The sponsor of a bill offering a provocative solution to the retirement coverage gap will speak at the 2018 NAPA DC Fly-In Forum.
Rep. Richard Neal (D-MA), Ranking Member of the House Ways & Means Committee, is a prominent voice in retirement plan policy. As Ranking Member, he is likely to be named Chairman of the committee should the midterm elections shift the U.S. House of Representatives to a Democrat majority.
Late last year, Neal introduced two bills: the Retirement Plan Simplification and Enhancement Act of 2017 (RPSEA) and the Automatic Retirement Plan Act of 2017 (ARPA).
The RPSEA aims to modify the current automatic enrollment safe harbor and establish a new automatic safe harbor, which includes changes to minimum default contributions, matching contributions and a special tax credit.
The more provocative of the two, ARPA would require employers to maintain a 401(k) or 403(b) plan that covers all eligible employees, exempting small employers, governments, churches and businesses not in existence for three years. The bill also allows for multiple employer plans (MEPs) and increases the start-up credit for small employers.
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Rep. Richard Neal (D-MA), Ranking Member of the House Ways & Means Committee[/caption]
Neal recently spoke out against the new Voluntary Correction Program (VCP) user fees, expressing his concern for the effect the changes will have on smaller employers. The modifications put in place by the IRS in January allow larger plan sponsors to pay lower VCP fees, while the cost for smaller plans (fewer than 100 participants) increases.
Neal has been a member of the House since 1988, and has served on the House Ways & Means Committee since 2011. He graduated from the American International College with a bachelor’s degree in political science and earned his master’s degree in public administration from the University of Hartford.
Neal is one of various industry influencers speaking at the Fly-In. Securities and Exchange Commissioner Hester Peirce and CNN Chief National Correspondent John King will join Neal — and top NAPA advisors — on Capitol Hill, July 24–25.
A limited number of delegates will be accepted. Submit your delegate application at napadcflyin.org.
The NAPA D.C. Fly-In Forum
July 24–25, 2018
PLEASE NOTE: Delegates to the Forum must:
- be a NAPA member;
- be responsible for $100M+ in plan assets, 10+ plans and 2,000+ participants; and
- have 5+ years of experience servicing retirement plans.
