Legislative updates

Senators Tim Kaine (D-VA) and Bill Cassidy (R-LA), and Representative Kathy Manning (D-NC), have reintroduced the Auto Reenroll Act of 2023, bicameral legislation to permit plan sponsors to reenroll non-participating eligible employees at least once every three years unless the individual affirmatively opts out again. 

Congress has wrestled with Americans’ lack of emergency savings for years. Numerous proposals have been offered, but no substantial measures have passed. Until now.

Representatives Donald Norcross (D-NJ) and co-sponsor Tim Walberg (R-MI) have re-introduced the Lifetime Income for Employees Act. H.R. 3942 would allow annuities as a default investment in 401(k) plans.

The Pension Benefit Guaranty Corporation (PBGC) is requesting from the federal Office of Management and Budget (OMB) the authority to modify its information collection procedures under its missing participants program.

The House Committee on Ways and Means advanced several bills to expand health options and increase flexibility for workers

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on May 25, 2023, for a California severe storm and flooding, for the incident period of March 11, 2023 – March 16, 2023.

A bill introduced by Representative Frank Lucas (R-OK) was approved by the House Financial Services Committee with bipartisan support by a vote of 35-12. H.R. 3063 would amend securities laws to allow collective investment trusts (CITs) in 403(b) plans.

The SECURE 2.0 Act provides more ways for individuals to access their retirement savings and creates new exceptions to the 10% early distribution penalty tax.

Congressional leadership from the House Committee on Ways and Means and the Senate Committee on Finance have sent a letter to officials at the Treasury Department indicating that Congress intends to introduce technical correction legislation to correct erroneous statutory language for several SECURE 2.0 provisions in order to accurately carry out Congressional intent.

This infographic is part of a multi-part series that describes the penalty-free distribution options created by SECURE 2.0