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Legislation
A proposal to allow some retirees to receive lump sum Social Security payments would result in higher costs for Old Age, Survivor and Disability Insurance (OASDI) in the short term, but a small net reduction in OASDI costs in the longer term, says Social Security Chief Actuary Stephen Goss.The...
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Legislation that would repeal the DOL’s fiduciary rule would have a negligible effect on federal revenues, say multiple cost estimates. The Affordable Retirement Advice Act for Savers (H.R. 2823), introduced by Rep. David Roe (R-TN) on June 8, 2017, would repeal the fiduciary rule. The bill also...
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The U.S. House on Sept. 14 passed a bill that contains a sentence that seeks to do away with the fiduciary regulation — with language that some might find eerily prophetic.H.R. 3354, which would fund government operations for fiscal year 2018, makes a brief, but powerful, statement about the...
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The IRS, Department of Labor and Pension Benefit Guaranty Corporation have granted a variety of forms of relief to certain victims of Hurricanes Harvey and Irma. But House Ways and Means Committee Chairman Kevin Brady (R-TX) may try to do what they cannot.The agencies can — and have — granted...
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The House and Senate returned Sept. 5 from a month-long break facing an extremely busy legislative calendar.The legislative agenda was already packed full, with the need to approve funding legislation for fiscal year 2018 (which begins Oct. 1), increase the debt limit, determine whether to revisit...
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Published reports say that President Trump’s top aides and congressional leaders have made “significant strides” in shaping a tax overhaul — and yes, Rothification remains on the table.Politico, citing five sources familiar with the behind-the-scenes talks, reports there is “broad consensus” on...
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On Aug. 29, the American Retirement Association requested relief for taxpayers, plan sponsors and service providers adversely affected by Hurricane Harvey.“At this very moment, the remnants of Hurricane Harvey continue to cause significant damage along the Texas/Louisiana Gulf coasts,” write ARA’s...
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Prior to departing for their summer breaks, House and Senate GOP leaders indicated that they plan to pivot from repealing and replacing Obamacare to making enactment of broad-based tax reform their number one priority.What are the chances of that happening? Lawmakers face a number of hurdles and a...
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The Washington State Department of Commerce is updating the rules for the state’s Small Business Retirement Marketplace. The department is responsible for managing the Washington Small Business Retirement Marketplace in consultation with the state Office of the Insurance Commissioner and Department...
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The American Retirement Association (ARA) on July 17 sent a letter to Senate Finance Committee Chairman Orrin Hatch (R-UT) expressing its strong support for tax incentives to encourage retirement savings.“The goals of achieving a tax code that is efficient, fair, and increases the financial and...
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The House Education and the Workforce Committee approved legislation July 19 that would repeal the Department of Labor’s (DOL) fiduciary regulation.Not surprisingly, the 23-17 vote in support of the Affordable Retirement Advice for Savers Act (H.R. 2823) fell along party lines. The bill was...
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House Education and the Workforce Committee on July 19 will markup the Affordable Retirement Advice for Savers Act, a bill that would repeal the Department of Labor’s (DOL) fiduciary rule.In a committee press release announcing the markup, Chair Rep. Virginia Foxx (R-NC) noted that the bill does...
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Witnesses at a House Financial Services subcommittee hearing July 13 largely offered their support for legislation to repeal the current DOL fiduciary rule and direct the Securities and Exchange Commission to take the lead in regulating the standards of care for investment advice.Of the five...
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Yet another piece of legislation is being readied to repeal the fiduciary regulation.This particular bill has been crafted by Rep. Ann Wagner (R-MO), no stranger to legislative efforts to roll back the fiduciary regulation. She introduced legislation to repeal the fiduciary regulation in 2015. The...
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I don’t know how it is where you live, but in the Beltway it seems that all anybody can talk about is Roth.More precisely, the talk is about “Rothification,” specifically the elimination of some — or in certain ‘worst case’ scenarios, all — of the employee pre-tax savings advantages of the 401(k)....
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The Golden State has modified the legislation regarding its state-run auto-IRA program for private sector workers in place, readying the measure for Gov. Jerry Brown’s (D) expected signature.In the wake of the Trump administration’s removal of the Obama administration’s ERISA safe harbor guidance...
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Legislation that would allow graduate students to put funds from a fellowship or stipend in an IRA is before the Senate.The bill would amend the federal tax code to change the current treatment of such funds, which are taxed as income by federal and state governments but do not qualify as...
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Pennsylvania Gov. Tom Wolf (D) on June 12 signed into law Senate Bill 1, a measure that provides new state employees hired after Jan. 1, 2019, including teachers, with three retirement benefits from which they can choose.The state senate had passed the bill on June 5; three days later the...
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Concerns about retirement and health care loom large for American workers and the U.S. Senate is reportedly close to its version of a health care reform bill. We need your help ASAP to tell Congress to make it easier for workers to manage their health and retirement savings.What’s the Issue?The tax...
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The House of Representatives approved broad-based financial overhaul legislation on June 8 that seeks to repeal major provisions of the Dodd-Frank Act, as well as the Department of Labor’s now-effective fiduciary rule.Congressional Republicans have taken aim at repealing the Dodd-Frank Act since it...
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