Retirement Security for American Workers Act

S. 223: Senior$afe Act of 2017 No Bill Number: Issues related to retirement savings S. 3471 (114th): Retirement Enhancement and Savings Act of 2016 H.R. 6396 (114th): Retirement Security for American Workers Act No Bill Number: Issues related to the Department of Labor Fiduciary Rule No Bill Number: Issues related to senior financial protection H.R. 3857: Protecting Advice or Small Savers (PASS) Act of 2017

Client expense: $330,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Federal Housing Finance Agency (FHFA), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Natl Economic Council (NEC), SENATE, Treasury, Dept of, U.S. Trade Representative (USTR)

H.R. 854 - the Retirement Security for American Workers Act. Issue: expanding retirement savings plans. S. 1383: Retirement Security Act of 2017. Issue: retirement security House GOP Blueprint on Tax Reform H.R. 2055/ S. 868 - Lifetime Income Disclosure Act. Issue: lifetime income illustration S. 1321, the Affordable Retirement Advice Protection Act. Issue: alternative to the DOL fiduciary rule H.R. 2823, the Affordable Retirement Advice for Savers Act. Issue: alternative to the DOL fiduciary rule S. 1379, the Graduate Student Savings Act. Issue: promotes retirement savings for graduate students H.R. 2030, Savings Enhancement by Alleviating Leakage in 401(k) Savings Act. Issue: prevents retirement savings leakage H.R. 2656 - The Receiving Electronic Statements to Improve Retiree Earnings Act. Issue: electronic disclosure of retirement plan notices. S. 3471 Retirement Enhancement and Savings Act of 2016. Issue: expanding retirement savings plans. H.R. 6396 - the Retirement Security for American Workers Act. Issue: expanding retirement savings plans. H.R.1688/S.695 Form 5500 to allow employers and sole-proprietors participating in similar retirement plans to file a single, aggregated Form 5500 which is an annual return that provides compliance information to the two regulators. H.R. 3857 - Protecting Advice for Small Savers (PASS) Act of 2017. Issue: establishing a best interest standard for financial advisors. Draft legislation amending Affordable Care Act provisions on health exchange assessments. Issue: Health Exchange Assessments Draft legislation on tax treatment and consumer financing for long-term care insurance. Issue: expanding long term care insurance coverage Draft legislation to expand Section 125 cafeteria plans. Issue: expanding long term care insurance.

Client expense: $600,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

S. 223: Senior$afe Act of 2017 No Bill Number: Issues related to retirement savings S. 3471 (114th): Retirement Enhancement and Savings Act of 2016 H.R. 6396 (114th): Retirement Security for American Workers Act No Bill Number: Issues related to the Department of Labor Fiduciary Rule No Bill Number: Issues related to senior financial protection

Client expense: $220,000 · Firm income: Not reported

Government targets: Federal Housing Finance Agency (FHFA), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Natl Economic Council (NEC), SENATE, Treasury, Dept of, U.S. Trade Representative (USTR)

H.R. 854 - the Retirement Security for American Workers Act. Issue: expanding retirement savings plans. S. 1383: Retirement Security Act of 2017. Issue: retirement security House GOP Blueprint on Tax Reform H.R. 2055/ S. 868 - Lifetime Income Disclosure Act. Issue: lifetime income illustration S. 1321, the Affordable Retirement Advice Protection Act. Issue: alternative to the DOL fiduciary rule H.R. 2823, the Affordable Retirement Advice for Savers Act. Issue: alternative to the DOL fiduciary rule S. 1379, the Graduate Student Savings Act. Issue: promotes retirement savings for graduate students H.R. 2030, Savings Enhancement by Alleviating Leakage in 401(k) Savings Act. Issue: prevents retirement savings leakage H.R. 2656 - The Receiving Electronic Statements to Improve Retiree Earnings Act. Issue: electronic disclosure of retirement plan notices. H.R. ___/S.___ Draft legislation amending Affordable Care Act provisions on health exchange assessments. Issue: Health Exchange Assessments H.R. ___/S.___ Draft legislation on tax treatment and consumer financing for long-term care insurance. Issue: expanding long term care insurance coverage H.R.____/S._____ Draft legislation to expand Section 125 cafeteria plans. Issue: expanding long term care insurance. Retirement Improvements and Savings Enhancement Act Discussion Draft House GOP Blueprint on Tax Reform S. 3471 Retirement Enhancement and Savings Act of 2016. Issue: expanding retirement savings plans. H.R. 6396 - the Retirement Security for American Workers Act. Issue: expanding retirement savings plans. H.R.1688/S.695 Form 5500 to allow employers and sole-proprietors participating in similar retirement plans to file a single, aggregated Form 5500 which is an annual return that provides compliance information to the two regulators.

Client expense: $470,000 · Firm income: Not reported

RET - First Quarter Report - 2017 Public Law No. 111-148 - The Patient Protection and Affordable Care Act, Issue: Assessments under state-based insurance exchanges. Public Law No: 114-254 - Further Continuing and Security Assistance Appropriations Act. Section 172, regarding funding to address the Social Security Disability Insurance (SSDI) hearing backlog for FY17 expires April 28, 2017. Issue: disability insurance H.R. 506/ S. 245 - Automatic IRA Act of 2015. Issue: retirement security H.R. 557/ S. 266 - Retirement Security Act of 2015. Issue: retirement security H.R. 2317/ S. 1317 - Lifetime Income Disclosure Act. Issue: lifetime income illustration H.R. 2656 - The Receiving Electronic Statements to Improve Retiree Earnings Act. Issue: electronic disclosure of retirement plan notices. H.R. 4067 - SAVE Act of 2015. Issue: retirement security H.R. 6396 - the Retirement Security for American Workers Act. Issue: expanding retirement savings plans. H.R. ___/S.___ Draft legislation amending Affordable Care Act provisions on health exchange assessments. Issue: Health Exchange Assessments H.R.____/S._____ FY17 appropriations beyond April 28, Maintain Section 172 of Further Continuing and Security Assistance Appropriations Act regarding funding to address the Social Security Disability Insurance (SSDI) hearing backlog. Issue: disability insurance H.R.____/S._____ Draft legislation to expand Section 125 cafeteria plans. Issue: expanding long term care insurance. H.R. ____/S._____ Draft legislation to initiate Congressional Review Act process to repeal Department of Labor rule affecting disability insurance claims process. Issue: Disability insurance. H.R. ___/S.___ Draft legislation on tax treatment and consumer financing for long-term care insurance. Issue: Social Security Disability Insurance (SSDI) hearing decision backlog S. 3471 Retirement Enhancement and Savings Act of 2016. Issue: expanding retirement savings plans. Retirement Improvements and Savings Enhancement Act Discussion Draft House GOP Blueprint on Tax Reform

No Bill Number: Issues related to retirement savings S.J. Res 32: joint resolution disapproving the rule submitted by the Department of Labor relating to savings arrangements established by States for non-governmental employees. S.J. Res 33: joint resolution disapproving the rule submitted by the Department of Labor relating to savings arrangements established by municipalities for non-governmental employees. S. 3471 (114th), Retirement Enhancement and Savings Act of 2016 Retirement Improvements and Savings Enhancements Act (draft legislation) S. 2216, H.R. 4538 (114th): Senior$afe Act of 2015 H.R. 6396 (114th): Retirement Security for American Workers Act No Bill Number: Issues related to the Department of Labor Fiduciary Rule

Client expense: $390,000 · Firm income: Not reported

Government targets: Federal Housing Finance Agency (FHFA), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Natl Economic Council (NEC), SENATE, Transportation, Dept of (DOT), Treasury, Dept of, U.S. Trade Representative (USTR)

H.R. 506/ S. 245: Automatic IRA Act of 2015. Issue: retirement security H.R. 557/ S. 266: Retirement Security Act of 2015. Issue: retirement security Pub.L. 111-148-The Patient Protection and Affordable Care Act, Issue: Assessments under state-based insurance exchanges. H.R. 2656 - The Receiving Electronic Statements to Improve Retiree Earnings Act. Issue: electronic disclosure of retirement plan notices. HR 2317/ S. 1317 - Lifetime Income Disclosure Act. Issue: lifetime income illustration H.R. ___/S.___ Draft legislation amending Affordable Care Act provisions on health exchange assessments. Issue: Health Exchange Assessments Public Law No: 114-254- Further Continuing and Security Assistance Appropriations Act. Section 172, regarding funding to address the Social Security Disability Insurance (SSDI) hearing backlog for FY17 expires April 28, 2017. Issue: disability insurance H.R.____/S._____ FY17 appropriations beyond April 28, Maintain Section 172 of Further Continuing and Security Assistance Appropriations Act regarding funding to address the Social Security Disability Insurance (SSDI) hearing backlog. Issue: disability insurance HR 4067 - SAVE Act of 2015. Issue: retirement security H.R. ___/S.___ Draft legislation on tax treatment and consumer financing for long-term care insurance. Issue: Social Security Disability Insurance (SSDI) hearing decision backlog Retirement Improvements and Savings Enhancement Act Discussion Draft House GOP Blueprint on Tax Reform S. 3471 Retirement Enhancement and Savings Act of 2016. Issue: expanding retirement savings plans. H.R. 6396 - the Retirement Security for American Workers Act. Issue: expanding retirement savings plans. H.R.____/S._____ Draft legislation to expand Section 125 cafeteria plans. Issue: expanding long term care insurance. H.R. ____/S._____ Draft legislation to initiate Congressional Review Act process to repeal Department of Labor rule affecting disability insurance claims process. Issue: Disability insurance. H.R.1688/S.695 Form 5500 to allow employers and sole-proprietors participating in similar retirement plans to file a single, aggregated Form 5500 which is an annual return that provides compliance information to the two regulators.

H.R. 506/ S. 245: Automatic IRA Act of 2015. Issue: retirement security H.R. 557/ S. 266: Retirement Security Act of 2015. Issue: retirement security Pub.L. 111-148-The Patient Protection and Affordable Care Act, Issue: Assessments under state-based insurance exchanges. H.R. 2656 - The Receiving Electronic Statements to Improve Retiree Earnings Act. Issue: electronic disclosure of retirement plan notices. HR 2317/ S. 1317 - Lifetime Income Disclosure Act. Issue: lifetime income illustration H.R. ___/S.___ Draft legislation amending Affordable Care Act provisions on health exchange assessments. Issue: Health Exchange Assessments Public Law No: 114-254- Further Continuing and Security Assistance Appropriations Act. Section 172, regarding funding to address the Social Security Disability Insurance (SSDI) hearing backlog for FY17 expires April 28, 2017. Issue: disability insurance H.R.____/S._____ FY17 appropriations beyond April 28, Maintain Section 172 of Further Continuing and Security Assistance Appropriations Act regarding funding to address the Social Security Disability Insurance (SSDI) hearing backlog. Issue: disability insurance HR 4067 - SAVE Act of 2015. Issue: retirement security H.R. ___/S.___ Draft legislation on tax treatment and consumer financing for long-term care insurance. Issue: Social Security Disability Insurance (SSDI) hearing decision backlog Retirement Improvements and Savings Enhancement Act Discussion Draft House GOP Blueprint on Tax Reform S. 3471 Retirement Enhancement and Savings Act of 2016. Issue: expanding retirement savings plans. H.R. 6396 - the Retirement Security for American Workers Act. Issue: expanding retirement savings plans. H.R.____/S._____ Draft legislation to expand Section 125 cafeteria plans. Issue: expanding long term care insurance. H.R. ____/S._____ Draft legislation to initiate Congressional Review Act process to repeal Department of Labor rule affecting disability insurance claims process. Issue: Disability insurance.

Proposals clarifying the status of professional employer organizations. PEO provision in tax reform proposals. Title IV, Division B, Section 206 of PL 113-295. Proposals related to MEPs. S. 3471, Retirement Enhancement and Savings Act. H.R. 6396, Retirement Security for American Workers.

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

No Bill Number: Department of Labor Fiduciary Regulations H.R. 2317: Lifetime Income Disclosure Act H.R. 4067: SAVE Act H.R. 6396: Retirement Security for American Workers Act S. 3471: Retirement Enhancement and Savings Act Retirement Improvements and Savings Enhancements Act (Draft Legislation) S. 2216: Senior$afe Act of 2015 H.R. 4538: Senior$afe Act of 2015

Client expense: $300,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Federal Housing Finance Agency (FHFA), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Natl Economic Council (NEC), SENATE, Transportation, Dept of (DOT), Treasury, Dept of

H.R. 506/ S. 245: Automatic IRA Act of 2015. Issue: retirement security H.R. 557/ S. 266: Retirement Security Act of 2014. Issue: retirement security H.R. 3590-The Patient Protection and Affordable Care Act, Issue: Assessments under state-based insurance exchanges. H.R. 2656 - The Receiving Electronic Statements to Improve Retiree Earnings Act. Issue: electronic disclosure of retirement plan notices. HR 2317/ S. 1317 - Lifetime Income Disclosure Act. Issue: lifetime income illustration S. Amendment 2761 to H.R. 1314-Bipartisan Budget Act of 2015. To amend the Internal Revenue Code of 1986 to reduce the payroll tax for self-employed individuals enrolled in a private disability insurance plan, and for employers that provide such plans to their employees. Issue: disability insurance. H.R. ___/S.___ Draft legislation amending Affordable Care Act provisions on health exchange assessments. Issue: Health Exchange Assessments H.R.___/S.___Draft legislation to facilitate disability income insurance options for employees. Issue: Disability income insurance. H.R. 3922 - Retirement Choice Protection Act. Issue: Department of Labors proposed fiduciary rule H.R. 4294 - SAVERS Act. Issue: Department of Labors proposed fiduciary rule H.R. 4293 - Affordable Retirement Advice Protection Act. Issue: Department of Labors proposed fiduciary rule H.R. 4067 - SAVE Act of 2015. Issue: retirement security H.R. ___/S.___ Draft legislation on tax treatment and consumer financing for long-term care insurance. Issue: Social Security Disability Insurance (SSDI) hearing decision backlog S. 3307/HR 6402 - Bill to avoid duplicate annual reporting on Form 5500 H.R. 6396 - Retirement Security for American Workers Act. Issue: multiple employer plans No bill number assigned: Retirement Enhancement and Savings Act of 2016 (passed by Senate Finance Committee on 9/21/16) Retirement Improvements and Savings Enhancement Act Discussion Draft House GOP Blueprint on Tax Reform

H.R. 506 - Automatic IRA Act of 2015; entire bill H.R. 557 - Retirement Security Act of 2015; entire bill H.R. 2317 - Lifetime Income Disclosure Act; entire bill H.R. 2656 - Receiving Electronic Statements To Improve Retiree Earnings (RETIRE) Act; entire bill H.R. 4045 - USAccounts: Investing in Americas Future Act of 2015; entire bill H.R. 4293 - Affordable Retirement Advice Protection Act; entire bill H.R. 4294 - Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act; entire bill H.R. 4773 - Protecting Workplace Advancement and Opportunity Act; entire bill H.R. 4538 - Senior$afe Act of 2016; entire bill H.R. 5731 - Secure, Accessible, Valuable, Efficient Universal Pension Accounts Act or SAVE UP Act; entire bill H.R. 6396 - RETIREMENT Security for American Workers Act; entire bill S. 245 - Automatic IRA Act of 2015; entire bill S. 266 - Retirement Security Act of 2015; entire bill S. 1317 - Lifetime Income Disclosure Act; entire bill S. 2216 - Senior$afe Act of 2015; entire bill S. 2472 - The American Savings Act; entire bill S. 2497 - Retail Investor Protection Act of 2016; entire bill S. 2502 - Affordable Retirement Advice Protection Act; entire bill S. 2505 - SAVERS Act; entire bill S. 2702 - ABLE to Work Act of 2016; entire bill S. 3307 - To Amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to avoid duplicative annual reporting, and for other purposes; entire bill S. 3417 -Receiving Electronic Statements To Improve Retiree Earnings Act or RETIRE Act; entire bill Appropriations bills for Department of Labor funding; provisions relating to the DOLs ERISA fiduciary regulation Not Yet Introduced: Secure Annuities for Employee Retirement Act, provisions relating to use of private annuities in retirement plans Not Yet Introduced: Draft legislation to allow new multi-employer pension plan designs

H.R.506: Automatic IRA Act of 2015- Amends the Internal Revenue Code to: (1) require certain employers who do not maintain qualifying retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation; (2) require the Secretary of the Treasury to provide employers with a model notice for notifying employees of their opportunity to participate in an automatic IRA arrangement and to provide participants with an annual statement setting forth payments, earnings, value, and other specified information; (3) impose a penalty on employers who fail to provide eligible employees access to an automatic IRA arrangement; (4) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement; and (5) increase the dollar limitation on the tax credit for small employer pension plan startup costs. Establishes an Automatic IRA Advisory Group to make recommendations regarding automatic IRA investment options. Requires the Secretary and the Secretary of Labor to jointly conduct feasibility studies on: (1) extending spousal consent requirements to automatic IRA arrangements; (2) automatically transferring amounts saved by employees in retirement bonds into alternative, private sector, diversified investments when employees' automatic IRA balances reach a certain dollar level; (3) using investment data to notify individuals with multiple small balance retirement accounts of consolidation options; and (4) using investment arrangements associated with automatic IRAs to assist in addressing the problem of abandoned accounts. Directs the Secretaries to prescribe administrative guidance for the use of multiple employer plans by December 31, 2015. H.R.557: Retirement Security Act of 2015- Directs the Secretary of the Treasury to: (1) prescribe final regulations to permit employers to participate in multiple employer pension benefit plans, (2) promulgate regulations or other guidance to simplify and clarify rules relating to the timing of participant notices required under tax-preferred pension plans and the automatic escalation rules, and (3) modify the 1040EZ tax return form to allow taxpayers to claim the tax credit for retirement savings (saver's credit) on such form. Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code, with respect to employer pension benefit plans, to: (1) allow employers to maintain a tax-exempt multiple employer pension benefit plan even if the employers sponsoring the plan share no common interest, (2) modify requirements for secure deferral arrangements with respect to nondiscrimination and employer matching contributions, and (3) allow employers with not more than 100 employees a business-related tax credit to cover increased matching contributions required by this Act. H.R. 1090/S.2497: Retail Investor Protection Act-Prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law. Amends the Securities Exchange Act of 1934 to prohibit the SEC from promulgating a rule establishing an investment advisor standard of conduct as the standard of conduct of brokers and dealers before it reports to certain congressional committees whether: (1) retail investors and other customers are being harmed due to brokers or dealers operating under different standards of conduct than those applicable to investment advisors under the Investment Advisers Act of 1940; (2) alternative remedies will reduce any confusion or harm to retail investors due to brokers or dealers operating under such different standards of conduct; (3) adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact their commissions and the availability of proprietary products offered by brokers and dealers, as well as the ability of brokers and dealers to engage in principal transactions with customers; and (4) adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact retail investor access to personalized, cost-effective investment advice and recommendations. Requires the SEC: (1) to publish in the Federal Register formal findings that such rule would reduce retail customer confusion or harm due to standards of conduct applicable to brokers, dealers, and investment advisors; and (2) in proposing rules to consider the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisors. H.R. 2656/S.3417 Receiving Electronic Statements To Improve Retiree Earnings Act: To amend the Employee Retirement and Income Security Act of 1974 and the Internal Revenue Code of 1986 to provide for the electronic delivery of pension plan information. H.R.4293 - Affordable Retirement Advice Protection Act: to amend the Employee Retirement Income Security Act of 1974 to ensure that retirement investors receive advice in their best interests H. R. 4294 -To amend the Internal Revenue Code of 1986 to ensure that retirement investors receive advice in their best interests. Strengthening Access to Valuable Education and Retirement Support Act of 2015 H.R. 4955 - Pension and Budget Integrity Act of 2016 - to amends the Employee Retirement Income Security Act of 1974 (ERISA) to exclude the receipts and disbursements of the Pension Benefit Guaranty Corporation (PBGC) from the federal budget. H.R. 5731 - Secure, Accessible, Valuable, Efficient Universal Pension Accounts (SAVE UPs) Act would universalize retirement savings accounts so every American worker would have an opportunity to generate tax-advantaged assets. H.R.6396 - Retirement Security for American Workers Act, to amend the Internal Revenue Code of 1986 to modify the qualification requirements with respect to certain multiple employer plans with pooled plan providers. S.245-Automatic IRA Act of 2015: Amends the Internal Revenue Code to: (1) require certain employers who do not maintain qualifying retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation; (2) require the Secretary of the Treasury to provide employers with a model notice for notifying employees of their opportunity to participate in an automatic IRA arrangement and to provide participants with an annual statement setting forth payments, earnings, value, and other specified information; (3) impose a penalty on employers who fail to provide eligible employees access to an automatic IRA arrangement; (4) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement; and (5) increase the dollar limitation on the tax credit for small employer pension plan startup costs. Establishes an Automatic IRA Advisory Group to make recommendations regarding automatic IRA investment options. Requires the Secretary and the Secretary of Labor to jointly conduct feasibility studies on: (1) extending spousal consent requirements to automatic IRA arrangements; (2) automatically transferring amounts saved by employees in retirement bonds into alternative, private sector, diversified investments when employees' automatic IRA balances reach a certain dollar level; (3) using investment data to notify individuals with multiple small balance retirement accounts of consolidation options; and (4) using investment arrangements associated with automatic IRAs to assist in addressing the problem of abandoned accounts. Directs the Secretaries to prescribe administrative guidance for the use of multiple employer plans by December 31, 2015. S.266 - Retirement Security Act of 2015-Directs the Secretary of the Treasury to: (1) prescribe final regulations to permit employers to participate in multiple employer pension benefit plans, (2) promulgate regulations or other guidance to simplify and clarify rules relating to the timing of participant notices required under tax-preferred pension plans and the automatic escalation rules, and (3) modify the 1040EZ tax return form to allow taxpayers to claim the tax credit for retirement savings (saver's credit) on such form. Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code, with respect to employer pension benefit plans, to: (1) allow employers to maintain a tax-exempt multiple employer pension benefit plan even if the employers sponsoring the plan share no common interest, (2) modify requirements for secure deferral arrangements with respect to nondiscrimination and employer matching contributions, and (3) allow employers with not more than 100 employees a business-related tax credit to cover increased matching contributions required by this Act. S.324: Shrinking Emergency Account Losses Act of 2015 or the SEAL Act-Amends the Internal Revenue Code, with respect to loans made from a qualified employer pension plan, to: (1) extend the period for repayment of loans if a plan terminates or a plan participant becomes unemployed, and (2) prohibit plans from allowing the use of credit cards or similar arrangements to access loan amounts. Requires the Secretary of the Treasury to modify regulations governing hardship distributions from qualified employer pension plans to allow participants to make additional contributions to a plan during the six month period following a hardship distribution. S.2502: Affordable Retirement Advice Protection Act This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to define "investment advice," as it relates to fiduciary duties under such Act, as a recommendation that relates to: (1) the advisability of acquiring, holding, disposing, or exchanging any moneys or other property of a pension plan (or Individual Retirement Account) by the plan, plan participants, or plan beneficiaries, including any recommendation regarding whether to take a distribution of benefits from the plan or any recommendation relating to a rollover or distribution from such plan; (2) the management of moneys or other property of the plan, including recommendations relating to the management of plan assets to be rolled over or otherwise distributed from the plan; or (3) the advisability of retaining or ceasing to retain a person who would receive a fee or other compensation for providing investment advice. Investment advice must be rendered pursuant to either: (1) a written acknowledgment of the obligation of the investment advisor to act in accordance with fiduciary standards under ERISA; or (2) a mutual agreement, arrangement, or understanding that may include limitations on scope, timing, and responsibility to provide ongoing monitoring or advice services. The bill allows an exemption from ERISA prohibited transactions rules for investment advice: (1) for which no more than reasonable compensation is paid; or (2) that is based on a limited range of investment options or may result in variable income to the investment advisor if a clearly-stated notice is provided to the advice recipient that the same or similar investments may be available at a greater or lesser cost from other sources. The bill prohibits the Department of Labor from amending any rules or administrative positions regarding investment advice promulgated under ERISA and no such rules or administrative positions promulgated prior to the enactment date of this Act, but not effective on January 1, 2015, may become effective unless a bill or joint resolution specifically approving such rules or positions is enacted not later than 60 days after the enactment of this Act. S.3240: Pension and Budget Integrity Act of 2016 - This bill prohibits provisions that increase or extend an increase of Pension Benefit Guaranty Corporation (PBGC) premiums from being counted as an offset to determine budget points of order for legislation in the House or the Senate. The Retirement Enhancement and Savings Act of 2016: included broad retirement-related benefits, such as enhancements to 401(k) plans, MEPs, a repeal of the maximum age for individual retirement account (IRA) contributions, and a start-up credit for small employer plans.

FY 2017 Federal Budget Proposal - retirement policy initiatives Tax reform - employer sponsored retirement tax incentives House Republicans Tax Reform Task Force Defined Benefit Plan Issues Mortality table updates De-risking pensions methods Non-discrimination issues affecting defined benefit plans Retirement Security Preservation Act of 2016 (RSPA) PBGC premiums Hybrid plan rules, including Pension Equity Plans Pension Portability Act - S. 2147/H.R. 4029 Pension and Budget Integrity Act of 2016 - H.R. 4955/S. 3240 Defined Contribution Plan Issues Retirement plan coverage Lifetime income Plan fees Shrinking Emergency Account Losses (SEAL) Act - S. 324 Automatic IRA Act of 2015 - H.R. 506/S. 245 Retirement Security Act of 2015 - H.R. 557/S. 266 Retail Investors Protection Act - H.R. 1090 The Lifetime Income Disclosure Act - S. 1317/H.R. 2317 Retirement Savings Lost and Found Act of 2016 - S. 3078/H.R. 5805 Retirement Choice Protection Act of 2015 - H.R. 3922 Small Businesses Add Value for Employees Act (SAVE) Act of 2015 - H.R. 4067 Universal Savings Account Act - H.R. 4094 Womens Pension Protection Act of 2015 - S. 2110/H.R. 4235 Receiving Electronic Statements to Improve Retiree Earnings Act - H.R. 2656/S. 3417 Affordable Retirement Advice Protection (ARAP) Act - H.R. 4293 Strengthening Access to Valuable Education & Retirement Support (SAVERS) Act - H.R. 4294 Financial Choice Act of 2016 - H.R. 5983 Secure, Accessible, Valuable, Efficient, Universal Pension (SAVE UP) Act - H.R. 5731 Retirement Security for American Workers Act - H.R. 6396 EEOC Reform Act - S. 2693 Retirement Improvements and Savings Enhancements (RISE) Act of 2016 - Early Draft of retirement reform legislation Retirement Enhancement and Savings (RESA) Act - modified version Other Final Fiduciary Definition/Conflict of Interest Rule Proposed & New Revisions to EEO-1 Form - annual Employer Information Report New Claims Procedures - Disability Benefits (DOL, EBSA) Proposed Form 5500 Changes Executive & nonqualified deferred compensation Multiemployer pension plan issues Multiple employer plans (MEPs) State retirement plan initiatives Plan administration - certification of hardship withdrawals and determination letter program Paid leave proposals and issues Student loan repayment benefit - Employer Participation in Student Loan Assistance Act - S. 2467/H.R. 3861 Missing Participants International pension issues, including cross-border pension funds

Congressional activity surrounding the Department of Labor's proposed regulation to redefine "fiduciary" (not yet in legislative form) HR 1090 - Retail Investor Protection Act - Prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law Department of Labor's Conflict of Interest (proposed rule) - To update the definition of fiduciary under the Employee Retirement Income Security Act of 1974 HR 2317/S. 1317 - To amend the Employee Retirement Income Security Act of 1974 to require a lifetime income disclosure Senator Warren Letter on Annuities - Responding to request for information on incentives for annuity sales. HR 2656 - Receiving Electronic Statements To Improve Retiree Earnings (RETIRE) Act-To amend the Employee Retirement and Income Security Act of 1974 and the Internal Revenue Code of 1986 to provide for the electronic delivery of pension plan information HR 3020/S. 1695 - Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriations Act, 2016 - Making appropriations for the Departments of Labor, Health and Human Services, and education, and related agencies for the fiscal year ending September 30, 2016, and for other purposes HR 2029 - Making appropriations for military construction, the Department of Veterans Affairs, and related agencies for the fiscal year ending September 30, 2016, and for other purposes HR 4294- SAVERS Act of 2015 - Amends the Internal Revenue Code of 1986 to require an affirmative vote by Congress before any final rule by the Department of Labor regarding the definition of fiduciary goes into effect. Should Congress fail to approve, - outlines requirements for a new fiduciary standard that would take effect HR 4293- Affordable Retirement Advice Protection Act - Amends the Employee Retirement Income Security Act of 1974 to require an affirmative vote by Congress before any final rule by the Department of Labor regarding the definition of fiduciary goes into effect - Should Congress fail to approve, outlines requirements for a new fiduciary standard that would take effect. Department of Labor Conflict of Interest Final Rule Retirement Improvements and Savings Enhancements (RISE) Act - discussion draft of legislation which would make a number of changes to retirement provisions in the tax code, including changes to IRAs and employee contributions to 401(k) accounts Retirement Enhancement and Savings Act of 2016 - "A bill making miscellaneous changes to retirement provisions in the tax code" HR 6396 Retirement Security for American Workers Act- to amend the Internal Revenue Code of 1986 to modify the qualification requirements with respect to certain multiple employer plans with pooled plan providers, and for other purposes S 3470 - Miners Protection Act of 2016 - An original bill to amend the Surface Mining Control and reclamation Act of 1977 to transfer certain funds to the Multiemployer Health Benefit Plan and the 1974 United Mine Workers of America Pension Plan, and for other purposes S 3471 - Retirement Enhancement and Savings Act of 2016- An original bill to amend the Internal Revenue Code of 1986 to encourage retirement savings, and for other purposes

RET - Fourth Quarter Report - 2016 H.R. 506/ S. 245: Automatic IRA Act of 2015. Issue: retirement security H.R. 557/ S. 266: Retirement Security Act of 2015. Issue: retirement security H.R. 2028 - Further Continuing and Security Assistance Appropriations Act. Section 172, regarding funding to address the Social Security Disability Insurance (SSDI) hearing backlog. Issue: disability insurance H.R. 2317/ S. 1317 - Lifetime Income Disclosure Act. Issue: lifetime income illustration H.R. 2656 - The Receiving Electronic Statements to Improve Retiree Earnings Act. Issue: electronic disclosure of retirement plan notices. H.R. 3590-The Patient Protection and Affordable Care Act, Issue: Assessments under state-based insurance exchanges. H.R. 4067 - SAVE Act of 2015. Issue: retirement security H.R. 6396 - the Retirement Security for American Workers Act. Issue: expanding retirement savings plans. H.R. ___/S.___ Draft legislation amending Affordable Care Act provisions on health exchange assessments. Issue: Health Exchange Assessments H.R.___/S.___ Draft legislation to facilitate disability income insurance options for employees. Issue: Disability income insurance. H.R. ___/S.___ Draft legislation on tax treatment and consumer financing for long-term care insurance. Issue: Social Security Disability Insurance (SSDI) hearing decision backlog S. Amendment 2761 to H.R. 1314-Bipartisan Budget Act of 2015. To amend the Internal Revenue Code of 1986 to reduce the payroll tax for self-employed individuals enrolled in a private disability insurance plan, and for employers that provide such plans to their employees. Issue: disability insurance. S. 3471 Retirement Enhancement and Savings Act of 2016. Issue: expanding retirement savings plans. Retirement Improvements and Savings Enhancement Act Discussion Draft House GOP Blueprint on Tax Reform

Proposals clarifying the status of professional employer organizations. PEO provision in tax reform proposals. Title IV, Division B. Section 206 of PL 113-295. Proposals related to MEPs. S. 3471, Retirement Enhancement and Savings Act. H.R. 6396, Retirement Security for American Workers.

Client expense: Not reported · Firm income: $30,000

Government targets: SENATE, Treasury, Dept of

Issues related to tax incentives for retirement savings. Issues related to electronic delivery of IRC- and ERISA-mandated statements and disclosures. Issues related to recordkeeping simplification for 401(k) plans. H.R. 2656/S. 3417, Receiving Electronic Statements to Improve Retiree Earnings Act. S. 3471, Retirement Enhancement and Savings Act. H.R. 6396, Retirement Security for American Workers.

Client expense: Not reported · Firm income: $10,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 506/ S. 245: Automatic IRA Act of 2015. Issue: retirement security H.R. 557/ S. 266: Retirement Security Act of 2015. Issue: retirement security H.R. 3590-The Patient Protection and Affordable Care Act, Issue: Assessments under state-based insurance exchanges. H.R. 2656 - The Receiving Electronic Statements to Improve Retiree Earnings Act. Issue: electronic disclosure of retirement plan notices. HR 2317/ S. 1317 - Lifetime Income Disclosure Act. Issue: lifetime income illustration S. Amendment 2761 to H.R. 1314-Bipartisan Budget Act of 2015. To amend the Internal Revenue Code of 1986 to reduce the payroll tax for self-employed individuals enrolled in a private disability insurance plan, and for employers that provide such plans to their employees. Issue: disability insurance. H.R. ___/S.___ Draft legislation amending Affordable Care Act provisions on health exchange assessments. Issue: Health Exchange Assessments H.R.___/S.___ Draft legislation to facilitate disability income insurance options for employees. Issue: Disability income insurance. H.R. 2028 - Further Continuing and Security Assistance Appropriations Act. Section 172, regarding funding to address the Social Security Disability Insurance (SSDI) hearing backlog. Issue: disability insurance HR 4067 - SAVE Act of 2015. Issue: retirement security H.R. ___/S.___ Draft legislation on tax treatment and consumer financing for long-term care insurance. Issue: Social Security Disability Insurance (SSDI) hearing decision backlog Retirement Improvements and Savings Enhancement Act Discussion Draft House GOP Blueprint on Tax Reform S. 3471 Retirement Enhancement and Savings Act of 2016. Issue: expanding retirement savings plans. H.R. 6396 - the Retirement Security for American Workers Act. Issue: expanding retirement savings plans.