A Texas judge has ruled against a challenge to Biden Administration environmental, social, and governance (ESG) rules that allow fiduciaries to consider ESG factors in selecting retirement plan investment choices. House action to roll back the rules is pending.

The Treasury Department has still not decided whether it will/can delay the effective date of the SECURE 2.0 rule that requires plan participants earning more than $145,000 to make their catch-up contributions on a Roth basis (i.e., after-tax contribution, tax-free withdrawals).

A new Senate bill, S.2512, would permit employers to automatically enroll existing workers (who had initially opted out) into their employer-sponsored retirement plans every three years. The reenrollment would be subject to the worker’s ongoing ability to continue to opt out.

A coalition of more than 150 retirement savings plan sponsors and their allies in the retirement savings community is asking both Congress and the Treasury Department for a delay in the 2024 effective date of the SECURE 2.0 rule that requires individuals earning more than $145,000/year to make their retirement plan catch-up contributions on a Roth basis.

The “four corners” of Congress’ tax-writing committees (House and Senate Chairs and Ranking Members) have written to the Treasury Department to say they intend to pass new legislation to address needed clarifications and corrections to SECURE 2.0.

The chair and ranking member of the ERISA-focused Senate Health, Education, Labor and Pensions (HELP) Committee wrote to the Department of Labor (DOL) urging the agency to prioritize guidance on provisions relating to pension-linked emergency savings and promotion of employee ownership. The letter was written by HELP Chairman Sen. Bernie Sanders (I-VT) and Ranking Member Sen. Bill Cassidy (R-LA). It was sent to DOL’s Acting Secretary, Julie Su, on May 30.

The Secure Notarization Act of 2023, S.1212, was introduced on April 19 in the Senate. It joins the House bill, H.R.1059, which the House approved by voice vote this past February. NAIFA supports this legislation.