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Government Affairs
In observance of Presidents Day on Monday, Feb. 20, the ASPPA offices will be closed. Accordingly, ASPPA Connect will not be published on that day. ASPPA Connect will reappear on Wednesday, Feb. 22.
The occupants of the White House are no secret. Some — but not all — of the First Ladies are...
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The West Virginia Senate has passed a measure that would include certain public charter schools under state public retirement system coverage.
Sen. Eric Nelson (R-Kanawah) introduced the bill, SB 449, on Jan. 24. It passed in that chamber on Feb. 9 in a 33-0 vote.
What the Bill Would Do
The bill...
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On Feb. 14, the Securities and Exchange Commission (SEC) closed the comment period for its controversial late-processing proposed rule to combat an issue first raised nearly 20 years ago.
The proposal would require open-end funds to use “swing pricing,” the method to allocate costs from inflows...
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A bill is before the Maryland House of Delegates that would require the State Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans to implement an automatic enrollment arrangement for state employees hired on or after Jan. 1, 2024
Del. Tony Bridges (D-...
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Fresh from the heels of the red state lawsuit filing to prevent the Department of Labor from implementing its new rule related to environmental, social and governance (ESG) investing, two members of Congress announced they’ll reintroduce a Congressional Review Act (CRA) measure to nullify its use...
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The IRS said on Feb. 8 that it will be issuing opinion letters for pre-approved defined benefit plans that were updated for changes in plan qualification requirements listed in Notice 2020-14 and that were filed with the IRS during the third six-year remedial amendment cycle for pre-approved DB...
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Legislation that would significantly broaden the ability of individuals to use health savings accounts (HSAs) has been introduced in the House of Representatives.
Rep. Andy Biggs (R-AZ) on Jan. 9 introduced the Freedom for Families Act (H.R. 107), which would increase the annual contribution...
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The Pension Benefit Guaranty Corporation (PBGC) on Jan. 27 announced the appointment of John Hanley as Chief of Negotiations and Restructuring.
Since joining the PBGC in 2005, Hanley has served in several leadership positions, including Deputy Chief of Negotiations and Restructuring. He has worked...
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SECURE 2.0 is a reality now — and two industry experts offered their insights in a Jan. 25 webcast as the dust settles.
American Retirement Association Director of Regulatory Affairs Kelsey Mayo, who also is a Partner at Poyner Spruill LLP, and American Retirement Association Director of...
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Mere days before the Labor Department’s ESG regulation is set to go into effect, a coalition of 24 states has filed suit to stop it.
More specifically, the coalition, led by Texas Attorney General Paxton, says in a press release that the 2022 Rule “undermines key protections for retirement savings...
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The Pension Benefit Guaranty Corporation (PBGC) on Jan. 25 announced a final rule amending the special financial assistance (SFA) regulation to add an exception process for certain withdrawal liability conditions that apply to a plan that receives SFA. The final rule is effective Jan. 26, 2023....
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The American Retirement Association (ARA) recently identified what it calls a “significant technical error” in the SECURE 2.0 Act of 2022 regarding catch-up contributions.
Specifically, according to wording in the current legislation, beginning in 2024, no participants will be able to make catch-...
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One sentence in the massive budget bill just signed by President Biden has the potential to have a profound impact on retirement programs sponsored by U.S. employers. No, this one sentence is not directly related to the many other good changes affecting defined contribution plans. Rather, it opens...
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Certain tax information could be disclosed to the Maryland Small Business Retirement Savings Board to help in administering the Maryland Small Business Retirement Savings Program and Trust.
Legislation that created the state-run auto-IRA program that businesses can offer went into effect on July...
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A high-stakes game of political chicken is set to come to a head this week, as the country will reach its $31.381 trillion debt limit on Thursday.
The debt limit is the total amount of money the United States government is authorized to borrow to meet its existing legal obligations, including...
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To address the ongoing retirement savings gap, all but three states have initiated or passed legislation to set up a state-sponsored retirement savings plan (SSRP), and while early implementation efforts so far have been successful, a new report suggests there’s room for improvement.
Indeed,...
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Almost immediately after the New Year’s champagne stopped pouring, legislation arrived in the Mississippi House of Representatives that would establish a state-run plan that would provide retirement plan coverage for private-sector employees whose employers do not offer one.
Rep. Orlando Paden (D...
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Legislation that would create a state-run multiple-employer retirement saving plan in the Show Me State is before the Missouri House of Representatives.
HB 155, introduced by Rep. Michael O’Donnell on Jan. 4, would establish the Show-Me MyRetirement Savings Administrative Fund, a multiple-employer...
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In a changing of the guard, Rep. Jason Smith (R-MO) has been selected by the House Republican leadership to take over as chairman of the powerful House Ways and Means Committee, but what does that mean for retirement policy?
Overall, Rep. Smith appears to be somewhat of a blank slate in this area...
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The IRS has updated the procedures for determination letter requests. The new procedures are outlined in Revenue Procedure (Rev. Proc.) 2023-04.
Rev. Proc. 2023-04 is a general update of Rev. Proc. 2022-4, published in Internal Revenue Bulletin 2022-01, which sets forth:
general information...
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