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Government Affairs
Is it ESG for me but not for thee?
Republicans heavily criticized environmental, social, and governance (ESG) investing policies in recent months, arguing it does little more than serve a woke agenda at the expense of investment returns.
For instance, they say divestment from fossil fuels...
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The Pension Benefit Guaranty Corporation (PBGC) on Aug. 7 announced that it is granting a one-time waiver of filing requirements under ERISA Section 4010 for certain filers.
The PBGC issued the relief in PBGC Technical Update 23-1. It provides a one-time waiver of the reporting requirement in...
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The differences between low-income and high-income older workers’ retirement accounts were greater in 2019 than in 2007, according to a new analysis by the Government Accountability Office (GAO).
Known as Congress’ investigative arm, GAO’s analysis of Survey of Consumer Finances (SCF) data on...
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House and Senate Democrats quietly reintroduced bills on July 27 to require spousal consent for 401(k) distributions.
H.R.5060 and S.2627 would “amend the Employee Retirement Income Security Act of 1974 to provide for greater spousal protection under defined contribution plans, and for other...
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The Pension Benefit Guaranty Corporation (PBGC) expects that both of its pension insurance programs—for single employers and for multiemployer plans—will remain not only solvent but robust for years to come.
The good news is contained in its FY 2022 Projections Report, which it released on Aug....
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Building off the SECURE 2.0 Act and taking a page out of the “behavioral finance playbook,” two influential senators introduced bipartisan legislation to establish an automatic reenrollment safe harbor.
SECURE 2.0 soon will require new 401(k) and 403(b) plans to automatically enroll participants...
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A markup by the House Financial Services Committee that started with numerous delaying tactics and accusations from each party that the other wasn’t acting in good faith ended more than 12 hours later with the approval of several bills—mostly along partisan lines.
“Today, this Committee is...
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Witnesses at a recent hearing called on the Massachusetts legislature to investigate the effects of the federal Windfall Elimination Provision and Government Pension Offset.
The Joint Committee on Public Service held a hearing on July 25 concerning Resolve S. 1656, which calls for an...
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Principal Deputy Assistant Secretary for the DOL’s Employee Benefits Security Administration (EBSA) Ali Khawar on July 25 shared with delegates at the 2023 NAPA D.C. Fly-In Forum the key priorities of the department, including new guidance on SECURE 2.0, an update to the fiduciary rule, and...
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Following an audit by the Office of the Inspector General (OIG), the Pension Benefit Guaranty Corporation (PBGC) has updated documentation required in order to apply for Special Financial Assistance (SFA).
The OIG recently issued “Audit of PBGC’s Review of Initial Special Financial Assistance...
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July is a good time to take stock of where things stand with respect to the multitude of state laws and programs to address the retirement plan coverage gap in the private sector workforce. By the time July rolls around on the calendar all but a handful of state legislatures have completed their...
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The IRS will accept certain requests that an application for a private letter ruling (PLR) be put on the fast track. The announcement came in Revenue Procedure (Rev. Proc.) 2023-26, issued on July 26.
The acceptance of requests for accelerated processing is a departure from usual procedure: the...
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New regulatory guidance that would permit bankruptcy trustees to use the Department of Labor’s (DOL) Abandoned Plan Program has been submitted to the White House’s Office of Management and Budget (OMB) for review.
The new guidance, which was submitted to the agency on July 19, apparently will be...
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Washington is discussing a bill that would provide retirement plan coverage for private-sector employees whose employers do not. No, not Washington state. And not Washington, as in the federal government. This measure is before the City Council of Washington, DC—the District of Columbia.
At-Large...
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Hawaii is seeking an executive director for the Hawaii Retirement Savings Program. Executive Assistant to the Deputy Director Nancy Bernal, who also serves as interim secretary to the Hawaii Retirement Savings Board (HRSB), made the announcement July 21.
The executive director will provide...
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By now, almost every state has at least considered legislation that would establish a state-run retirement plan, and this year alone almost half the state legislatures have considered legislation about one. A panel of key players in the plans established in some states offer an insider’s look. ...
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Fifty retirement-related organizations sent a letter to the Treasury Department and specifically the IRS on July 19 requesting “transition relief” for Section 603 under the SECURE 2.0 Act.
The signers—representing advocacy organizations (including the American Retirement Association), large...
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The IRS has updated content it provides concerning the deductibility of employer contributions to a 401(k) plan made after the end of the tax year. The material now reflects the application of the SECURE Act as well as discussion of the use of up-to-date forms.
The content is contained in the IRS...
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New requirements included in SECURE 2.0 legislation to simplify and consolidate reporting and disclosure forms have been submitted to the Office of Management and Budget (OMB).
The items identified as RIN: 1210-AC23 appear on the regulatory dashboard at Reginfo.gov; however, they have not been...
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The Department of Labor’s Employee Benefits Security Administration (EBSA) has issued a consultation paper on its review of Interpretive Bulletin (IB) 95-1, which concerns fiduciary standards applicable when selecting an annuity provider for a pension plan.
SECURE 2.0 requires the DOL to review IB...
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