Legislative updates

Industry & Regulatory News
Washington Pulse: SECURE Act: The Wait is Finally Over

For the past three years, Congress has attempted to pass major retirement reform legislation. It has finally succeeded with the year-end passage of two spending packages meant to avert a government shutdown. One of the packages, the Further Consolidated Appropriations Act, 2020 (FCAA), includes multiple bills—including the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which contains several major retirement-related provisions. These provisions are nearly identical to those included in an earlier version of the SECURE Act that was passed by the U.S. House of Representatives in May 2019. At the time of this publication, the President had not yet signed these bills into law. But it is widely anticipated that he will.

December 20 2019
Industry & Regulatory News
Senate Approves Appropriations Bill with SECURE Act and Healthcare Provisions; President’s Signature Expected

The U.S. Senate today voted its approval of the Consolidated Appropriations Act of 2020, as passed by the House of Representatives, with provisions that will fund government operations for the coming fiscal year. Included are provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, as well as healthcare-related changes.

December 19 2019
Industry & Regulatory News
Last Minute Funding Action by Congress Sets the Stage for Major Savings and Health Changes

In these final days of the 2019 congressional session, as lawmakers negotiated to avert a shutdown of federal government functions and to authorize spending for the coming fiscal year, a number of tax-advantaged savings and health care-related changes found their way into the legislative mix. The majority are provisions found in legislation passed earlier in 2019 by the House of Representatives, in the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which is legislation that was not taken up by the Senate.

December 17 2019
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
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
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
Industry & Regulatory News
House Passes More Pandemic Aid; Quick Senate Action Not Expected

The House of Representatives late Friday passed H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, providing additional aid to many who are adversely affected by the novel coronavirus (COVID-19) pandemic. The bill also contained non-COVID-19-related provisions considered likely to prove controversial in the Senate.

May 18 2020