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Retirement Regulation/legislative

DOL regulatory agenda

The recently released Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions out of the Office of Management and Budget details four significant regulatory initiatives from the DOL.

Retirement Savings Tax Incentives: Impact of Biden Individual Tax Proposals

Biden’s increase in capital gains tax will have a significant impact on retirement savings tax incentives. For those affected by the increase in capital gains tax, the value of saving in a tax qualified retirement plan could nearly double when compared to saving outside of the plan.

Committee Chairmen Introduce Multiemployer Pension Plan Reform in House

Multiemployer plans that would be eligible for partitioning through 2024 would be those in critical and declining status, those with significant underfunding and at least 50% more retirees than actives, those that have suspended benefits, and certain plans that have already become insolvent.

House Committee Chairmen introduce single employer funding relief

On January 21, 2021, Congressman Neal (D-MA), Chairman of the House Ways and Means Committee, and Congressman Scott (D-VA), Chairman of the House Education and Labor Committee, introduced single employer plan funding relief proposals. Both bills are titled the “Emergency Pension Plan Relief Act of 2021.”