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Retirement Regulation/legislative

Election 2020: 7 Things to Know About Joe Biden’s Tax Plan

With a presidential election coming up next month, tax policy will be one of the issues on the table. And, while it seems reasonable to assume that if President Trump were to be re-elected his tax policy would not change, we also know that if former Vice President Joe Biden gets elected, there will be changes.

Agencies release guidance on SECURE Act changes

On September 2, 2020, IRS released Notice 2020-68, providing Q&A guidance on (among other things) issues for qualified retirement plans under the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). On August 20, 2020, DOL released a proposed rule establishing requirements for (required) registration of “pooled employer plans” (PEPs, also known as open multiple employer plans or Open MEPs) under the SECURE Act, providing a new Form PR for that purpose.

HEROES Act Includes Significant Relief Provisions for Multiemployer Pension Funds

On May 15, in a nearly party-line vote, the House of Representatives passed the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act). The bill now goes to the Senate. While Senate Majority Leader Mitch McConnell described the bill as “dead on arrival,” it likely gives direction on a potential bipartisan rescue of the multiemployer pension system.

Senate votes on $2 trillion stimulus package – retirement plan provisions

The Senate has passed a bill providing a $2 trillion stimulus package in response to the coronavirus pandemic and the economic crisis it has generated. The bill will now go to the House. In this article we briefly review the provisions of the bill addressing retirement plan issues and conclude with a brief discussion of…Read More

President signs spending legislation including SECURE Act

On December 20, 2019, President Trump signed appropriations legislation that included the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Highlights of the new legislation include: A DC annuity fiduciary safe harbor Mandatory lifetime income disclosure Closed group nondiscrimination relief Authorization of DC Open MEPs Required coverage of long-term part-time employees Increase the cap…Read More

2019 year in review

In this article we review some of the significant retirement policy developments of 2019, including Congress’s consideration of broad bipartisan legislation (the SECURE Act), DOL’s electronic participant communications proposal, and the Supreme Court putting three ERISA retirement plan cases on its docket. Legislation Retirement policy-related legislative activity focused on passage of the Setting Every Community Up…Read More

Litigation update: the Supreme Court’s ERISA docket

In this article we review two ERISA retirement plan cases that the Supreme Court has accepted for review, Sulyma v. Intel and Jander v. IBM, and one that it is considering reviewing, Putnam Investments, LLC v. Brotherston, focusing on what is at stake for plan sponsors in these cases. Sulyma v. Intel– ERISA’s three-year statute of…Read More

Legislative Update – February 2019

In this article we briefly consider several recent retirement policy legislative initiatives in the 116th Congress: the Retirement Enhancement and Savings Act of 2019 (RESA), re-introduced in the House by Congressman Kind (D-WI) on February 6, 2016; the Rehabilitation for Mutiemployer Pensions Act introduced in the House by Ways and Means Chairman Neal (D-MA) on…Read More