Retirement Savings Modernization Act

Legislative Retirement Fairness for Charities and Educational Institutions Act - H.R. 3063 Protecting Americans Retirement Savings Act - H.R. 4008 Retirement Savings Modernization Act - H.R. 9066 (117th Congress) Hard Stop Rule affecting retirement plans - proposed Securities and Exchange Commission (SEC) rule ESG, cryptocurrency, and brokerage windows Defined Benefit Plan (DB) Issues ERISA Uniformity Pooled Employer Plan (PEPs) Issues Tax Incentives for 401 (k) contributions Regulatory SECURE 2.0 - priority guidance, technical corrections and implementation issues - Roth Catch-Up requirements Department of the Treasury (Treasury)/Internal Revenue Service (IRS) - delay of Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 plan amendment Department of Labor (DOL) - proposed amendment to QPAM exemption affecting investment managers - Prohibited Transaction Exemption DOL - proposed changes to retirement plan prohibited transaction exemption (PTEs) - proposed rule Securities and Exchange Commission (SEC) - proposed Hard Stop rule affecting retirement plans; and request for extension to comment period DOL/EBSA - proposed expansion of benefit plan self-correction processes (EBSAs Voluntary Fiduciary Correction Program (VFCP) Internal Revenue Service (IRS) - Notice 2023-23, providing reporting relief for required minimum distributions (RMDs) for IRAs in 2023 DOL/EBSA- Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder rights - final regulations addressing Environmental, Social and Governance (ESG) investment strategies for retirement plans Federal Trade Commission (FTC) - proposal on noncompete agreements DOL - Proposed regulation - New Independent Contractor Regulations DOL - letter outlining concerns with the DOLs collection of personally identifiable information (PII) DOL - sub-regulatory guidance - reduction of cybersecurity risks for retirement plan sponsors DOL - Missing participant Data Registry and ongoing audit process. Treasury/IRS - proposed regulations for permanent extension - remote notarization for spousal consent DOL - pension plan de-risking DOL/Treasury/IRS/PBGC - Final Revisions to 2023 Form 5500 Reporting requirements DOL/Treasury/IRS - Pooled Employer Plans (PEPs) and Multiple Employer Plans (MEPs) - immediate guidance needed under SECURE 2.0, comments on registration requirements, service crediting guidance and other issues PBGC/IRS - Missing Participants - request for clarifying guidance on missing participant benefits Treasury/IRS - safe harbor correction method for automatic contribution arrangements IRS -Employee Plans Compliance Resolution System (EPCRS) - interim guidance IRS - proposed regulations on use of proposed forfeitures