension Benefit Guaranty Corporation’s (PBGC) Special Financial Assistance (SFA) Program throughout its brief — less than two-years — life. And that’s not changing anytime soon — at least not this year.
The PBGC indicates it’s not going to waste any time in...
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In a move to encourage choice in retirement saving, President Biden vetoed a measure on March 20 that the administration says would block plan fiduciaries from freely considering the best interest of workers and savers in retirement plan investment offerings.
The veto, the Administration’s first...
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A bill is before the Georgia Senate that would extend Social Security coverage to teachers in public school systems in the Peach State.
Sen. Larry Walker (R-Perry) introduced SB 206 on Feb. 16. The legislation would amend Georgia law regarding Social Security coverage for employees of the state...
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A bill before the Illinois Senate would give participants in the state retirement system the opportunity to choose an additional option for their retirement plan coverage.
Sen. Dan McConchie (R-Lake Zurich) introduced SB 1516, which would require plans by July 1, 2025 to prepare and implement a...
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The Pension Benefit Guaranty Corporation (PBGC) on March 14 issued the interest assumptions under the asset allocation regulation for plans with valuation dates in the second 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 Alaska Senate is considering a measure that would give certain employees who participate in the Public Employees' Retirement System of Alaska and the teachers' retirement system an opportunity to choose between the defined benefit and defined contribution plans those systems offer.
Senate...
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The Administration’s fiscal year 2024 budget proposes massive tax increases on corporations and upper-income taxpayers, including a proposal from the Build Back Better Act[1] to limit how much taxpayers are allowed to accumulate in their retirement plans.
According to the Treasury Department’s...
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