Legislative updates

A bill introduced by Congressman Bill Huizenga (R-MI), has been passed out of the House Financial Services Committee.

Congresswoman Bonnie Watson Coleman (D-NJ) has introduced H.R. 2628, the Employee Profit-Sharing Encouragement Act.

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.

Congressman Patrick McHenry (R-NC), Chairman of the House Financial Services Committee has introduced H.R. 2799, the Expanding Access to Capital Act.

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.

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.

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.”

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.

Representative Angie Craig (D-MN) has reintroduced the Affordable Insulin Now Act in the House.

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.