News & Analysis as of

Proposed Legislation Retirement Plan Individual Retirement Account (IRA)

Jenner & Block

Client Alert: “Trump Accounts” – Tax-Advantaged Savings Accounts for Children

Jenner & Block on

On Friday, July 4, President Trump signed into law the One Big Beautiful Bill Act (H.R. 1) (“Big Beautiful Bill”) after narrow approval from both houses of Congress. The legislation extends the Tax Cuts and Jobs Act and...more

Polsinelli

The Legacy IRA Act Meets the EARN Act: A Gift or a Lump of Coal

Polsinelli on

Generally, donors who are over the age of 70 ½ can direct distributions to be made from their individual retirement account (IRA) of up to $100,000 per year to public charities (other than to fund a donor advised fund). This...more

Chambliss, Bahner & Stophel, P.C.

Proposed Legislation Would Allow Families to Extend Impact of Special Needs Trusts to Charities

Newly introduced legislation may soon alleviate a challenge families sometimes face when planning for a loved one living with disabilities. In general, any funds left to such a beneficiary should be left in a special needs...more

Jackson Lewis P.C.

House Passes Build Back Better Act, Here’s What Employers Need to Know as It Goes to Senate

Jackson Lewis P.C. on

The U.S. House of Representatives has passed the Build Back Better Act (BBBA) (H.R. 5376) by a vote of 220–213. Supported by the Biden Administration and congressional Democrats, the controversial bill heads to the Senate for...more

McDermott Will & Emery

What's In and What's Out (For Now)

McDermott Will & Emery on

After more than two months of negotiations in the US Congress, a slimmed-down version of the “Build Back Better Act” narrowly passed the US House of Representatives on November 19, 2021. All but one House Democrat voted for...more

Cadwalader, Wickersham & Taft LLP

Representative Neal Proposes IRA Changes

In mid-September, Chairman of the House Ways and Means Committee Richard Neal (D-Mass.) introduced an amendment to the budget reconciliation legislation that would make a number of changes to IRAs....more

Gould + Ratner LLP

Proposed Federal Tax Changes Take Aim at Wealthy Businesses and Individuals

Gould + Ratner LLP on

The tax plan released last month by the Democratic-led House Ways and Means Committee would bring about extensive changes in the taxation of businesses and high-income individuals. Proposals Affecting Businesses - Key...more

Cadwalader, Wickersham & Taft LLP

Wyden Wants to Limit “Mega-IRAs”

In late July, Senate Finance Committee Chair Ron Wyden and House Ways & Means Committee Chair Richard E. Neal released new data about the increased use of “mega-IRAs” over the last decade. ...more

Faegre Drinker Biddle & Reath LLP

SECURE Act 2.0: Key Provisions Affecting Retirement Plans

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 2.0), a bipartisan legislative proposal that...more

BCLP

CARES Act Would Expand Retirement Plan Access impacted by the Coronavirus Pandemic

BCLP on

The proposed Coronavirus, Aid, Relief and Economic Security Act (“CARES ACT”) would, if enacted, provide legislative relief to participants impacted by the Coronavirus pandemic. This relief is expected to be agreed upon and...more

Snell & Wilmer

The SECURE Act – A Primer on the Top Six SECURE Act Changes that could be coming to Retirement Plans Next Year

Snell & Wilmer on

The SECURE Act (the “Act”) passed the House with bipartisan support and is on its way to the Senate with predictions that it could end up on the President’s desk by the end of the year. Here are some highlights of this...more

Bricker Graydon LLP

House passes SECURE retirement bill with overwhelming bipartisan support

Bricker Graydon LLP on

On May 23, 2019, the U.S. House of Representatives overwhelmingly passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 (H.R. 1994), which is intended to provide greater incentives for...more

Bradley Arant Boult Cummings LLP

House Bill Makes Significant Changes to Retirement Plans - Employee Benefits Alert

Last week, the House of Representatives overwhelmingly passed the “Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019” (H.R. 1994) by a vote of 417-3. The bill makes numerous changes affecting...more

Akin Gump Strauss Hauer & Feld LLP

Tax Cuts and Jobs Act

On November 2, 2017, the Committee on Ways and Means of the U.S. House of Representatives released its tax reform bill titled the Tax Cuts and Jobs Act (the “House Bill”). On November 6, 2017, Kevin Brady, Chairman of the...more

Proskauer - Employee Benefits & Executive...

Tax Reform Contemplates Changes to Employee Benefits

The House Committee on Ways and Means publicly released a working draft of the Tax Cuts and Jobs Act for the first time on Thursday. In the weeks leading up to the release of the draft, speculation has swirled as to whether...more

Dickinson Wright

Health Saving Accounts: An Underutilized Opportunity in a Time of Uncertain Healthcare Changes

Dickinson Wright on

Regardless of whether there will be revisions to, repeal of, or no changes at all to the Affordable Care Act, patients will most likely continue to have a larger financial responsibility for their medical care. ...more

Akerman LLP - HR Defense

Finally in Play: A Refresher on the Fiduciary Rule for Plan Sponsors

On the heels of Labor Secretary Alexander Acosta’s announcement that the Department of Labor’s oft-delayed “Fiduciary Rule” would finally take effect on June 9th, Congressmen introduced new legislation on June 8th to overturn...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The White House wants a new fiduciary rule

The White House unveiled their plan to direct the Department of Labor to unveil a new fiduciary standard rule that will curb the conflict of interest and excessive fees that the White House says that mars 401(k) and IRA...more

Baker Donelson

Say "Goodbye" to Your 401(K) Plan as You Know It?

Baker Donelson on

From time to time, we hear about threats to the Social Security System – even talk about eliminating it for younger workers. Some reports indicate that about half of Americans have less than $10,000 in savings, while other...more

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