Session Expiration Warning
Pending Legislation Spring 2013
Fully half of the retirement-related bills introduced in this first quarter of the new 113th edition of Congress have to do with Social Security. Examples (listed in the below "Social Security" category) include proposals to:
- Apply payroll taxes to remuneration (and earnings from self-employment) up to the contribution and benefit base ($113,700 in 2013) and to remuneration in excess of $250,000 (see "Keeping Our Social Security Promises Act").
- Substitute a new Consumer Price Index (CPI) geared to older consumers in
computing the cost-of-living adjustments (COLAs) ("Protecting and Preserving
Social Security Act").
- Create a special account to hold the Social Security surplus ("Savings for
Seniors Act of 2013").
- Remove the limitation on the amount of outside income that a beneficiary
may earn without incurring a reduction in benefits ("Social Security Earnings
Test Repeal Act of 2013").
On the regulatory side, the Department of Labor (DOL) released its regulatory
agenda for 2013. Among other items, the agenda includes:
- A re-proposal of a fiduciary advice regulation, including proposed prohibited
- A proposal to require a "guide" for plan sponsor fee disclosures.
- A proposal to require retirement income projections on participant benefit
- An amendment to require additional disclosures for target date funds (TDFs)
under both the participant fee disclosure rules and the qualified default
investment alternative (QDIA) regulation.
The following represent bills that are actively being considered by Congress at this
time. For more information on these and other bills, go to the Library of Congress
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