Legislative updates

Industry & Regulatory News

ABLE Proposal Would Remove Sunset Provision

Senator Eric Schmitt (R-MO), along with five Republican co-sponsors and six Democratic co-sponsors, have introduced S. 4539, the Ensuring Nationwide Access to Better Life Experience (ENABLE) Act. The proposal would make permanent the following provisions that are set to expire at the end of 2025.

June 18 2024

Industry & Regulatory News

Treasury Issues RFI Regarding Opportunities and Risks of AI

The Department of Treasury has issued a request for information from the financial services sector on potential opportunities and risks related to the use of Artificial Intelligence.

June 11 2024

Industry & Regulatory News

Increased Retirement Plan Start-Up Credit for Micro Businesses Proposed in Senate

Senators Maggie Hassan (D-NH) and Tedd Budd (R-NC) have introduced S. 4398, the Retirement Investment in Small Employers (RISE) Act.

May 30 2024

Industry & Regulatory News

Resolution Disapproving DOL Fiduciary Rule Announced

Senators Ted Budd (R-NC), Bill Cassidy (R-NC), Roger Marshall (R-KS), and Joe Manchin (D-WV) have announced they are introducing a resolution of congressional disapproval of the Department of Labor’s “Retirement Security Rule.”

May 15 2024

Industry & Regulatory News

Proposal to Disallow Certain Abortion Expenses as Qualified Medical Expenses Introduced

Representative Alex Mooney (R-WV), and seven Republican co-sponsors have introduced H.R. 8049, the Protecting Life in Health Savings Accounts Act.

May 01 2024

Industry & Regulatory News

Agencies Extend Comment Deadline on Reporting and Disclosure RFI Under SECURE 2.0

The Department of Treasury, the Department of Labor, and the Pension Benefit Guaranty Corporation have extended the deadline for comments related to a Request for Information (RFI) released in January pursuant to Section 319 of SECURE 2.0.

April 03 2024

Industry & Regulatory News

SECURE 2.0 Permits De Minimis Financial Incentives

For plan years beginning after December 29, 2022, employers that sponsor 401(k) or 403(b) plans may offer employees a “de minimis” financial incentive, such as a gift card, as long as the cost of the incentive is paid by the employer and not paid from plan assets.

March 19 2024

Industry & Regulatory News

Contributions Limits Increased for SIMPLE Plans

Employers that sponsor a SIMPLE plan may allow increased salary deferral limits for their employees, starting in tax year 2024.

March 19 2024

Industry & Regulatory News

SECURE 2.0 Expands Roth Options for Employer-Sponsored Retirement Plans

The SECURE 2.0 Act contains provisions that allow individuals to place more of their assets into Roth accounts.

March 19 2024

Industry & Regulatory News

Mid-Year Termination of SIMPLE IRA

An employer that maintains a SIMPLE IRA plan is generally not permitted to maintain another retirement plan in which employees may accrue benefits—a principle known as the exclusive plan rule.

March 19 2024