News and Updates,Custom

Washington Perspective

Washington Perspective

Washington Perspective

A Message From Angela Montez, ICMA-RC's Senior Vice President, General Counsel and Chief Legal Officer

SECURE 2.0 Introduced in House Ways and Means Committee

October 29, 2020

On October 27, 2020, the House Ways and Means Committee Chair Richard Neal (D, MA) and Ranking Member Kevin Brady (R, TX) introduced the “Secure a Strong Retirement Act of 2020,” which has also been called “SECURE 2.0.”

IRS Announces 2021 Retirement Plan Contribution Limits

October 26, 2020

On October 26, 2020, the IRS announced the various adjustments applicable to retirement plan contribution limits for 2021.

IRS Continues to Issue Guidance on 2019's SECURE Act

September 16, 2020

On September 2, 2020, the Internal Revenue Service (IRS) issued Notice 2020-68 providing guidance on certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (the "SECURE Act").

DOL Releases Interim Final Rule on Lifetime Income Illustrations

August 25, 2020

On August 18, 2020, the Department of Labor (DOL) released its Interim Final Rule (IFR) implementing the SECURE Act requirement that participants in ERISA-governed defined contribution plans be provided a lifetime income illustration (LII) at least once per year.

ICMA-RC Supports Additional Congressional Relief for Local and State Governments

July 22, 2020

Congress reconvened on July 20, 2020. It is expected that consideration will be given to a fourth legislative package to address the impacts of the COVID-19 coronavirus pandemic.

IRS Provides Additional Guidance/Relief on Required Minimum Distributions

July 2, 2020

On June 23, 2020, the Internal Revenue Service (IRS) released Notice 2020-51, which provides guidance on the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s waiver of required minimum distributions (RMD).

IRS Provides Additional CARES Act Plan Distribution and Loan Relief Guidance

July 2, 2020

On June 19, 2020, the Internal Revenue Service (IRS) released Notice 2020-50, which provides guidance on the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s retirement plan distribution and loan relief provisions.

IRS Allows for Remote Notarization for Spousal Consent

June 17, 2020

On June 3, 2020, the Internal Revenue Service (IRS) released Notice 2020-42 which provides 2020 relief for what is known as the “physical presence” requirement for spousal consent.

DOL Issues Final Electronic Disclosure Safe Harbor Rules

June 10, 2020

Recently issued final rules from DOL outlines rules for electronic delivery of plan-related communications and actions participants can take.

IRS Extends Certain Time-Sensitive Deadlines Until July 15

April 21, 2020

On April 9, 2020, the Internal Revenue Service (IRS) released Notice 2020-23. This guidance extends the deadlines until July 15, 2020 for certain actions required by the federal tax rules that are otherwise due to be performed on or after April 1, 2020, and before July 15, 2020.

Legislation To Allow 403(b) Plans To Invest In Lower-Cost Investments Introduced In House

March 31, 2020

On March 12, 2020, Rep. Jimmy Panetta (D-CA) introduced the Public Service Retirement Fairness Act to permit 403(b) plans to invest in Collective Investment Trusts (CITs).

Coronavirus Aid, Relief, and Economic Security Act Signed into Law

March 30, 2020

The $2 trillion stimulus bill, known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act, was signed into law on March 27, 2020, and addresses a range of economic and health-related issues resulting from the COVID-19 pandemic. The following are retirement-related provisions and implications of the CARES Act:

IRS Releases First Guidance on SECURE Act

March 18, 2020

Many provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 Act became effective on January 1, 2020. Because of this, providers, plan sponsors and industry groups began to immediately seek guidance and relief from the Internal Revenue Service (IRS) and the Department of the Treasury following the SECURE Act 's enactment on December 20, 2019.

New Webinar on SECURE Act Changes and Impact

March 10, 2020

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law in late 2019 and is the first significant retirement legislation in more than a decade. ICMA-RC and Mike Hadley, partner in the law firm Davis & Harman, LLP, presented a discussion of the SECURE Act and its impact on governmental retirement plans. View the recorded webinar now. If you have any questions, please reach out to your ICMA-RC representative.

ICMA-RC Encourages Public Sector Employees to Take Action during America Saves Week

February 24, 2020

As part of America Saves Week 2020 (ASW), which takes place February 24 – February 29, 2020, ICMA-RC is spreading the message of saving successfully by urging public sector employees to assess their 2020 savings goals and take the necessary actions to make sure they are on track for a secure retirement.

SECURE Act Enacted

December 20, 2019

On December 20, 2019, President Trump signed into law a $1.4 trillion spending bill to fund the federal government through the end of its fiscal year (September 30, 2020). Attached to the bill was the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019; the first significant pension reform in a more than a decade.

Proposed Update to Required Minimum Distribution Rules

December 3, 2019

On Nov. 7, 2019, the Department of Treasury and the Internal Revenue Service proposed regulations to update the life expectancy and distribution period tables used to calculated required minimum distributions (RMDs) from retirement plans and IRAs.

DOL Releases Proposed Electronic Disclosure Safe Harbor

November 14, 2019

On October 23, 2019, the Department of Labor (DOL) released a proposed rule that would create a new voluntary safe harbor to allow employee pension benefit plans to communicate certain plan-required notices and disclosures electronically.

IRS Announces 2020 Retirement Plan Contribution Limits

November 7, 2019

On November 6, 2019, the IRS announced the various adjustments applicable to retirement plan contribution limits for 2020.

SECURE Act Passed by the House; Faces Uncertain Future in the Senate

September 10, 2019

On May 23, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act, was passed by the House of Representatives in a near-unanimous, bipartisan vote of 417-3. The SECURE Act represents the first major piece of retirement legislation to be approved by the House since 2006.

A Message From Angela Montez, ICMA-RC's Senior Vice President, General Counsel and Chief Legal Officer

Advocacy and Thought Leadership

ICMA-RC works with industry groups and meets with key Congressional staff at the Federal level as well as representatives at the State level to share our perspectives on policies and legislation we believe will positively impact plan sponsors and participants and better enable us to fulfill our mission of helping public employees build retirement security. Read more.

We encourage you to use this resource for updates on these and other retirement-planning topics as they develop.

Return to top