Feb 1, 2020 | Jon Vogler
On Dec. 20, 2019, US President Donald Trump signed sweeping spending bills that included a long-sought, comprehensive retirement security package.1
Nov 20, 2019
Oct 4, 2019 | Jon Vogler
Even though Congress was on vacation for several weeks, some notable bills were recently introduced in the last quarter:
The Automatic IRA Act of 2019 (in the “IRAs” section) would expand personal savings and retirement savings coverage by enabling employees not covered by qualifying retirement plans to save for retirement through automatic IRA arrangements. Exceptions would be made for small or new employers, as provided in the bill, as well as for church or governmental organizations.
A House concurrent resolution (in the “Multi-employer plans” section) would establish the Joint Select Committee on Solvency of Multi-Employer Pension Plans, which will provide recommendations and legislative language that will significantly improve the solvency of multi-employer pension plans (which are typically defined benefit pension plans for union employees) and the Pension Benefit Guaranty Corporation (PBGC).
Aug 23, 2019 | Jon Vogler
In our Winter 2019 edition of Washington Insights, we cited the dire situation faced by many US multiemployer pension plans. According to an actuarial study, as many as 1.3 million participants in US multiemployer pension plans are at risk of losing their benefits in the next 20 years. The reasons (and proposed solutions) for this problem differ dramatically, depending on your party affiliation. Even though there is some bipartisan interest in resolving this issue, the disparity among the offered proposals makes passage uncertain. Fall 2019 edition examines the controversy surrounding the Rehabilitation for Multiemployer Pensions Act.
Jun 12, 2019 | Jon VoglerSeveral bills which were introduced in the last session of Congress have reappeared in the current 116th edition. This is not unusual. Some bills garner support, but may not be signed into law for a variety of reasons, including differing policy approaches, the composition of the Congress, dueling legislative priorities, the inclusion of controversial provisions, a collective preference for a regulatory solution, or just plain politics.
Jun 7, 2019 | Jon Vogler
In this edition of Washington Insights, we examine the provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Recently passed by the US House of Representatives, this is the most comprehensive retirement bill considered by Congress in more than a decade. We analyze the prospects for it to be adopted by the Senate, or alternatively reconciled with the Retirement Enhancement and Savings Act (RESA) — a similar bill in the Senate. We will then assess the likelihood of this legislation (as well as a second separate retirement bill) becoming law later this year.
Apr 2, 2019 | Jon VoglerA large percentage of the retirement-related bills which have been introduced in this first quarter of the new 116th edition of Congress have to do with Social Security.
Jul 24, 2018 | Jon VoglerThe recently-introduced Commission on Retirement Security Act of 2018 (listed in the “Retirement reform” section below) would establish a federal commission to review private retirement benefit programs and report to Congress on how to improve private retirement security in the United States