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Retirement news from Washington DC

July 2022 legislative update – review of key bipartisan retirement policy reform proposals

On March 29, 2022, the House of Representatives, by a 414-5 vote, approved the Securing a Strong Retirement Act of 2022 (SECURE 2.0), a synthesis of the Ways and Means Committee’s Securing a Strong Retirement Act of 2021 and the Education and Labor Committee’s RISE Act. On June 14, 2022, the Senate Health, Education, Labor, and Pensions (HELP) Committee, by a voice vote, passed the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act (the RISE & SHINE Act). And, on June 22, 2022, the Senate Finance Committee unanimously approved the Enhancing American Retirement Now (EARN) Act. In what follows we provide a brief summary of certain key provisions of these three bills.

SECURE 2.0 Approved by House in 414-5 vote

On March 29, 2022, the House of Representatives, by a nearly unanimous (414-5) vote, approved the Securing a Strong Retirement Act of 2022 (SECURE 2.0). The bill represents a synthesis of the Ways and Means Committee’s Securing a Strong Retirement Act of 2021 and the Education and Labor Committee’s RISE Act.

Outlook 2022 – The Retirement Policy agenda – Highlights

In this article, we briefly consider the 2022 retirement policy legislative, regulatory, and litigation agenda. Most of these issues are carryovers from 2021, and we have discussed them at length elsewhere. We are, therefore, going to keep our preview of 2022 brief, focusing on the “highlights,” and providing links to our prior, more comprehensive treatment.

2021 Retirement Policy – A Year In Review

Throughout the year, we have followed the performance of the interest rate and securities markets, tracking their effect on retirement finance. As of mid-December, interest rates are up 30-40 basis points for plans with typical duration, and the S&P 500 is up 25% on the year.

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…Read More

Current legislation: Neal Automatic Retirement Plan proposal

In our last article we discussed Congressman Neal’s (D-MA) Retirement Plan Simplification and Enhancement Act, introduced in the House at the end of last year. In this article we discuss his Automatic Retirement Plan Act of 2017 (“Automatic Plan bill”), introduced at the same time, which would (with some very limited exceptions) require every US…Read More

Current legislation: Neal Simplification Proposal

We begin a brief series on current retirement saving legislation. This is an election year, and it’s unclear that any retirement policy legislation will move in this Congress. But there are a number retirement policy issues on which there is bipartisan consensus (at a minimum) that something should be done – including, e.g., improving 401(k)…Read More

Budget deal retirement savings provisions

The Bipartisan Budget Act of 2018 (BBA 2018), the budget deal recently negotiated by Congressional leadership and signed into law by President Trump on February 9, 2018, includes provisions easing 401(k) hardship withdrawal rules and creating a bipartisan committee to address the multiemployer plan crisis. Elimination of the 6-month contribution holdout rule for hardship withdrawals…Read More

Congress passes tax bill, President expected to sign

On December 19, 2017, the House and then the Senate approved HR 1, the “Tax Cuts and Jobs Act.” (Because of Senate procedural rules, the bill as passed by the Senate was, in three minor respects, different from the House bill and was sent back to the House for re-approval on December 20, 2017.) President…Read More