W&M Starts Reconciliation Mark-up

Earlier this week, the U.S. House Committee on Ways & Means announced that it would begin marking up the budget resolution that House and Senate leadership hope to pass without Republican support. “Mark-up” is that point in the legislative process where the responsible committee determines which specific issues are added or removed from the legislation…

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Illinois Expands Secure Choice

The Illinois General Assembly gave final approval to a bill (HB 117) that broadens the applicability of the Secure Choice Savings Program, dropping the threshold at which employers must register to allow their employees to enroll in the retirement plan. House Bill 117 as amended provides that the program applies to all employers with at…

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IRS Increases Retirement Limits for IRA & 401K Plans

In response to the coronavirus pandemic wreaking havoc on the US economy, the Internal Revenue Service (IRS) earlier this year implemented an easing of the rules governing Individual Retirement Accounts and various other (401k, 403, 403b, etc.) retirement plans. This week, the agency announced the inflation-adjusted figures and extended many of the enhanced contribution limits…

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DOL Eases Path for Multiemployer Retirement Plans

The U.S. Department of Labor unveiled its final rule this past Monday on multiple employer plans (MEPs), expanding the possibility of smaller businesses creating and using them as a vehicle to encourage retirement savings by employees. The new rule, which goes into effect on September 30 of this year, will allow businesses or associations with…

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California Mandates Retirement Plans

California has again gone one better in the mandate department as the Golden State now requires employers with at least five employees to offer access to a retirement plan for their employees. Under the CalSavers law, covered employers that do not already offer an employer-sponsored retirement plan, will be required to begin offering a retirement…

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Retirement Plans Could Be Next Mandates

With paid sick leave plans being mandated by local and state governments across the country on the heels of local minimum wage hikes and predictive scheduling mandates gaining in popularity, could retirement plans be the next mandate foisted upon private business? California became the third state in the nation to create a pilot program for…

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From ObamaCare to Universal Retirement

It’s been over six years since the 2700-page Affordable Care Act (ObamaCare) was rammed down the throats of Americans (over 60% of whom were opposed to its passage), so what to do for an encore?  President Obama now wants to mandate that small business next provide retirement plans for all employees – full and part-time. …

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