The changes ushered into our nation’s capital by the mid-term elections last year will undoubtedly have an impact on retirement policy and legislative priorities in the coming year. The change in leadership of the House committees that oversee retirement plans drive the legislative agenda for the new congress. The new House Ways and Means Committee chairman, Richie Neal (D-MA) has long been an advocate for the private retirement system. The following legislation has been introduced in either the House or Senate:
- The Retirement Enhancement and Savings Act
- The Rehabilitation for Multiemployer Pensions Act
- The Retirement Security Act
- The SIMPLE Plan Modernization Act
These are the holdovers from the prior congress and the new House majority will have their own priorities for legislation. The prospects for any legislation proceeding through the Senate and being signed into law will likely depend on strong bi-partisan support.
In addition to any legislative initiatives, the Treasury Department has issued its Priority Guidance Plan for 2018-2019 as follows:
- Hardship regulations (proposed regulations were released)
- Extended rollover period for loan offsets (see above)
- Timing of 403(b) plan amendments
- Updating ESOP rules
- Required Minimum Distribution updates to life expectancy and distribution tables
- Universal Availability under 403(b) plans (see below)
- Missing participants
We will keep you updated on any further developments.