Legislative updates

Senators Ruben Gallego (D-AZ) and Todd Young (R-IN) have introduced S. 2867, the Uplifting First-Time Homebuyers Act to help more people buy their first home.

The House Education and Workforce Committee has advanced several retirement bills following a markup. According to a press release, the following proposals were passed by the committee.

• H.R. 2958, the “Balancing the Scales Act” sponsored by Rep. Michael Rulli (R-OH).
• H.R. 2869, the “EBSA Investigations Transparency Act”, sponsored by Rep. Lisa McClain (R-MI).
• H.R. 5169, the “Retire through Ownership Act”, authored by Rep. Rick Allen (R-GA).

Representatives Ron Estes (R-KS), and Seth Magaziner (D-RI), have introduced H.R. 5325, the Unclaimed Retirement Rescue Plan to direct the Department of Labor to issue regulations allowing transfers of unclaimed retirement distributions to state unclaimed property funds.

Representative Rick Allen (R-GA) has introduced the Retire through Ownership Act. According to a press release, Congress instructed the Department of Labor (DOL) with the passage of the Employee Retirement Income Security Act of 1974 (ERISA) to issue regulations for determining adequate consideration in the event employer stock did not have a generally recognized market. However, final regulations have never been issued.

The Senate Health, Education, Labor and Pensions (HELP) Committee unanimously advanced two bills to strengthen Employee Stock Ownership Plans (ESOPs). S. 1728, the Employee Ownership Representation Act—sponsored by Senator Bill Cassidy (R-LA)—would add two ESOP board members to the ERISA Advisory Council.

Representative Vern Buchanan (R-FL) and several co-sponsors have introduced H.R. 4548, the Small Nonprofit Retirement Security Act.

Senators Steve Daines (R-MT) and Maggie Hassan (D-NH) have introduced S. 2461, the Promotion and Expansion of Private Employee Ownership Act.

Senator Bernie Sanders (I-VT) and several Democrat sponsors have introduced S. 2458, the Employee Ownership Financing Act.

President Trump has signed into law the Filing Relief for Natural Disasters Act (“Act”). The Act allows the Treasury Department, after consulting with the Federal Emergency Management Agency, to postpone filing deadlines for affected individuals and businesses in a state-declared disaster area that has not yet received a federal disaster designation. 

Senator Bernie Sanders (I-VT) has released proposed legislation titled the Pensions for All Act.