legislative updates

Representative Greg Murphy, along with co-sponsor Representatives Carol Miller, David Schweikert, and Lloyd Smucker have introduced HR 9198, the Safeguarding Investment Options for Retirement Act.

H. R. 7780, the Mental Health Matters Act, has passed the House and has been referred to the Senate Committee on Health, Education, Labor & Pensions.

The Department of Treasury has issued a final rule amending the affordability determination used to determine a family’s eligibility for the premium tax credit.

The PBGC is proposing to provide interest rate assumptions that may be used by a plan actuary in determining a withdrawing employer’s liability under a multiemployer plan.

The Social Security Administration has announced the 2023 adjustments for benefits and certain other limitations that are subject to annual cost-of-living adjustment (COLA) indices.

The IRS has announced the postponement of certain tax-related deadlines for victims of Hurricane Ian in South Carolina.

The Senate has confirmed Lisa Gomez as Assistant Secretary of Labor for the Employee Benefits Security Administration by a 49 to 36 vote.

Senators Tim Scott (R-SC), and Pat Toomey (R-PA), along with Representative Peter Meijer (R-MI), have introduced the Retirement Savings Modernization Act in the Senate and House respectively.

The PBGC has issued updated interest rate assumptions for benefit payments in terminating single-employer defined benefit (DB) pension plans.

Senators Ron Wyden (D-OR) and Mike Crapo (R-ID), Senate Finance Committee Chair and Ranking Member, have introduced S.4808, the Enhancing American Retirement Now (EARN) Act.