Regulatory and Legislative

Proposals to Expand Access to ABLE Accounts Introduced

Senator Bob Casey (D-PA) has introduced a suite of bills intended to expand access to and increase awareness of Achieving a Better Life Experience (ABLE) accounts. While bill text is not yet available, details of the proposals were shared via a press release.

4909, the ABLE Direct Deposit Act, would affirm that direct deposits from employers or government programs can be made to ABLE accounts.
4910, the ABLE Awareness Act, would require federal and state agencies to inform people about the existence of the program and its requirements and resources.
4911, the ABLE Employment Flexibility Act, would allow employers to make employer contributions to an employee’s ABLE account in lieu of a 401(k) account so that employees with disabilities can save for retirement without contributions counting against access limits for federal benefits programs.

The proposals have been referred to the Senate Finance Committee.

ABLE Account Legislative updates

Regulatory and Legislative

DOL Issues Final Amendments to VFCP

The Department of Labor has released a final amendment updating the Voluntary Fiduciary Correction Program.

Regulatory and Legislative

DOL ESOP Proposed Rule Has Left OMB

The Office of Management and Budget has completed review of a proposed rule from the Department of Labor titled "Worker Ownership, Readiness, and Knowledge”.

Regulatory and Legislative

IRS Announces Deadline Relief for California Wildfires

The IRS has announced the postponement of certain tax-related deadlines for victims of California affected by wildfires and straight-line winds until October 15, 2025.