The American Retirement Association’s Legislative Relations Committee (LRC) has a new Chairperson effective Jan. 1, 2022. Susan Diehl, QPA, CPC, ERPA, BCF, replaces Martella Turner-Joseph, EA, MSEA. Turner-Joseph served as Chairperson of the LRC from 2014 through 2021 and will remain as a member of the committee.
The LRC exists for the purpose of developing legislative proposals to simplify the administration—and improve the operation—of qualified retirement plans. It has developed many legislative proposals to make the system better. The latest LRC proposals that became law under the SECURE Act include:
- Allowing an employer to adopt a plan after the end of the tax year but before the tax filing due date.
- Permitting a 401(k) plan to adopt the nonelective safe harbor provisions at any time up to 30 days before the end of the plan year. Furthermore, the nonelective safe harbor provisions maybe be adopted after the 30 days if the nonelective safe harbor contribution is 4% instead of 3%.
- Providing relief for some frozen defined benefit plans.
- Increasing the age for Required Minimum Distributions.
These proposals were worked on during Turner-Joseph’s tenure as Chairperson of the LRC. In her parting words as chair, she shared with the committee how much she loves working on the LRC and the incredible experience of seeing ideas become proposals to lawmakers and then become law.
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