Legislative Updates
| Displaying stories 1–25 of 47 | |◄ ► ►| |
- Obama Administration 2011 Budget Proposal Includes Enhancements to Auto-IRA and Saver’s Credit
- ICMA-RC, posted February 08, 2010
- The President’s FY2011 budget proposal, submitted to Congress in early February, generally does not change previous policy, but does include revisions that would expand both automated IRA enrollment and the Saver’s Credit.
- Department of Labor and Treasury Seek Suggestions and Comments on ERISA Rules
- ICMA-RC, posted February 08, 2010
- The Department of Labor (DOL) and the Department of the Treasury have issued a request for information to get a better idea of if, and how, the two departments should enhance the rules under the Employee Retirement Income Security Act (ERISA) regarding lifetime income options.
- GAO Releases Report on Fees and Fee Disclosure in Non-401(k) Defined Contribution Plans
- ICMA-RC, posted November 23, 2009
- The Government Accountability Office (GAO) recently released a new report that evaluates fee levels and fee disclosure practices in IRAs and defined contribution plans other than 401(k)s.
- Fee Investment Advice Bill: Changes Could Undo SunAmerica Arrangement
- ICMA-RC, posted July 1, 2009
- The House Education & Labor Committee has approved bills related to fee disclosure and financial advice from financial institutions. One bill provides for enhanced fee disclosure for retirement plan participants, providers and sponsors. If enacted, the bill would require investment returns to be compared to appropriate benchmarks. It would also require the Department of Labor (DOL) to study whether benchmark provisions were helpful to plan participants.
- Rep. Neal Reintroduces Fee Bill with a Number of Modifications
- ICMA-RC, posted June 09, 2009
- Rep. Richard Neal (D-MA), Chairman of the House Ways & Means Subcommittee on Select Revenue Measures, has reintroduced his Defined Contribution Plan Fee Transparency Act. The newest bill comes after Neal introduced the original bill (H.R. 3765) in the 110th Congress.
- Tax Equity for Health Plan Beneficiaries Bill Reintroduced
- ICMA-RC, posted May 28, 2009
- The Tax Equity for Health Plan Beneficiaries Act of 2009 has been reintroduced in Congress. Supporters are seeking to have the bill language included in a larger health reform bill sometime this year. The bill, first introduced in 2007, would provide tax parity to non-spouse/non-dependent individuals who qualify for and receive employer-provided health plan benefits.
- Senate HELP Committee Hearing Focuses on 401(k) Fee Disclosure
- Washington Perspective, posted September 2008
- At a mid-September hearing two members of the Senate Committee on Health, Education, Labor and Pensions (HELP) reemphasized their commitment to expanding 401(k) fee disclosure and the use of software programs that would aid individuals in making investment decisions.
- Miller Ends Pursuit of 401(k) Fee Disclosure Legislation
- ICMA-RC, posted June 23, 2008
- House Education and Labor Chairman George Miller (D-CA) recently acknowledged that his bill regarding 401(k) fee disclosure would not clear the House this session. Miller cited opposition from the House Ways and Means Committee and the White House, as well as difficulties gaining momentum for the bill in the Senate, as reasons for abandoning the legislation.
- GAO Delays 401(k) Report Until May
- ICMA-RC, posted January 11, 2008
- A Government Accountability Office study of 401(k) plans, expected to be released in February, will now likely be issued in May, according to GAO.
- Retirement Plan Contribution Limits Unchanged in 2008; IRA Limits Rise
- ICMA-RC, posted January 04, 2008
- The maximum annual contribution allowed for 401(k), 403(b) and 457 retirement savings plans remains at the 2007 limit of $15,500 for 2008.
- Farm Bill Includes Provision for Governmental Roth 457 Plans
- ICMA-RC, posted December 27, 2007
- A provision that would allow Governmental Roth 457 plans was included in the Senate Farm Bill approved on Dec. 14, 2007 as part of the Manager’s Package of Amendments (Amendment 3855). The House did not move on the Senate version of the farm bill before the holiday recess and the two will have to reconcile the differences in a conference in early 2008.
- IRS Confirms that Self-Insured Health Plans are Eligible for $3,000 Retiree Medical Exclusion for Retired Public Safety Officers
- ICMA-RC, posted December 07, 2007
- This week the IRS issued a notice 2007-99 that confirms the change in interpretation by the IRS regarding the inclusion of self-insured health plans in the public safety officer $3,000 retirement medical exclusion enacted in PPA. In earlier guidance, the IRS had interpreted the statutory language to say that self-insured plans were not eligible for the exclusion. Since that time, Congress, through correspondence and the introduction of a Technical Corrections bill, clarified that they had intended for self-insured plans to be eligible.
- New Focus on Rising Health Care Costs
- ICMA-RC, posted November 23, 2007
- A Government Accountability Office study released in November suggests that state and local governments generally have enough funds set aside to meet their current pension and retiree health care benefit obligations. However, as retiree health care expenses rise, local and state governments may begin to experience funding shortfalls over the long-run, according to the study. GAO predicts that the cost of providing health care benefits to retirees will more than double as a percentage of salaries between 2006 and 2050.
- DOL Issues Regulation Changing Plan Default Investments
- ICMA-RC, posted October 24, 2007
- The U.S. Department of Labor (DOL) issued the final regulation related to Qualified Default Investment Alternatives (QDIA) on October 22, 2007 in 401(k) and other defined contribution retirement plans that permit participants to direct the investment of their accounts. The permitted types of QDIAs are life cycle, managed account options and balanced funds, but stable value and other capital preservation funds are given only short term QDIA status.
- ICMA-RC’s VP of Education & Communication elected to serve on NAGDCA Industry Committee
- ICMA-RC, posted October 25, 2007
- Alex Hannah, ICMA-RC Vice President of Education & Communication, has been elected to serve on the Industry Committee of the National Association of Government Defined Contribution Administrators (NAGDCA).
- Roth 457 Plans Get Fresh Boost in Senate Finance Committee
- ICMA-RC, posted October 8, 2007
- The Senate Finance Committee has included a Roth 457 provision as a revenue-raiser in a transportation bill the Committee approved Sept. 21 on a 16 to 5 vote. Under the proposal, 457 plans could include qualified Roth contribution programs. As a revenue raising proposal the bill’s chances for passage rise significantly.
| Displaying stories 1–25 of 47 | |◄ ► ►| |