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Legislative updates
Regulatory and Legislative
Proposal Would Increase Retirement Plan Access for Younger Workers
Senator Bill Cassidy (R-LA), and co-sponsor Tim Kaine (D-VA) have introduced the “Helping Young Americans Save for Retirement Act”.
Regulatory and Legislative
Increased Retirement Plan Startup Credit Proposed for Micro Businesses
Representative Claudia Tenney (R-NY) has introduced the Retirement Investment in Small Employers (RISE) Act to encourage small businesses with no more than 10 employees who received at least $5,000 of compensation in the prior year to adopt retirement plans.
Regulatory and Legislative
PBGC Updates Maximum Guarantee Table for 2024
The Pension Benefit Guarantee Corporation (PBGC) has updated its table titled, “Present Value of PBGC Maximum Guarantee,” to reflect applicable values for distributions with annuity starting dates during calendar year 2024.
Regulatory and Legislative
DOL Releases Proposed Fiduciary Rule
The Department of Labor (DOL) has released a new proposed rule updating the definition of an investment advice fiduciary under ERISA.
Regulatory and Legislative
SECURE 2.0 Act Changes RMD Rules
On December 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023, which included the SECURE 2.0 Act.
Regulatory and Legislative
Retirement Savings for Americans Act Reintroduced
Senators John Hickenlooper (D-CO) and Thom Tillis (R-NC), and Representatives Terri Sewell (D-AL) and Lloyd Smucker (R-PA) have re-introduced the Retirement Savings for Americans Act.
Regulatory and Legislative
SECURE 2.0 Will Allow a Special Emergency Savings Account Within Certain Qualified Plans
Pension-Linked Emergency Savings Accounts
Regulatory and Legislative
SECURE 2.0 Provides New Ways to Take Penalty-Free Distributions
The SECURE 2.0 Act provides more ways for individuals to access their retirement savings and creates new exceptions to the 10% early distribution penalty tax.
Regulatory and Legislative
Employer Tax Credits, Part 2
The SECURE 2.0 Act modifies one small-employer credit and creates another. These credits may make establishing and contributing to a plan much more attractive.
Regulatory and Legislative
Military Spouse Retirement Plan Eligibility Credit for Small Employers
The SECURE 2.0 Act gives certain employers a general business tax credit for immediately including military spouses in their defined contribution plan.