Legislative Updates

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Retirement Plan Limits Remain the Same for 2010: ICMA-RC, posted; The Internal Revenue Service and the Department of Treasury announced last week that they are preventing reductions in the amounts that workers can contribute to 401(k)s, 457 plans, IRAs and other tax-favored retirement systems in 2010.
IRS Launches New Retirement Plans Web site For Employers: ICMA-RC, posted September 13, 2009; The Internal Revenue Service recently launched a new Web site designed to help employers determine the best retirement plan to suite their employees’ needs.
Congress Passes National Save For Retirement Week Resolution: ICMA-RC, posted August 3, 2009; A resolution recognizing National Save for Retirement Week (NSRW) has passed in both the House and Senate. Rep. Allyson Schwartz (D-PA) and Rp. Sam Johnson (R-TX) co-sponsored H Res. 647 which designates Oct. 18-24, 2009 as a week set aside for "raising public aware of the various tax-preferred retirement vehicles."
Proposed Changes to Required Minimum Distributions: ICMA-RC, posted July 21, 2009; Legislation that would alter Required Minimum Distributions (RMD) from pension plans has been introduced in both the Senate and the House. H.R. 2021, led by Rep. John Boehner (R-OH), would extend the suspension of RMD requirements through 2012. It was referred to the House Committee on Health, Employment, Labor, and Pensions.
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.
DOL, SEC Hearing Considers Further Target Date Oversight, but Show Little Interest in More Regulations: ICMA-RC, posted June 30, 2009; Securities and Exchange Commission (SEC) Chair Mary Shapiro and a series of mutual fund industry representatives were among those considering changes in how target date funds are structured and marketed in a Joint Hearing on Target Date Funds held June 18 at the Department of Labor (DOL).
Rep. Pomeroy Introduces Bill to Boost Annuity Tax Breaks: ICMA-RC, posted June 16, 2009; Rep. Earl Pomeroy (D-ND) and Rep. Ginny Brown-Waite (R-FL) have introduced the Retirement Security Needs Lifetime Pay Act (H.R. 2748). Similar to legislation introduced by Pomeroy in the 110th Congress, the bill contains several provisions to encourage retirees to create annuities as part of their retirement savings plans.
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.
Obama Budget Proposals Include Enhanced Saver’s Credit, Auto IRA: ICMA-RC, posted June 2, 2009; The Obama Administration is proposing changes in the Saver's Credit and provisions to require employers to offer an automatic IRA. Both are contained in the Administration's proposed 2010 budget.
Rep. Andrews Introduces Bill to Modify Investment Advice Rules: ICMA-RC, posted May 28, 2009; A bill that would change requirements for investment advice offered by retirement plan sponsors (ERISA plans only) has been introduced by Rep. Robert Andrews (D-NJ). The "Conflicted Investment Advice Prohibition Act of 2009" (H.R. 1988) would repeal the expanded advice provision contained in the Pension Protection Act (PPA) of 2006.
SEC, DOL Plan Joint Hearing on Target Date Funds: ICMA-RC, posted May 28, 2009; The Securities and Exchange Commission (SEC) and the U.S. Department of Labor (DOL) will hold a joint hearing June 18 to explore issues relating to target date or lifecycle funds and other similar investment options.
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 Aging Committee Reaches Out to SEC: ICMA-RC, posted March 6, 2009; The chairman of the Senate Special Committee on Aging has expressed continuing concern over disclosure of asset allocations in popular target date mutual funds in correspondence with the new chair of the U.S. Securities and Exchange Commission (SEC) and the new Secretary of Labor. Both letters were dated February 24, 2009.
House Education and Labor Committee Explores the Nation’s Retirement System: ICMA-RC, posted February 26, 2009; Washington, DC – February 25, 2009 – The House Education and Labor Committee, on Tuesday, held the first of a series of hearings designed to examine how 401(k) and other retirement plans are faring in light of the current economic crisis. The Committee does not have jurisdiction over public retirement plans. If they produce legislation it is likely that the House Ways and Means Committee, with jurisdiction over 457 plans, would at least hold hearings on it.
American Recovery & Reinvestment Tax Act of 2009: ICMA-RC, posted February 18, 2009; The American Recovery & Reinvestment Tax Act of 2009 – commonly referred to as the Economic Stimulus Package – was signed into law on February 17, 2009. It contains a number of provisions that will benefit state and local governments as well as individuals by providing funding for projects and various forms of tax relief.
2009 Required Minimum Distributions Waived: ICMA-RC, posted December 26, 2008; President Bush has signed The Worker, Retiree, and Employer Recovery Act (H.R. 7327) that suspends the need to take required minimum distribution (RMD) payments from defined contribution retirement plans and IRAs for the 2009 tax year. The President signed the measure on December 23, 2008, following unanimous approval in Congress earlier in the month.
Emergency Economic Stabilization Bill Becomes Law: ICMA-RC, posted October 6, 2008; The House of Representatives Friday (October 3, 2008) gave final approval of the $700 billion Emergency Economic Stabilization Act on a vote of 263 to 171. President Bush signed the legislation into law shortly after.
Treasury Department Rolls Out Money Market Guarantee Program: ICMA-RC, posted October 6, 2008; On September 29, 2008, the U.S. Department of the Treasury announced the establishment of a Temporary Guarantee Program for Money Market Funds. Under this program, Treasury will guarantee that eligible money market fund investors will receive $1 for each money market share held as of September 19, 2008. The program is designed to respond to what Treasury called "temporary dislocations in the credit markets" that came after some money market funds saw their share prices fall below $1, known as "breaking the buck."
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.
Senate Leaders Completing Charitable IRA Rollover Provision: Washington Perspective, posted September 2008; Key Senate leaders were working in mid-September to reach a bipartisan agreement on how the Senate might address charitable IRA rollover tax incentives that expired in 2007.
Housing Act Aims at Easing Mortgage Credit Crisis: ICMA-RC, posted August 29, 2008; The housing bill President Bush signed into law in July contains a number of provisions aimed at restoring confidence in credit and housing markets by bringing financial help to homeowners facing or in foreclosure.
Proposed Legislation Aims to Limit 401(k) Loans: ICMA-RC, posted August 28, 2008; Sen. Charles Schumer (D-NY) and Sen. Herb Kohl (D-WI) recently introduced a bill, S. 3278, which would prohibit companies from issuing 401(k) debit cards.
Monroe County, NY Earns NAGDCA 2008 Special Award of Distinction: ICMA-RC, posted August 7, 2008; The National Association of Government Defined Contribution Administrators (NAGDCA) awarded Monroe County, NY the 2008 “Special Award of Distinction” for its deferred compensation plan.

Displaying stories 1–25 of 88

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