Industry & Regulatory News
House of Representatives' Government Funding Bill Contains SECURE Act Provisions

The House Rules Committee has released text of the Consolidated Appropriations Act, 2020, whose provisions are to fund government operations for the coming fiscal year. Included in this legislative text—as many have hoped—are provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The SECURE Act was passed as stand-alone legislation earlier this year by the House of Representatives, but was not taken up in the Senate. Inclusion in appropriations legislation was considered the last opportunity for passage of this legislation in 2019. These appropriations must have both House and Senate approval, and signature by President Trump, for the SECURE Act provisions to become law.

December 17 2019
Industry & Regulatory News
Washington Pulse: House Passes SECURE Act, Retirement Focus Shifts to the Senate

With growing bipartisan momentum that has lent new optimism for eventual enactment, comprehensive retirement legislation has been passed by the House of Representatives and now moves on to the U.S. Senate. The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 passed in the House on May 23 with only token opposition, its 417-3 margin a demonstration of overwhelming support.

May 31 2019
Industry & Regulatory News
DOL Seeks Comments for Future PEP/MEP Guidance with Request-for-Information

The Department of Labor’s Employee Benefits Security Administration (EBSA) has released a pre-publication version of a request-for-information (RFI) seeking public comments on issues pertinent to pooled employer plans (PEPs) and multiple employer plan (MEPs).

June 17 2020
Industry & Regulatory News
House Passes Senate’s Coronavirus Response Bill Unchanged, President Trump Signs Into Law

The House of Representatives today passed—by an expedited procedure—the Coronavirus Aid, Relief and Economic Security (CARES) Act, which was passed by the Senate late on Wednesday, March 25. This afternoon, President Trump signed the legislation into law.

March 27 2020
Industry & Regulatory News
Senate Approves Massive Coronavirus Response Bill

On Wednesday night, March 25, shortly before midnight, Eastern Time, the U.S. Senate cleared lingering objections of both Democrat and Republican members and unanimously passed H.R. 748, the Coronavirus Aid, Relief and Economic Security, or CARES Act. The legislation has many elements intended to aid businesses and workers, and assist the U.S. health care system in working through the coronavirus (COVID-19) pandemic. It also contains multiple provisions that would affect retirement savings arrangements, health savings accounts (HSAs), Archer medical savings accounts (MSAs), health reimbursement arrangements (HRAs), and flexible spending arrangements (FSAs).

March 26 2020
Industry & Regulatory News
GOP Legislative Package Would Alter Retirement Plan and HSA Provisions as Part of COVID-19 Pandemic Response

Senate Republican coronavirus response legislation—the Coronavirus Aid, Relief and Economic Security, or CARES Act—has been proposed in order to assist Americans affected by the COVID-19 pandemic. The proposal has multiple provisions that would affect retirement savings arrangements and health savings accounts (HSAs). This legislative proposal is being monitored closely, and further developments will be shared as warranted.

March 20 2020
Industry & Regulatory News
More Details on CARES Act Eligibility and Plan Loan Guidance

The retirement industry eagerly received the IRS guidance on applying provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act with the issuance of Notice 2020-50 on June 19. It has provided important details on compliance with this legislation—which offers financial and tax relief to millions of Americans affected by the coronavirus (COVID-19) pandemic.

June 24 2020
Industry & Regulatory News
Relief for Certain Retirement Plan Consent Requirements

The Internal Revenue Service (IRS) today issued Notice 2020-42, in which the IRS provides temporary relief from the physical presence requirements for certain elections that are made by participants and beneficiaries in qualified retirement plans and other tax-favored retirement arrangements. This includes signatures of those making an election that ordinarily would need to be witnessed in the physical presence of a plan representative or notary public, including spousal consent and certain forms of distribution from retirement plans.

June 05 2020
Industry & Regulatory News
Senate Passes Paycheck Protection Program Extension, Legislation Awaits President’s Signature

On Wednesday night, the U.S. Senate approved by voice vote H.R. 7010, the House-passed Paycheck Protection Program Flexibility Act of 2020. The legislation extends elements of and makes certain other adjustments to the Paycheck Protection Program (PPP). This Small Business Administration lending program was created by the Coronavirus Aid, Relief, and Economic Security Act, to help small employers meet payroll and other expenses as businesses and the nation deal with the economic effects of the novel coronavirus pandemic.

June 04 2020
Industry & Regulatory News
House Passes Bill to Expand Paycheck Protection Program

The U.S. House of Representatives passed by a 417-1 margin on Thursday, May 28, the Paycheck Protection Program Flexibility Act of 2020. This legislation would modify certain core terms of this Small Business Administration (SBA) emergency lending program. The Paycheck Protection Program (PPP) was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020. Under the program, qualifying small businesses may apply for loans from the SBA to retain employees on their payrolls, and—especially attractive to business owners—the loans are forgiven if certain conditions are met.

May 29 2020