Originally introduced in 2016 and revitalized in Congress this past March, the latest version of the carefully watched “Retirement Enhancement and Savings Act” begins to gather dust again as the end of the legislative year approaches. While still languishing in Washington, D.C., and likely in need of a new intro in 2019, the Retirement Enhancement and Savings Act of 2018 (RESA) would provide the following changes to employer-sponsored retirement plans:
In December 2016, the U.S. Department of Labor (DOL) announced new disability claims procedure regulations, effective April 1, 2018, for ERISA-covered plans. The new rules apply to all ERISA benefit plans that base any benefit decisions on the plan administrator’s determination of whether a person is “disabled.”
The rule applies to more than just disability plans
The new procedures also apply to retirement plans and non-qualified deferred compensation plans that provide disability benefits, but only if the plan’s definition of disability requires the plan administrator to make an independent determination that the participant is disabled. » Read More
A legislative vehicle that has periodically enjoyed bipartisan support in the past was reintroduced to Congress in 2018 and may just see a resurgence early next year, albeit under a different moniker.
The Retirement Enhancement and Savings Act (“RESA”), a collection of proposed enhancements to voluntary retirement plans, was approved by the Senate Finance Committee in 2016, but saw no further legislative action. » Read More
Small employers should have an easier time banding together to create less expensive retirement plans for their workers, with potentially simplified required notices and disclosures to plan participants under an Executive Order recently signed by President Trump that addresses certain issues relating to private-sector retirement plans. » Read More