Regulatory and Legislative

Starter-K Companion Legislation Introduced in House

FuturePlan ERISA Team June 17 2022

Representatives Linda T. Sánchez (D-CA) and Darin LaHood (R-IL) introduced the Starter-K Act, legislation intending to expand access to retirement savings for more Americans. Companion legislation was introduced in the Senate by Senators John Barrasso (R-WY) and Tom Carper (D-DE).

The bill provides for a deferral only 401(k) or 403(b) arrangement with a minimum three percent automatic deferral rate and maximum deferral limit of $6,000 (indexed for inflation). Catch-up contributions would be available for those age 50 and over, subject to the same limit as for SIMPLE plans (currently $3,000). These plans would be afforded a safe harbor from nondiscrimination and top-heavy requirements. The Department of Labor would be directed to provide rules for simplified reporting under these arrangements.

Defined Contribution Plan Legislative updates

Regulatory and Legislative

DOL Final Rule Updating VFCP Has Left OMB

DOL Final Rule Updating VFCP Has Left OMB

Department of Labor guidance titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program” has left the Office of Management and Budget.


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