COLLECTED WISDOM™ on Legislative and Washington DC Actions Impacting Retirement Plans

A directory and index of articles that review what is happening in Congress and Washington DC.

American Worker Retirement Plan Act Reintroduced in House

Representative Lloyd Smucker reintroduced the Retirement Savings for Americans Act on April 7. The proposed legislation aims to provide federally run retirement savings accounts for low- and middle-income workers who lack access to employer-sponsored plans. If enacted, the Department of the Treasury would manage the program, offering matching contributions of up to 5%, consisting of a 1% automatic contribution and a tax credit match of up to 4%, phased out at the national median income level. Eligible workers would be automatically enrolled at 3% of their income, with the option to opt out or increase contributions. The program is designed to function similarly to existing automatic individual retirement account programs in 20 states.

Source: Planadviser.com, April 2025

Proposal for a Federal Retirement Plan for Private-Sector Workers Reintroduced

The Retirement Savings for Americans Act is a bicameral, bipartisan bill reintroduced by Rep. Lloyd Smucker on April 7. It aims to provide uncovered private-sector workers access to a federally run retirement plan, featuring matching contributions for low- and middle-income participants. While supporters believe the RSAA could enhance retirement outcomes, critics argue it may weaken the private retirement system by reducing employers' incentives to sponsor their own retirement plans.

Source: Asppa-net.org, April 2025

Senators Introduce Bill to Protect Retirement Savings in Bankruptcy

Senators Josh Hawley and Dick Durbin have reintroduced the Protecting Employees and Retirees in Business Bankruptcies Act, aimed at enhancing protections for employee wages and retirement assets during employer bankruptcy filings. Hawley emphasized that the legislation would help employees retain more of their wages, benefits, and retirement savings in such situations. The bill has been referred to the Senate Committee on the Judiciary and is pending a vote.

Source: Psca.org, April 2025

Controversial Retirement Bill Reaches Congress Again

Rep. Lloyd Smucker reintroduced the Retirement Savings for Americans Act, a bipartisan bill aimed at providing eligible private sector workers access to federally run retirement savings accounts. The RSAA, which offers matching contributions for low-to-middle-income Americans without access to employer-sponsored plans, was initially introduced by Sen. John Hickenlooper in December 2022 and later reintroduced by Hickenlooper and Sen. Thom Tillis in October 2023. While proponents argue that the bill could help those lacking retirement savings, critics express concerns about its potential negative effects on the private 401k market, individual savings, and Social Security's financial stability.

Source: 401kspecialistmag.com, April 2025

Senate Bill Seeks to Reverse Retirement Plan Crypto Warning

Senator Tommy Tuberville of Alabama has reintroduced the Financial Freedom Act, which seeks to overturn a 2022 guidance from the DOL that discourages retirement plans from including cryptocurrency and other alternative investments. The legislation would prevent the Labor Secretary from limiting the types of investments available to individual retirement account participants who control their assets. The DOL's guidance highlighted the significant risks associated with crypto investments and warned that they may violate the fiduciary duties of plan administrators, stating that it would investigate any retirement plans that disregard this guidance.

Source: Planadviser.com, April 2025

Tuberville, Donalds Renew Push for Crypto in 401k Plans

Sen. Tommy Tuberville and Rep. Byron Donalds have reintroduced the Financial Freedom Act, aimed at protecting investment options in self-directed 401k brokerage windows. The proposed legislation would prevent the Labor Secretary from limiting the types of investments available to participants in pension plans that allow individual control over assets. It also ensures that fiduciaries can select investment alternatives without interference from the Department of Labor, as long as participants have access to a diverse range of options and decisions are based solely on risk-return characteristics.

Source: Napa-net.org, April 2025

Latest Bill to Waive Early Withdrawal Fee for Fraud Victims

Rep. Haley Stevens has introduced the "No Penalties for Victims of Fraud Act," which aims to ease the financial strain on individuals who have experienced fraud involving their retirement accounts. The legislation proposes to waive the 10% early withdrawal penalty for those withdrawing funds from their 401k or retirement plans before age 59 1/2, provided they can document their fraud losses through law enforcement or court verification. Although victims would be exempt from penalties, they would still be required to repay the amounts withdrawn.

Source: 401kspecialistmag.com, March 2025

State Republican Finance Officials Urge SEC and DOL to Adopt Regulations Prohibiting Use of ESG or DEI Factors

Republican state finance officials from 18 states have called on the acting leaders of the SEC and the DOL to establish regulations preventing asset managers and retirement plan sponsors from incorporating environmental, social, and governance or diversity, equity, and inclusion factors in their decision-making. They cited a recent legal setback for American Airlines as evidence that considering these factors may violate the fiduciary duty of loyalty mandated by ERISA.

Source: Hallbenefitslaw.com, March 2025

Spousal Consent Proposal Re-Introduced in Senate

U.S. Senators Tammy Baldwin and Patty Murray spearheaded a coalition of their fellow lawmakers to reintroduce a bill aimed at safeguarding women's retirement security. The Women's Retirement Protection Act of 2025 seeks to tackle the systemic obstacles women encounter in achieving a secure retirement by enhancing protections and offering improved resources to help women better prepare for their financial futures.

Source: Ascensus.com, March 2025

What Does the Next EBSA Head Think of ESG?

Daniel Aronowitz, President Trump's nominee to lead the Employee Benefits Security Administration, has expressed nuanced views on ESG (Environmental, Social, and Governance) issues through his Fid Guru blog. He argues that while ESG investments are generally poor choices, they are not inherently imprudent. Furthermore, he believes that the ongoing cultural debate over ESG distracts from more pressing fiduciary responsibilities. As the president of Euclid Fiduciary, a fiduciary liability insurance firm, Aronowitz has consistently opposed lawsuits against plan sponsors, which may influence his perspective on ESG-related cases. He is expected to receive Senate approval, although no votes have occurred yet.

Source: Psca.org, March 2025

IRI Reveals Top Retirement Legislation Priorities for 2025

The Insured Retirement Institute introduced its 2025 Federal Retirement Security Blueprint, emphasizing the importance of maintaining current tax treatment for retirement savings and promoting the use of protected, guaranteed lifetime income solutions. Unveiled during a press conference, the Blueprint includes 33 proposals aimed at enhancing retirement security for American workers and retirees. IRI President and CEO Wayne Chopus expressed hope for collaboration with Congress and the administration to implement these policies and help more Americans achieve financial security in retirement.

Source: 401kspecialistmag.com, March 2025

How SECURE 3.0 Could Reshape the 401k Fiduciary Regulatory Landscape and Why That's a Good Thing

401k plan sponsors and fiduciaries are facing a potential significant regulatory change with the forthcoming SECURE 3.0 legislation, designed to modernize retirement plans, boost participation, and improve financial security. This law is expected to build on prior SECURE Acts, which expanded access to employer-sponsored plans and introduced lifetime income options. Experts believe SECURE 3.0 could fill gaps in the current retirement system, ensuring greater long-term financial stability for retirees. Future changes might also involve alterations to the tax treatment of ERISA plans to incentivize saving while easing regulatory burdens on businesses, influenced by shifting political dynamics.

Source: Fiduciarynews.com, February 2025

President Issues Regulatory Freeze: Will the DOL Fiduciary Rule Saga Continue?

Since Donald Trump's inauguration on January 20, 2025, there has been a movement toward deregulation. On his first day, he issued a presidential memorandum called "Regulatory Freeze Pending Review," which functions similarly to an executive order. This freeze memo is particularly important as it could jeopardize the 2024 Retirement Security Rule, known as the fiduciary rule, which outlines the definition of investment advice fiduciary under ERISA. Since the fiduciary rule had not yet been implemented, the article reviews how the freeze memo will affect its progress.

Source: Carltonfields.com, February 2025

401k Auto Feature in Works Despite Other Trump Priorities

The next generation of automatic features in 401k plans will allow employees changing jobs to choose between the default savings rate of their new employer or the higher rate from their previous employer. Mark Iwry, a senior fellow at the Brookings Institution, anticipates this innovation will be implemented within the next 24 months. He emphasized that the technology is available, and the focus is now on industry implementation and troubleshooting.

Source: Pionline.com, February 2025

2025 Outlook for Pension Legislation, Rules and Litigation

The new administration has quickly issued several executive orders and memoranda to reverse previous orders and initiate new agency actions, including a standard directive for agencies to withdraw unpublished materials as of Inauguration Day. Meanwhile, there are expectations for a bipartisan SECURE 3.0 bill, following the SECURE Act of 2019 and SECURE 2.0 Act of 2022, although it is unlikely to be finalized before 2026. This year will focus on gathering input through hearings and discussions. While agency rules are currently frozen, litigation against government rules continues, including participant lawsuits where the previous administration supported these cases. It is anticipated that the new administration may drop appeals against rulings that overturn previous rules and may take opposing stances in future legal matters.

Source: Segalco.com, February 2025

Judge Denies Request to Block DOGE from Accessing DOL Data

A federal judge has ruled that the plaintiffs, including the AFL-CIO, challenging the Department of Government Efficiency's access to data at the DOL do not have standing to sue. This decision allows DOGE to continue its operations for now. The plaintiffs had filed a complaint seeking to block the DOL from sharing sensitive information with DOGE, claiming violations of the Privacy Act and potential harm to employees. Judge John D. Bates acknowledged concerns about the defendants' conduct but ultimately dismissed the case due to a lack of alleged injury by the plaintiffs.

Source: Napa-net.org, February 2025

Auto Enrollment Boost on the Menu in Two States

Legislation in two states aims to enhance retirement plan coverage by expanding automatic enrollment. This approach intends to increase participation in retirement savings plans by making enrollment automatic for employees, thereby broadening the impact and reach of these programs.

Source: Asppa-net.org, February 2025

DOGE Puts DOL in its Sights; Labor Groups Push Back

Labor groups, including the American Federation of Government Employees and the AFL-CIO, filed a lawsuit on February 5 challenging the Department of Government Efficiency and its authority over the Department of Labor. DOGE, created by an executive order from President Donald Trump and led by Elon Musk, has faced criticism for demanding access to sensitive government systems. The lawsuit claims that DOGE's authority over DOL violates the Privacy Act and the Administrative Procedures Act, and it was filed in the U.S. District Court for the District of Columbia.

Source: Asppa-net.org, February 2025

House and Senate Reintroduce CITs in 403b Plans Legislation

Legislators have reintroduced two bills aimed at allowing the use of collective investment trusts in 403b plans. Named the Retirement Fairness for Charities and Education Institutions Act of 2025, the bills were presented in the House as H.R. 1013 and in the Senate as S. 424.

Source: 401kspecialistmag.com, February 2025

Is SECURE 3.0 on the Horizon?

SECURE 2.0, introduced over two years ago, significantly enhanced opportunities for Americans to save for retirement. As advisers, plan sponsors, and recordkeepers navigate the new provisions, legislators and policymakers are already considering potential developments for a SECURE 3.0. Observers and lobbyists are discussing possible advancements in retirement policy, as well as the challenges that may arise in future policymaking efforts.

Source: Planadviser.com, February 2025

The Trump Administration's Priorities for Retirement Plans: D.C. Pension Geek Podcast With Brad Campbell

In this recent episode of D.C. Pension Geeks, American Retirement Association CEO Brian Graff and former Assistant Labor Secretary Brad Campbell discussed the future of retirement plans under a potential second Trump Administration. They covered key topics such as the fiduciary rule, environmental, social, and governance considerations, litigation reform, and alternative investments, providing insights into the current landscape and upcoming changes in retirement policy.

Source: Napa-net.org, February 2025

Trump Executive Order Means Any New DOL Regulation Requires Elimination of 10 Existing Ones

President Trump's "Unleashing Prosperity through Deregulation" executive order mandates that any federal agency, including the DOL, must identify at least 10 existing regulations to repeal for every new rule or guidance it proposes. This approach is expected to limit the introduction of new regulations by the DOL and its Employee Benefits Security Administration over the next four years. Rather than seeing an influx of new regulations, it's likely that existing ones will be vacated in line with this policy.

Source: 401kspecialistmag.com, February 2025

Anticipated Retirement Policies Under the Second Trump Administration

Lawmakers are considering the SECURE 3.0 Act to enhance retirement savings access for Americans. Proposed measures may involve simplifying the rollover process, establishing default investments in retirement plans, and increasing coverage for more workers. Additionally, President-elect Trump is anticipated to extend the 2017 Tax Cuts and Jobs Act, set to expire at the end of 2025, which could boost retirement savings through increased disposable income. Conversely, if Congress lets the legislation lapse, taxes on withdrawals from retirement accounts may increase.

Source: Hallbenefitslaw.com, February 2025

ERISA Moments: DOL Investigations - Priorities for 2025

Faegre Drinker attorneys Fred Reish and Brad Campbell provide concise updates on current trends and developments in ERISA in their quick-hit series. This latest episode focuses on the Department of Labor's priorities for investigations in 2025. This series offers a high-level overview of important topics within the ERISA realm.

Source: Spotlightonbenefits.com, January 2025

More Than $1B to Plans, Participants, Beneficiaries in 2024, Says EBSA

In fiscal year 2024, the Department of Labor's Employee Benefits Security Administration facilitated recoveries exceeding $1 billion for benefit plans, participants, and beneficiaries. EBSA oversees over 800,000 private-sector pension plans, which are part of a larger system protecting 156 million workers, retirees, and dependents in the U.S. The plans under EBSA's oversight, covered by ERISA, collectively hold approximately $14 trillion in assets.

Source: Asppa-net.org, January 2025

Senate HELP Looks at Key Retirement Policy Priorities

During a January 22 hearing, the Senate Committee on Health, Education, Labor and Pensions (HELP) outlined key priorities for the current congressional session, with a focus on retirement-related issues. Their priorities include improving benefits portability, redefining "independent contractor," ensuring adequate funding for the Pension Benefit Guaranty Corporation, reforming pharmacy benefit managers, and addressing the rising costs of prescription drugs.

Source: Asppa-net.org, January 2025

Bipartisan Bill Introduced to Simplify Retirement Savings Distribution Options

The "Retirement Simplification and Clarity Act," a bipartisan bill introduced by Reps. Jimmy Panetta and Darin LaHood, aims to enhance flexibility and provide clearer guidance for Americans on retirement savings. The legislation addresses existing barriers and complexities, empowering individuals with better options and straightforward information for securing their financial futures. It specifically aims to reform the complicated 402(f) Notice process, which is issued to individuals leaving their employers and seeking distributions from their 401k plans, based on recommendations from the Government Accountability Office.

Source: 401kspecialistmag.com, December 2024

What the 2025 Tax Debate Could Mean for 401ks

Key provisions of the Tax Cuts and Jobs Act of 2017 are scheduled to expire at the end of 2025. During that year, it is anticipated that a Republican-controlled government will seek to extend these tax cuts and may consider retirement tax incentives as a way to offset potential revenue losses. Brian Graff, CEO of the American Retirement Association, says that any tax bill could lead to broader changes in the entire tax code.

Source: Napa-net.org, December 2024

Trump Appoints Proponent of Federally Run Retirement Plan to Key Policy Position

President-elect Donald Trump has appointed Kevin Hassett as the Director of the White House National Economic Council. Hassett previously served as Chair of the Council of Economic Advisers during Trump's first term and was instrumental in creating the Tax Cuts and Jobs Act of 2017. He also advised Trump on economic policy during the campaign. Recently, he gained attention for a 2021 white paper co-written with economist Teresa Ghilarducci, which criticized 401k plans.

Source: Napa-net.org, December 2024

Brad Campbell Discusses New Department of Labor Leadership

Chavez-DeRemer's nomination as Secretary of Labor is seen as "unusual" due to her pro-union stance and positions on health care benefits, which may not sit well with many Senate Republicans because of her opposition to right-to-work laws. Additionally, she has not publicly addressed the Department of Labor's fiduciary rule, and notably, as a member of the House Committee on Education and the Workforce, she was the only Republican to vote against a resolution to roll back this rule. Brad Campbell suggests that Trump's election does not necessarily imply opposition to the fiduciary rule, with Chavez-DeRemer's nomination serving as a prime example.

Source: Faegredrinker.com, November 2024

Trump, New Congress Will Likely Continue Bipartisan Work to Expand 401k Coverage: Mercer

Policy experts at consultancy Mercer suggest that despite Republican control of the House and Senate under President-elect Donald Trump, bipartisan efforts to expand employer-sponsored retirement plan coverage may continue. Geoff Manville noted during a Washington policy briefing that policymakers are likely to collaborate on further initiatives, often referred to as "SECURE 3.0," while the SECURE 2.0 Act of 2022 is being implemented. He emphasized that retirement issues are expected to remain a largely bipartisan focus in Congress, particularly regarding the guidance from agencies related to SECURE 2.0.

Source: Planadviser.com, November 2024

DOL Has Been Improperly Sharing Information With Plaintiffs' Bar, House Republicans Allege

Rep. Virginia Foxx, who chairs the House Committee on Education and the Workforce, has accused the DOL of "abusing its authority." She is calling for an investigation by the DOL’s Office of the Inspector General into allegations that the DOL and the Employee Benefits Security Administration have been secretly sharing confidential information with a plaintiffs' attorney to target plan fiduciaries. Foxx claims the DOL is collaborating with these attorneys to bypass legal protections by conducting investigations that serve as a pretext for obtaining information used in private lawsuits.

Source: Ntsa-net.org, November 2024

Insecurity for ERISA's Retirement Security Rule After Trump's Election?

The election of Trump is expected to have significant consequences for federal agencies, particularly regarding the Retirement Security Rule under ERISA. There is speculation about whether financial institutions will begin to dismantle their compliance efforts related to rollover solicitations due to the fluctuating regulatory stance of the DOL on the definition of "investment advice" in ERISA's fiduciary rules. This ongoing uncertainty may finally be nearing resolution, suggesting that clarity on the future of ERISA's fiduciary rules could be forthcoming.

Source: Wagnerlawgroup.com, November 2024

Five Ways Trump's Election Could Change Employee Benefits

Attorneys are preparing for potential changes to tax, investment, and health policies that could arise from Donald Trump's second term as president, particularly regarding employee benefit plans. Trump's administration is expected to roll back regulations established under President Biden related to retirement advice, investment selection, and healthcare protections. Brigen Winters from Groom Law Group emphasizes that the expiration of tax provisions in 2025 will be a critical issue impacting employee benefits and retirement health benefits.

Source: Wagnerlawgroup.com, November 2024

Lisa Gomez Expects Fiduciary and ESG Rules to Face Reversals Under New Administration

Assistant Secretary of Labor Lisa Gomez indicated that the incoming Trump administration may implement changes to retirement security regulations and financial fiduciary standards. Speaking at the PLANADVISER 360 conference, she noted that the Department of Labor's existing retirement security rule, which defines when financial professionals become fiduciaries for retirement plan participants, might not align with the new administration's priorities. These changes are expected to significantly impact retirement plan investing and ESG guidelines.

Source: Planadviser.com, November 2024

Will It Be Feast or Famine for Retirement Policy in the Lame Duck?

As President-elect Trump prepares to return to the White House and Republicans gain control of Congress, the upcoming lame-duck session will involve finalizing unfinished legislative business. The outcomes of the recent election are expected to influence proceedings, as outgoing members may seek to leave a legacy. However, the potential for passing retirement policy legislation will largely depend on lawmakers' willingness to discuss issues beyond essential bills.

Source: Napa-net.org, November 2024

Another Trump Term May Change Tax Treatment of Retirement Plans

With President-elect Donald Trump securing another term as president, retirement industry experts believe there will be various implications on retirement plans and policy in the coming four years, including the risk of changes to the deferred-income-tax treatment of most retirement plan contributions, sources said.

Source: Plansponsor.com, November 2024

ERISA Experts See Regulation Pullback as Key Theme of Trump Rule

The return of President-elect Donald Trump and a potential Republican majority in Congress is expected to significantly impact the employer-sponsored retirement plan industry. Experts anticipate several changes, including the likely repeal of the fiduciary rule, a shift in how environmental, social, and governance factors are considered in investments, continued tax cuts, and more relaxed regulations on alternative investments in defined contribution plans. While some changes may enhance services, there are concerns about potential obstacles, such as efforts to find revenue from tax-advantaged savings and the dropping of a proposed national individual retirement account mandate.

Source: Planadviser.com, November 2024

How Plan Advisers Are Reacting to Trump Election Win

In the wake of the recent U.S. presidential election, retirement plan advisers are focusing on helping plan sponsors and participants navigate its potential effects on markets and economic policies. Phil Sherman, a senior consultant at Deschutes Investment Consulting, noted the strong emotional reactions among participants, ranging from excitement to distress. He highlighted the responsibility of advisers to help manage these emotions and emphasize the importance of maintaining a steady, long-term investment approach. Advisers are encouraged to continue educational efforts in 2025 and beyond, reinforcing that political shifts typically do not have a lasting impact on market returns.

Source: Planadviser.com, November 2024

Election 2024: What Could the Results Mean for Retirement Policy?

The Republican control of the Executive Branch and the Senate could significantly impact retirement and tax policies, although the House of Representatives control is still uncertain due to outstanding races. Former President Donald Trump has regained the presidency but has not proposed substantial policies on retirement security, aside from eliminating taxes on Social Security benefits. His administration is expected to aim at reversing various Labor Department initiatives that were established under Biden.

Source: Asppa-net.org, November 2024

Industry Watchers Point to Fiduciary Rule, ESG, Markets After Trump Win

As of Wednesday morning, the U.S. financial services industry is bracing for potential changes under a Donald Trump-led Republican administration. This could impact various aspects of employer-sponsored retirement plans, particularly fiduciary standards and Department of Labor priorities. Matthew Eickman, chief legal officer for the Fiduciary Law Center, predicts that a Republican-controlled administration and Congress will likely reverse many of the Department of Labor's regulations established in the past four years, including the recent fiduciary rule abandoned during Trump's first term.

Source: Planadviser.com, November 2024

What a Possible GOP Election Trifecta Means for Retirement Policy Issues

The potential for a Republican trifecta -- control of the Executive Branch and both chambers of Congress -- could dramatically reshape retirement and tax policies in the United States. While Trump's campaign has not introduced comprehensive policy initiatives to bolster retirement security, he has suggested eliminating taxes on Social Security benefits. His anticipated administration is expected to reverse various Labor Department measures implemented under President Biden. The evolving political landscape raises critical questions about the future of retirement and tax policies, with implications for American workers and retirees.

Source: Napa-net.org, November 2024

Bill That Would Allow CITs in 403bs Before Senate

Legislation that would allow 403b plans to invest in collective investment trusts has been introduced by several Senate Banking Committee members, including the ranking Republican, an indication of growing acceptance of the idea. The legislation originates in part from feedback Sen. Scott received concerning the capital formations framework he released almost a year ago, a roundtable he convened concerning ways to boost minority community access to capital.

Source: Asppa-net.org, September 2024

House GOP Continues Attacks on ESG Investing

The House of Representatives hosted another hearing on September 10 in which House Republicans characterized ESG as "woke" and an attempt to steer investor dollars toward social causes, at the financial expense of those investors and their retirement security. The hearing was hosted by the House Committee on Financial Services Subcommittee on Oversight and Investigations.

Source: Napa-net.org, September 2024

Legislative Proposals Affecting Retirement Plans: A Washington, DC Recap

The retirement landscape in the United States is a pressing concern, with policymakers and industry leaders urgently seeking solutions to ensure financial security for Americans in their later years. Two pieces of proposed legislation, the Automatic IRA Act of 2024 (H.R. 7293) and the Retirement Savings for Americans Act (H.R. 6065/S. 3102) have sparked intense debate and raised crucial questions about the future of retirement savings in the country.

Source: Cuiwealth.com, August 2024

Bipartisan Bill to Widen Savings Access for Young Employees

Helping Young Americans Save for Retirement Act, presented last week by Rep. Brittany Pettersen and co-sponsored by Rep. Tim Walberg, would revise ERISA to expand savings access for workers between 18 to 20 years old.

Source: 401kspecialistmag.com, August 2024

When Are Those SECURE 2.0 Technical Corrections Coming?

Since a technical corrections discussion draft was distributed in December, there have not been any major legislative updates. This poses issues for plan sponsors in search of clarity on important provisions in the SECURE 2.0 Act of 2022 that need correction.

Source: Napa-net.org, August 2024

Senators Introduce Bipartisan Bill to Allow CITs in 403bs

A bipartisan group of Senators introduced a bill on Aug. 1 to allow 403b plans to include collective investment trusts as part of their investment menu options. The bill, S.4917 mirrors a version passed in the House on March 8.

Source: Asppa.org, August 2024

Are the Floodgates About to Open After the Demise of Chevron Deference?

In 2021, the DOL adopted a new rule that interpreted ERISA to allow retirement plan managers to consider the ESG factors. The new rule was immediately challenged by a group of states, companies, and trade associations. The district court, following the mandate of Chevron, deferred to the interpretation of the current DOL and rejected the challenge. Plaintiffs appealed. And then SCOTUS overruled Chevron. In a new decision, a three-judge panel of the Fifth Circuit has elected not to answer that weighty question on appeal "Given the upended legal landscape, and our status as a court of review, not first view, we vacate and remand so that the district court can reassess the merits." Are we about to see a slew of these types of decisions revisiting agency regulations after the demise of Chevron?

Source: Cooleypubco.com, July 2024

Open Season for Regulatory Challenges: Supreme Court Overturns Chevron Deference and Expands Opportunities to Attack Federal Rules

On June 28, 2024, in a 6-3 decision, the Supreme Court overturned Chevron v. Natural Resources Defense Council, the most-cited case in administrative law. Chevron established a framework for how the federal courts decide challenges to agency interpretations of statutes and served as a bedrock support for upholding agency interpretations of statutes for the last 40 years.

Source: Groom.com, July 2024

House Committee Vote on "Stop Biden's Fiduciary Rule" Set

A resolution to disapprove the DOL's "Retirement Security Rule" could come up for a full floor vote of the House of Representatives before long if a House committee passes the resolution during a vote on Wednesday in Washington, D.C.

Source: 401kspecialistmag.com, July 2024

Chamber of Commerce, ERIC Plead for Fewer Retirement Plan Disclosures

Industry groups have asked the Department of Labor, Internal Revenue Service, and Pension Benefit Guaranty Corporation to simplify and improve retirement plan disclosures with specific recommendations in response to a request for information issued by the DOL in January. The interest groups agree that most participants do not read nor understand many disclosures related to their retirement benefits.

Source: Planadviser.com, June 2024

Senators Introduce Bill to Boost Small Biz Retirement Plan Start-up Credit

Legislation that would make it easier for small businesses to fully cover the administrative costs of starting a retirement plan for their employees was introduced in the US Senate this week by a bipartisan pair of senators.

Source: Napa-net.org, May 2024

Bills to Nullify the Retirement Security Rule Proposed in Congress

Members of the House and Senate introduced companion bills under the Congressional Review Act that would nullify the Department of Labor's Retirement Security Rule. The rule was finalized in April and would subject one-time transactions such as annuity sales and rollovers to fiduciary obligations under ERISA.

Source: Plansponsor.com, May 2024

2024 DOL ERISA Investigation Update: Recent Publications Offer Insight Into Possible Areas of Focus

The DOL maintains a robust investigatory program for auditing employee benefit plans for potential ERISA violations. ERISA plan fiduciaries and service providers can expect the DOL to continue its ever-evolving enforcement program targeting both fiduciaries and nonfiduciary service providers. Recent reporting by the DOL provides insight into its current official and unofficial enforcement priorities and may help plan fiduciaries and in-house counsel seeking to track the DOL's enforcement activities.

Source: Morganlewis.com, May 2024

DOL Acting Secretary Fends off Fiduciary Rule Attacks Before House Hearing

A contentious congressional hearing that was billed as "examining the policies and priorities of the Department of Labor" ended with a member of Congress calling for the resignation of Acting Labor Secretary Julie Su. The hearing featured few, if any, questions about the SECURE 2.0 Act, and instead featured numerous questions and criticisms about the DOL's recently finalized fiduciary rule, as well as Su's service in an acting capacity.

Source: Napa-net.org, May 2024

DOL Finalizes Amendment to QPAM Exemption

The DOL has completed a final amendment that would allow parties related to employee benefit plans and individual retirement accounts to engage in transactions involving plan and IRA assets. The final amendment on the Class Prohibited Transaction Exemption 84-14, otherwise known as the Qualified Professional Asset Manager Exemption (QPAM), responds to changes in the financial services industry since the exemption's 1984 establishment.

Source: 401kspecialistmag.com, April 2024

Legislation Calls for Retirement Plan Marketplace in Wisconsin

If bills before both chambers of the Wisconsin legislature are enacted, America's Dairyland will have a retirement plan marketplace to connect individuals and small employers with retirement plans offered by private financial services firms.

Source: Napa-net.org, March 2024

DOL Releases Proposed Regulations for Automatic Portability Transactions

The DOL has released proposed regulations related to the implementation of section 120 of the SECURE 2.0 Act. Section 120 of SECURE 2.0 amended the Internal Revenue Code to add a prohibited transaction exemption to permit the receipt of fees and compensation by an automatic portability provider for services provided in connection with an automatic portability transaction. This exemption applies to qualified 401a plans (other than defined benefit plans), 403a plans, 403b plans, governmental 457b plans, and traditional and Roth IRAs.

Source: Ascensus.com, March 2024

Bill to Ban ESG Consideration in Retirement Plans Floated by House Republicans

Another attempt at legislation to restrict the use of Environmental, Social, and Governance (ESG) factors in retirement plans was introduced in the House last week, this time by Congressman Greg Murphy, M.D. The "Safeguarding Investment Options for Retirement Act" seeks to prohibit tax-advantaged retirement plan trustees from considering factors other than financial risk and return when making investment decisions on behalf of workers, retirees, and their beneficiaries.

Source: 401kspecialistmag.com, March 2024

CITs in 403bs Bill Headed to Senate

A bill that would authorize the use of collective investment trusts in 403bs is headed to the Senate after the House of Representatives passed it. The Expanding Access to Capital Act (HR 2799), sponsored by House Financial Services Committee Chair Patrick McHenry, includes three measures that were approved as amendments, including the 403b plan measure.

Source: 401kspecialistmag.com, March 2024

Retirement Savings System Under Fire at Senate Hearing

A hearing that was billed as "taking a serious look at the retirement crisis in America" with a focus on improving the defined benefit system ended with witnesses agreeing that some reforms are needed, but calling for drastically different measures.

Source: Asppa.org, February 2024

Senate HELP to Hold Hearing on Confronting the "Retirement Crisis"

Amid the recent attacks on the 401k savings system, the key Senate committee with jurisdiction over ERISA plans to hold a hearing on Wednesday, Feb. 28 to examine what it describes as "confronting the retirement crisis facing working class Americans."

Source: Ntsa-net.org, February 2024

Federal Auto-IRA Bill for Uncovered Workers Introduced in the House

House Ways and Means Committee Ranking Member Richard Neal introduced a bill to establish a federal auto-IRA for employers with more than 10 employees who do not currently sponsor a retirement plan. The Automatic IRA Act of 2024 (H.R.7293) would require employees to be automatically enrolled in either an IRA or some other "automatic contribution plan or arrangement," like a 401k. It would apply to plan years beginning after 2026.

Source: Napa-net.org, February 2024

Can 403bs and CITs Some Day Be Friends?

403b plans still may not use collective investment trusts, an investment similar to a mutual fund that is subject to fewer regulations and requirements and often carries lower fees for defined contribution retirement plans. But, legislation to permit the pooled investment into 403b plans continues to inchworm its way through Congress.

Source: Planadviser.com, February 2024

Lawmakers Propose to Give Kids a Head Start in Saving for Retirement

A powerful group of Democratic lawmakers has introduced legislation to help children start saving early for retirement by establishing a savings account for every child in America. The bicameral 401Kids Savings Act was introduced Jan. 31 in the Senate (S. 3716).

Source: Napa-net.org, February 2024

DOL Proposes SECURE 2.0 Auto-Portability Regulation

The Employee Benefit Security Administration has released a proposed regulation on automatic portability transactions under the SECURE 2.0 Act of 2022, the DOL announced. According to an announcement from the federal agency, the regulation seeks to help workers keep track of their retirement savings accounts by reducing cash-outs when employees switch jobs.

Source: 401kspecialistmag.com, January 2024

1st House Hearing on Fiduciary Proposal Falls Along Partisan Lines

The U.S. House Committee on Financial Services Subcommittee on Capital Markets hosted a hearing on Wednesday about the DOL's retirement security proposal, sometimes called the fiduciary proposal. The hearing proceeded largely along partisan lines, with Republicans pointing out flaws and Democrats noting merits.

Source: Planadviser.com, January 2024

Congress Voicing Concerns With DOL Fiduciary Rule Proposal

Many in Congress are joining thousands of the more than 19,000 commenters in voicing concerns with the DOL's controversial proposed "Retirement Security Rule: Definition of an Investment Advice Fiduciary." Fifty bipartisan reps sent a letter urging that the controversial rule be withdrawn, and the House Capital Markets Subcommittee will hold a hearing Wednesday to explore its necessity.

Source: 401kspecialistmag.com, January 2024

Bipartisan Bill Would Lower DC Plan Eligibility Age to 18

The Helping Young Americans Save for Retirement Act (S 3305) seeks to spur more savings by younger workers in DC plans. The bill would require sponsors of 401k and ERISA-covered 403b plans to let employees aged 18 through 20 contribute after they complete one year of service. However, employers could exclude these younger workers from receiving any employer-matching or nonelective contributions.

Source: Mercer.com, January 2024

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