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1 min read

RISE Act Introduced in the Senate

By NAIFA on 6/14/24 2:42 PM

A companion Senate bill (S.4398) to the RISE Act introduced last fall in the House (H.R.6007) has been introduced. The RISE Act expands the tax credit available for starting retirement savings plans for very small businesses.

Topics: Retirement Legislation & Regulations Congress SECURE 2.0
1 min read

DOL Extends Comment Period for SECURE 2.0 Reporting/Disclosure Rules

By NAIFA on 4/15/24 2:14 PM

The Department of Labor’s (DOL’s) Employee Benefits Security Administration (EBSA) and the Treasury Department have announced an extension, from April 22 to May 22, 2024, of the deadline for responses to its request for information (RFI) on the effectiveness of SECURE 2.0’s notice and disclosure requirements.

Topics: Congress DOL SECURE 2.0
2 min read

IRS Issues Guidance on Pension-Linked Emergency Savings Accounts

By NAIFA on 2/15/24 11:19 AM

On January 12, the Internal Revenue Service (IRS) released initial guidance on implementation of SECURE 2.0 pension-linked emergency savings accounts (PLESAs). The guidance is in Notice 2024-22.

Topics: Legislation & Regulations IRS SECURE 2.0
1 min read

DOL, Treasury, PBGC Seek Information on Improved Retirement Plan Disclosure Rules

By NAIFA on 2/15/24 10:58 AM

On January 19, the Department of Labor (DOL), Treasury, and the Pension Benefit Guaranty Corporation (PBGC) issued a Request for Information (RFI) on the disclosure requirements of SECURE 2.0. The agencies said they would use this input to “explore ways to make it easier for workers to understand their benefits.”

Topics: Benefits Retirement Plans DOL SECURE 2.0
3 min read

Congress Returns to Difficult Times

By NAIFA on 1/16/24 3:25 PM

When the first session of the 118th Congress ended last month, lawmakers left undone controversial and pressing business that will make January a difficult month. Pending are government funding, international aid, and expiring law issues on which there is as yet little or no consensus. Caught in the crosshairs are a tax package with provisions of interest to NAIFA members, extension of the National Flood Insurance Program (NFIP), and proposals to defund regulatory initiatives like the fiduciary-only rule.

Topics: Legislation & Regulations Taxes Congress DOL SECURE 2.0 Fiduciary
2 min read

Treasury Issues Guidance on New Retirement Savings Provisions

By NAIFA on 1/16/24 12:51 PM

On December 20, the Treasury Department issued a “grab bag” of guidance on the new retirement savings rules and opportunities in the SECURE 2.0 retirement savings law enacted late in 2022. Notice 2024-02 covers a dozen of the law’s provisions, in a question-and-answer format.

Topics: Retirement 401(k) SECURE 2.0
1 min read

SECURE 2.0 Technical Corrections Draft Released

By NAIFA on 12/15/23 2:01 PM

On December 6, professional staff to Congress’ retirement savings committees released a draft of their proposed SECURE 2.0 technical corrections package. The committee staff are requesting input from stakeholders to be sure the proposed fixes work, and to provide one last opportunity to add any newly identified errors that need correcting.


Topics: Retirement 401(k) Congress Individual Retirement Accounts SECURE 2.0
2 min read

Roth Rule Catch-Up Contribution Notice Resolves Some Effective Date Issues

By NAIFA on 9/15/23 2:08 PM

In Notice 2023-62, the IRS and Treasury clarified that many catch-up contributions for 2024-2025 will not have to be Roth contributions for taxpayers earning $145,00/year or more.

Topics: Retirement Legislation & Regulations Federal Advocacy IRS SECURE 2.0
3 min read

Congress Returns to a Brutal September

By NAIFA on 9/15/23 2:05 PM

Lawmakers returned to Washington after a six-week August recess with just two weeks in which to provide funding for the entirety of the discretionary spending available to the federal government. Other must-pass legislation, also due by October 1, further complicates September. And the politics are extremely difficult for all of this must-do legislation. A number of issues of concern to NAIFA could be caught up in what looks like will be a brutal month (or four).

Topics: Legislation & Regulations Federal Advocacy Congress SECURE 2.0
1 min read

Tax Writers Say SECURE 2.0 Corrections Are Coming

By NAIFA on 6/15/23 6:00 AM

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.

Topics: Retirement Planning Legislation & Regulations Supported Legislation SECURE 2.0
1 min read

Bipartisan Pair of Senators Urges DOL to Prioritize SECURE 2.0 Guidance

By NAIFA on 6/15/23 5:30 AM

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.

Topics: Retirement Planning Legislation & Regulations SECURE 2.0
1 min read

Secure Notarization Bill Reintroduced

By NAIFA on 5/15/23 7:30 AM

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.

Topics: Retirement Planning Legislation & Regulations Congress Supported Legislation SECURE 2.0