Late last year, House Ways and Means Committee Chairman Richard E. Neal (D-MA) and Ranking Member Kevin Brady (R-TX) introduced the Securing a Strong Retirement Act of 2020 (SECURE.
Industry leaders weigh in on what trends plan consultants should monitor in the year ahead.
What developments might impact retirement plans in 2021? We asked several industry leaders for their thoughts about the trends plan consultants should monitor during the year ahead.
Beth Ashmore
Willis Towers Watson
Heading into 2021, we think that sponsors will look to leverage their retirement plans to support employees’ financial security and seek innovative ways to deliver those benefits and manage risk. The Department of Labor will be working on finalizing requirements for Pooled Employer Plans, the development of which may accelerate the pace of innovation. There are currently bipartisan bills in the House and the Senate that are intended to continue the themes of the SECURE Act increasing access to retirement plans funds and easing plan administration, and President-elect Biden had a few retirement proposals as part of his platform that may be taken up in the new year. An
Retirement security could be only issue both sides accept
Retirement security could be only issue both sides accept
Richard Neal, left, and Kevin Brady introduced a retirement bill in October.
There aren t many truly bipartisan issues in Washington these days, but lawmakers on both sides of the aisle are eager to pass another retirement security package in 2021 and are optimistic about their chances.
In the House, Ways and Means Committee Chairman Richard Neal, D-Mass., and ranking member Kevin Brady, R-Texas, introduced the Securing a Strong Retirement Act in October. The bill, which would have to be reintroduced in the new Congress, would require, among dozens of provisions, 401(k), 403(b) and Savings Incentive Match Plan for Employees known as SIMPLE plans to automatically enroll workers upon becoming eligible while giving employees the opportunity to opt out; raise the age at which individuals are required to begin withdrawing a percentage of their tax-deferred retirement
Bill to expand MEP usage introduced in Senate
The U.S. Capitol in Washington
With just a few days remaining on the congressional calendar, a bipartisan bill to expand the use of open multiple-employers plan has been introduced in the Senate.
The Improving Access to Retirement Savings Act, introduced Dec. 18 by Senate Finance Committee Chairman Chuck Grassley, R-Iowa, Sen. Maggie Hassan, D-N.H., and Sen. James Lankford, R-Okla., would allow more groups to participate in MEPs by expanding coverage to include 403(b) plans. It also clarifies that small employers that join a MEP may take the small employer pension plan startup credit for their first three years in a MEP, regardless of how long the MEP has been in existence.