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Legislative updates
Industry & Regulatory News
Proposal to Encourage Profit Sharing Introduced in House
Congresswoman Bonnie Watson Coleman (D-NJ) has introduced H.R. 2628, the Employee Profit-Sharing Encouragement Act.
Industry & Regulatory News
Waiver of Early Distribution Tax Proposed in House
Representative George Santos (R-NY) has introduced H.R. 2637, to provide for an exception to the 10-percent additional tax on early distributions from qualified retirement plans capped at a withdrawal amount of $10,000 every five years.
Industry & Regulatory News
Bill Proposed in House to Allow CITs in 403(b) Plans
Congressman Patrick McHenry (R-NC), Chairman of the House Financial Services Committee has introduced H.R. 2799, the Expanding Access to Capital Act.
Industry & Regulatory News
Tri-Agencies Provide FAQ Guidance for Group Health Plans in Anticipation of End of Public Health Emergency and National Emergency
During the COVID-19 Public Health Emergency (PHE) and National Emergency, numerous requirements were introduced for group health plans, which were generally aimed at ensuring individuals did not forgo testing or treatment for COVID-19 because they could not afford to pay for such services.
Industry & Regulatory News
Employer Tax Credits, Part 2
The SECURE 2.0 Act modifies one small-employer credit and creates another. These credits may make establishing and contributing to a plan much more attractive.
Industry & Regulatory News
Biden Vetoes Resolution Disapproving DOL ESG Rule
As expected, President Biden has vetoed H.J. 30, a resolution for congressional disapproval of the Department of Labor’s rule “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights.”
Industry & Regulatory News
SEC Proposes Additional Requirements to Protect Consumer Financial Information
The Securities and Exchange Commission has proposed additional requirements for broker-dealers, investment companies, registered investment advisers and transfer agents (“covered institutions”) aimed at further protecting the privacy of consumer financial information.
Industry & Regulatory News
Affordable Insulin Now Act Proposed in House
Representative Angie Craig (D-MN) has reintroduced the Affordable Insulin Now Act in the House.
Industry & Regulatory News
PBGC Updates Interest Assumptions for Valuing Benefits for Second Quarter 2023
The Pension Benefit Guarantee Corporation (PBGC) has issued a final rule updating interest assumptions under the asset allocation regulation for plans with valuation dates in the second quarter of 2023.
Industry & Regulatory News
Proposal Would Allow Permanent HDHP Waiver for Telehealth Services
Sen. John Kennedy, (R-La), has introduced the Telehealth HSA Act. The Act would make permanent the ability of high deductible health plans (HDHPs) to waive the deductible for telehealth services without causing plan participants to lose the ability to contribute to a health savings account (HSA).