Congress Breaks for August Recess without Enacting Retirement Savings Bill

August 15, 2019

Both the House and Senate left Washington for August recess without resolving issues that have stymied enactment of the NAIFA-supported retirement savings bill, the SECURE Act. Bill supporters vow to continue their efforts when Congress returns to Washington after Labor Day. Also still pending is a House-passed multiemployer (union) pension bill that is now awaiting Senate action.   The House passed the SECURE Act, H.R.1994, on May 23 by an overwhelming 417 to 3 vote. However, the bill is...

Health Measures Await Congress’ Return to Session after Labor Day

August 15, 2019

Congress recessed until after Labor Day without finalizing action on pending health measures, including legislation to address surprise billing and a House-passed bill that would repeal the Affordable Care Act’s (ACA’s) Cadillac tax. These issues await Congressional action when lawmakers return to Washington after the August recess.    The surprise billing issue is considered high priority by the Administration and Republicans and Democrats in both the House and Senate.  However, the grow...

Congress Passes Budget Bill that Suspends Debt Limit, Sets Spending Caps

August 15, 2019

Congress averted an economic crisis by passing legislation (H.R.3877) that suspends the federal debt limit through July 2021. The bill also sets federal spending caps for the next two fiscal years. The budget agreement calls for roughly equal increases in defense and non-defense discretionary spending levels, and some $77.4 billion in offsetting spending cuts, for a total of $320 billion in increased spending in fiscal years (FYs) 2020 and 2021.   Another important element of the budget b...

DOL Finalizes Association Retirement Plan (MEP) Regulation

August 15, 2019

On July 29, the Department of Labor (DOL) finalized its association retirement plan (multiple employer plan/MEP) regulation. Generally, the regulation allows self-employed persons and employers to join a MEP if they are in the same trade or business, or if they are in the same state or metropolitan area. The regulation still requires that the association have a purpose other than providing benefits. The regulation also addresses the Professional Employer Organization (PEO) issues.   The n...

Capital Gains Tax Rules on Lawmakers’ Radar Scopes

August 15, 2019

The Administration and Congress are both looking at the tax rates applicable to capital gains. The Treasury Department is studying whether it can index capital gains via regulation, while lawmakers are weighing in (pro and con) on the idea. There are also signs that tax writers may be looking at a capital gains legislative proposal, especially if Treasury does propose a capital gains indexing regulation.   Generally, under current law gains from the sale of capital assets are taxed at a 2...