Government Affairs

The IRS released guidance on Aug. 25 that addressed Section 603 of the SECURE 2.0 Act with respect to Roth catch-up contributions. The guidance grants a two-year delay in the provision's effective date that mandates that catch-up contributions must be Roth for those earning more than $145,000.... READ MORE

The typically hot inland areas of the Golden State may have been torrid this summer, but one thing at least has been cooling: CalSavers employer registrations and contribution levels.  Registrations had been steadily growing since 2019. But employer registrations dropped from May 31, 2023 to June... READ MORE

The Pension Benefit Guaranty Corporation (PBGC) has proposed amendments to its regulation on allocation of assets in single-employer plans. The PBGC seeks to make the changes in order to update the actuarial assumptions—the interest, mortality, and expense assumptions—used to determine: the... READ MORE

Is it ESG for me but not for thee?  Republicans heavily criticized environmental, social, and governance (ESG) investing policies in recent months, arguing it does little more than serve a woke agenda at the expense of investment returns.  For instance, they say divestment from fossil fuels... READ MORE

The differences between low-income and high-income older workers’ retirement accounts were greater in 2019 than in 2007, according to a new analysis by the Government Accountability Office (GAO).  Known as Congress’ investigative arm, GAO’s analysis of Survey of Consumer Finances (SCF) data on... READ MORE

The Pension Benefit Guaranty Corporation (PBGC) expects that both of its pension insurance programs—for single employers and for multiemployer plans—will remain not only solvent but robust for years to come.  The good news is contained in its FY 2022 Projections Report, which it released on Aug.... READ MORE

A markup by the House Financial Services Committee that started with numerous delaying tactics and accusations from each party that the other wasn’t acting in good faith ended more than 12 hours later with the approval of several bills—mostly along partisan lines.   “Today, this Committee is... READ MORE

Principal Deputy Assistant Secretary for the DOL’s Employee Benefits Security Administration (EBSA) Ali Khawar on July 25 shared with delegates at the 2023 NAPA D.C. Fly-In Forum the key priorities of the department, including new guidance on SECURE 2.0, an update to the fiduciary rule, and... READ MORE

July is a good time to take stock of where things stand with respect to the multitude of state laws and programs to address the retirement plan coverage gap in the private sector workforce. By the time July rolls around on the calendar all but a handful of state legislatures have completed their... READ MORE