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Government Affairs

At an elaborate White House ceremony on October 31, President Biden unveiled the Department of Labor’s long-awaited proposed retirement security rule. The proposal is, among other things, another attempt by the Employee Benefits Security Administration (EBSA) to update the 1975 regulatory... READ MORE
Not long after the wildfires in Lahaina, Maui destroyed more than 2,000 buildings and caused billions of dollars in damages, a delegation of Hawaii lawmakers introduced legislation to significantly expand the disaster relief provisions contained in the SECURE 2.0 Act.  Rep. Jill Tokuda (D-HI) and... READ MORE
The Delaware EARNS Program Board is considering cooperation with the state-run retirement plans serving private-sector employees in Maine and Colorado, Elizabeth Bordowitz, Executive Director of the Maine Retirement Investment Trust, has confirmed.  Ted Griffith, Program Director of Delaware EARNS... READ MORE
The IRS has just announced the new contribution and benefit limits for 2024 and—reflecting the moderating inflation readings, the increases are modest. The headline is that next year the amount individuals can contribute to their 401(k) plans (not to mention 403(b) and most 457 plans, as well as... READ MORE
As anticipated, the Department of Labor (DOL) has released a proposed rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA). The proposed rule, announced during a White House ceremony attended by President Biden on the afternoon of... READ MORE
After months of anticipation, the Department of Labor (DOL) will release a new version of its proposed fiduciary rule for public comment on Oct. 31.  The announcement will be made during a ceremony at the White House scheduled for 3:30 that afternoon. The President will attend, an indication of... READ MORE
Time is top of mind right now—soon we’ll manipulate the clocks again and “gain” an hour of sleep. But time figures heavily in regulation as well; aspects of time and its passage are relevant to some recent and impending regulations relevant to retirement plans and those who serve them, as well as... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) on Oct. 30 posted the applicable present values for maximum guarantees for 2024 plan years.  The PBGC provides the values in a table that contains the present values of its maximum guarantee for purposes of the Internal Revenue Code (IRC) Section 436... READ MORE
Final regulations updating the existing procedures governing the filing and processing of applications for administrative exemptions from the prohibited transaction provisions of ERISA, the Internal Revenue Code and the Federal Employees’ Retirement System could be released soon. The White House... READ MORE
To encourage so-called micro-businesses with less than 10 employees to adopt retirement plans, a bipartisan pair of House lawmakers introduced legislation that would increase and alter the way the start-up credit is calculated. Reps. Claudia Tenney (R-NY) and Dan Kildee (D-MI)—who are both members... READ MORE
A new proposed fiduciary rule will be coming “very soon,” according to Assistant Secretary of Labor Lisa Gomez. She was joined by Carol Weiser, Benefits Tax Counsel at the Department of the Treasury, at an Oct. 24 session of the 2023 ASPPA Annual conference at National Harbor, MD.  Issuing... READ MORE
[This article has been updated to reflect that Dan Gilbert is not one of EIG's co-founders, he is a member of the Founders Circle, an advisory board with no governance responsibilities. Additionally, Steve Glickman is not a tech entrepreneur, but rather former Senior Economic Advisor at the... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) announced on Oct. 17 that the guarantee limits for single-employer plans that fail in 2024 will be 5.30% higher than the limits that applied for 2023.  The increase in the guarantee limit is almost 3.5 percentage points less than that announced in... READ MORE
A hearing has been set concerning legislation that would make Massachusetts the next state to institute a state-run retirement program that would provide coverage for private-sector employees whose employers do not.  The Joint Committee on Financial Services of the Massachusetts legislature will... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) on Oct. 13 issued the premium rates for 2024.  2024 Premium Rates  The PBGC determined the premium rates applicable for 2024 plan years in accordance with the indexing rules provided in Section 4006 of ERISA, as amended by The SECURE 2.0 Act of 2022... READ MORE
The Congressional Research Service (CRS) has released a report concerning the proposals for a new proportional formula for use with the windfall elimination provision (WEP).  Specifically, in “The Windfall Elimination Provision (WEP) in Social Security: Proposals for a New Proportional Formula”... READ MORE
For the next 10 years, the Social Security trust funds will have a positive balance. But balance sheet solvency after that will be another matter, says the Congressional Research Service (CRS).  In its latest Social Security Primer, updated Oct. 2, 2023, the drumbeat the CRS hits is little... READ MORE
Pension actuaries and professionals working with defined benefit plans face a unique set of challenges when it comes to meeting the Oct. 15 deadline.  This date is pivotal for annual filings and compliance. It’s important to be prepared with strategies to help minimize the stress that can come... READ MORE
Oct. 15 has finally passed. A day even spookier than Halloween! Which explains all the treats in the kitchen area at work for those hard at work on their 5500s. Let’s take a flashback to our May issue in which Tiffany Myers, Manager, Actuarial Services at the Cash Balance Center of Excellence,... READ MORE
House Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) on Oct. 5 sent a letter to Employee Benefits Security Administration (EBSA) Assistant Secretary Lisa Gomez  that raises concerns about the Department of Labor’s (DOL) potential regulations that could affect retirement plans... READ MORE

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