Legislative Updates

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Senate HELP Committee Hearing Focuses on 401(k) Fee Disclosure: Washington Perspective, posted September 2008; At a mid-September hearing two members of the Senate Committee on Health, Education, Labor and Pensions (HELP) reemphasized their commitment to expanding 401(k) fee disclosure and the use of software programs that would aid individuals in making investment decisions.
Senate Leaders Completing Charitable IRA Rollover Provision: Washington Perspective, posted September 2008; Key Senate leaders were working in mid-September to reach a bipartisan agreement on how the Senate might address charitable IRA rollover tax incentives that expired in 2007.
Housing Act Aims at Easing Mortgage Credit Crisis: ICMA-RC, posted August 29, 2008; The housing bill President Bush signed into law in July contains a number of provisions aimed at restoring confidence in credit and housing markets by bringing financial help to homeowners facing or in foreclosure.
Proposed Legislation Aims to Limit 401(k) Loans: ICMA-RC, posted August 28, 2008; Sen. Charles Schumer (D-NY) and Sen. Herb Kohl (D-WI) recently introduced a bill, S. 3278, which would prohibit companies from issuing 401(k) debit cards.
Monroe County, NY Earns NAGDCA 2008 Special Award of Distinction: ICMA-RC, posted August 7, 2008; The National Association of Government Defined Contribution Administrators (NAGDCA) awarded Monroe County, NY the 2008 “Special Award of Distinction” for its deferred compensation plan.
President Bush Approves Heroes Earnings Assistance and Relief Tax Act of 2008: Posted July 31, 2008; President Bush signed legislation in June that improves retirement plan benefits of employees who serve in the military in part by bridging their service to their existing employment benefits.
House Subcommittee Hearing Considers Changes in IRA Incentives: ICMA-RC, posted July 11, 2008; The House Ways and Means Subcommittee on Select Revenue Measures held a hearing in June to consider changes to existing Individual Retirement Arrangements (IRAs) that are proposed in two House bills.
New PPA Technical Corrections Bill Passes House: ICMA-RC, posted July 10, 2008; A revised version of the Pension Protection Act (PPA) Technical Corrections Act (H.R. 6382) passed the House, July 9, 2008, by a voice vote.
Miller Ends Pursuit of 401(k) Fee Disclosure Legislation: ICMA-RC, posted June 23, 2008; House Education and Labor Chairman George Miller (D-CA) recently acknowledged that his bill regarding 401(k) fee disclosure would not clear the House this session. Miller cited opposition from the House Ways and Means Committee and the White House, as well as difficulties gaining momentum for the bill in the Senate, as reasons for abandoning the legislation.
National Save for Retirement Week Resolution Passed in the House: ICMA-RC, posted July 1, 2008; The House of Representatives recently passed H. Res. 1294 designating October 19-25, 2008 as National Save for Retirement Week. A sister resolution, S. Res. 601, introduced on June 25, is awaiting approval in the Senate.
Penalty-free Withdrawals for Reservists from Retirement Plans to be Allowed: ICMA-RC, posted June 23, 2008; The Incentives for Older Workers Act, S. 2933, would eliminate barriers for older Americans who want to stay in the workforce longer, and encourage employers to recruit and retain older workers.
Tapping into Your Retirement Funds Should be a Last Resort, Say ICMA-RC and NLC: ICMA-RC, posted May 30, 2008; With millions of homeowners across the nation facing the crisis in subprime mortgages, many with defined contribution retirement plans – including public sector employees – may be tempted to tap into them for loans and ready cash. But any early withdrawals from retirement savings accounts should only be considered a last resort.
House Committee Passes Tax Extenders Bill; Expiring Tax Provisions Extended: ICMA-RC, posted May 30, 2008; The House Ways and Means Committee recently passed H.R. 6049, the Energy and Tax Extenders Act of 2008, which includes a one-year extension of the charitable contribution IRA rollover, approximately 30 other tax extenders, and a number of renewable energy provisions. The bill is expected to be approved by the full House in the coming weeks.
Farm Bill Passes Without Roth Arrangements; Now Included in FAA Reauthorization Bill: ICMA-RC, posted May 30, 2008; The House and Senate recently passed a final conference agreement on legislation commonly known as the Farm Bill, but the Roth 457 provision was dropped from the bill.
Incentives for Older Workers Act: ICMA-RC, posted May 30, 2008; The Incentives for Older Workers Act, S. 2933, would eliminate barriers for older Americans who want to stay in the workforce longer, and encourage employers to recruit and retain older workers.
Department of Labor Releases Guidance on Qualified Default Investment Alternative Regulations: ICMA-RC, posted April 30, 2008; On April 29, 2008, the Department of Labor (DOL) issued technical corrections and guidance to regulations issued last October on qualified default investment alternatives (QDIA) for ERISA plans. The corrections make three changes to the final regulations.
IRS to Hold Roundtable on Governmental Plans Compliance Issues: ICMA-RC, posted March 17, 2008; The Internal Revenue Service's Office of Employee Plans is hosting a Governmental Plans Roundtable to discuss and raise awareness in the government plan sector of the need to comply with tax qualification requirements.
Farm Bill postponed; Future of New Roth 457 Arrangements in 457 Plans Still Uncertain: ICMA-RC, posted March 18, 2008; Before leaving on a two-week recess, the Senate passed a 30-day extension on farm programs legislation, H.R. 2419, commonly known as the Farm Bill, until April 18, 2008. The bill includes a provision that would provide for Roth arrangements in 457 plans – but the future of these new arrangements is uncertain at this time.
House Passes Pension Protection Act Technical Corrections Bill: ICMA-RC, posted March 17, 2008; The U.S. House of Representatives recently passed the Pension Protection Act Technical Corrections Bill (H.R. 3361), which provides provisional clarifications to the Pension Protection Act of 2006. A companion bill (S.1974) passed the Senate in December 2007.
Second Annual America Saves Week Kicks Off Feb. 24: ICMA-RC, posted February 22, 2008; American Saves Week, an effort that aims to increase awareness around the need to save money, reducing debt, and building wealth, kicks off Feb. 24. The theme for this year's weeklong event (Feb. 24 - March 2) is "Build Wealth, Not Debt."

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