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Legislative updates
Industry & Regulatory News
Affordable Insulin Now Act Proposed in House
Representative Angie Craig (D-MN) has reintroduced the Affordable Insulin Now Act in the House.
Industry & Regulatory News
PBGC Updates Interest Assumptions for Valuing Benefits for Second Quarter 2023
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.
Industry & Regulatory News
Proposal Would Allow Permanent HDHP Waiver for Telehealth Services
Sen. John Kennedy, (R-La), has introduced the Telehealth HSA Act. The Act would make permanent the ability of high deductible health plans (HDHPs) to waive the deductible for telehealth services without causing plan participants to lose the ability to contribute to a health savings account (HSA).
Industry & Regulatory News
Hardship Distributions May Be Permitted for Tennessee Severe Winter Storms
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 8, 2023, for severe winter storms in Tennessee, for the incident period of December 22, 2022, to December 27, 2022.
Industry & Regulatory News
Build Back Better Provisions Resurface in White House Budget Proposal
President Biden’s fiscal year 2024 budget includes proposed retirement account restrictions for certain taxpayers — similar to those included in the Build Back Better Act passed by the House in 2021 — but left by the wayside enroute to the passage of the Inflation Reduction Act of 2022.
Industry & Regulatory News
Senate Confirms New IRS Commissioner
The United States Senate on Thursday confirmed Danny Werfel, in a 54-42 vote, as the next commissioner of the Internal Revenue Service. Mr. Werfel, who was nominated in November 2022 as his predecessor Charles Rettig’s term ended, will serve through November 2027.
Industry & Regulatory News
SECURE 2.0 Requires New Plans to Contain Automatic Enrollment Feature
Credible studies have concluded that employers who automatically enroll plan participants into a retirement plan help place them on a lifetime path to meaningful savings.
Industry & Regulatory News
Proposals Supporting ESG in Retirement Plans Introduced
Representative Suzan DelBene (D-WA) and co-sponsors Sean Casten (D-IL), Juan Vargas (D-CA), and Dean Phillips (D-MN) have introduced the Freedom to Invest in a Sustainable Future Act.
Industry & Regulatory News
Retroactive First-Year Elective Deferrals for Sole Proprietors
The SECURE 2.0 Act makes it easier for individuals who own the entire interest in an unincorporated trade or business to make elective deferrals to a 401(k) plan for their first plan year.
Industry & Regulatory News
Military Spouse Retirement Plan Eligibility Credit for Small Employers
The SECURE 2.0 Act gives certain employers a general business tax credit for immediately including military spouses in their defined contribution plan.