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Andrew Remo

By Andrew Remo | 4/2/2019
The leaders of the Senate Finance Committee, Chairman Charles Grassley (R-IA) and Ranking Member Ron Wyden (D-OR), have introduced the Retirement Enhancement and Savings Act (RESA) once again.  The Senate action comes as members of the House Ways & Means Committee are poised to pass its own... READ MORE
By Andrew Remo | 3/5/2019
Of late, we’ve been getting a lot of questions about legislation that would create open multiple employer plans (MEPs). Here’s the update.  Ever since the Department of Labor issued an explicit ruling in 2012 that an open MEP is not a single employee benefit pension plan but a group of single... READ MORE
By Andrew Remo | 2/8/2019
Another state has moved to impose its own fiduciary standard with no ERISA exemption. The Maryland legislature aims to implement a state level fiduciary standard through a comprehensive consumer protection bill introduced Feb. 4 by State Sen. Jim Rosapepe. The bill grants authority through the... READ MORE
By Andrew Remo | 2/7/2019
The Retirement Enhancement and Savings Act (RESA) has been reintroduced in the new Congress. The bill introduced on Feb. 6 is bipartisan – sponsored by Reps. Ron Kind (D-WI) and Mike Kelly (R-PA) – as was the one introduced nearly a year ago by the same duo. The bill, which is a replica of last... READ MORE
By Andrew Remo | 11/27/2018
House Republicans released a wide-ranging tax package on Monday night – including a number of retirement savings provisions – setting the stage for negotiations on a year-end tax package as the 115thCongress comes to a close.The main components of the package (the Retirement, Savings, and Other Tax... READ MORE
By Andrew Remo | 4/19/2018
While the Securities and Exchange Commissioners were hardly unanimous in their assessment, they voted 4-1 to release for public comment a set of proposals to “enhance the quality and transparency of investors’ relationships with investment advisers and broker-dealers while preserving access to a... READ MORE
By Andrew Remo | 4/18/2018
Members of a House subcommittee pressed IRS representatives this week to explain their recent decision to dramatically increase the cost to small businesses of remedying retirement plan mistakes.An April 17 hearing held by the House Small Business Subcommittee on Economic Growth, Tax, and Capital... READ MORE
By Andrew Remo | 3/16/2018
For the first time, the Retirement Enhancement and Savings Act (RESA) has gotten some traction in the U.S. House of Representatives – and on a bipartisan basis.Reps. Mike Kelly (R-PA) and Ron Kind (D-WI) – along with 14 other Democratic and Republican cosponsors – introduced H.R. 5282 in the House... READ MORE
By Andrew Remo | 3/9/2018
In a rare moment of bipartisan cooperation, the two leaders of the Senate Finance Committee – Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) – have reintroduced the Retirement Enhancement and Savings Act (RESA).This bill makes a number of important changes to the employer sponsored... READ MORE
By Andrew Remo | 2/23/2018
Concerned that the Labor Department’s fiduciary rule could be pared back, Maryland is considering extending fiduciary duty under state law.The Maryland Senate Finance Committee held a hearing on proposed legislation on Feb. 22, following a Feb. 16 hearing on the legislation by the Maryland House... READ MORE
By Andrew Remo | 11/3/2017
UPDATED NOV. 8While much of the focus has been on the potential “Rothification” of 401(k) plans, the Tax Cuts & Jobs Act included a number of other retirement plan-related provisions, including changes that impact hardship withdrawals and loans.Among the provisions of Title I, Subtitle F of the... READ MORE
By Andrew Remo | 6/23/2017
While the vast majority of plan sponsor respondents to a new survey think that eliminating or reducing pre-tax contributions to retirement savings plans is a bad idea, 85% say they would either definitely or probably continue to offer those programs if current pre-tax limits were lowered.However,... READ MORE
By Andrew Remo | 4/24/2017
The Beaver State took another step forward this week to implement the “OregonSaves” program, as the Oregon Retirement Savings Board approved the final rules that will govern the operation of the program.Starting Nov. 15, 2017, Oregon employers with 100 or more employees must begin to register with... READ MORE
By Andrew Remo | 3/31/2017
The U.S. Senate has passed, by a vote of 50-49, a Congressional Review Act resolution that would block the Obama-era DOL’s rule that defined the terms under which cities and counties could create IRA plans that automatically enroll private-sector workers whose employers do not offer a retirement... READ MORE
By Andrew Remo | 2/10/2017
The Oregon State Treasury has put forth a proposal in support of its state-run plan for private sector workers who don’t have a plan at work – that could affect private sector 401(k) plans. The proposal is intended to implement recent changes in state law that will require Oregon employers that don... READ MORE
By Andrew Remo | 9/30/2016
Another state-run retirement program for the private sector is now on the books.California Gov. Jerry Brown (D) signed into law Sept. 29 legislation that will implement the California Secure Choice Retirement Plan. Brown hailed the effort – four years in the making – as helping millions of... READ MORE
By Andrew Remo | 9/27/2016
The legislative package that cleared the Senate Finance Committee unanimously last week included provisions intended to encourage the use of lifetime income products, including a late addition that could turn out to be the most significant.Lifetime Income Selection Safe HarborThat provision –... READ MORE
By Andrew Remo | 9/22/2016
The Senate Finance Committee has cleared two pieces of retirement legislation that are now pending before the full Senate, including one that includes a new brand of multiple employer plan (MEP) for the private sector.Meet the PEP — and the PPPOne of the bills, the Retirement Enhancement and... READ MORE
By Andrew Remo | 9/20/2016
The Senate Finance Committee announced that it will meet this week to consider two retirement policy bills – but the real story might be what’s not in those proposals.The first bill, the Miners Protection Act of 2016, will address the funding shortfalls in the United Mine Workers of America (UMWA)... READ MORE
By Andrew Remo | 8/26/2016
Four years after enactment of the California Secure Choice Retirement Savings and Trust Act (S.B. 1234), the California Assembly passed legislation Aug. 25 approving the program’s implementation beginning Jan. 1, 2017. Gov. Jerry Brown (D) is expected to sign the implementation bill into law. At... READ MORE

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