On September 27, 2018, by a vote of 240-177, with 10 Democrats supporting the bill, the House of Representatives passed the Family Savings Act, H.R. 6757, a package of retirement and savings enhancements and modifications.
On September 23, 2018, the Department of Labor’s (DOL’s) Employee Benefits Security Administration sent to the Office of Management and Budget (OMB) for review the proposed rule for “Association Retirement Plans and Other Multiple-Employer Plans.”
On August 21, 2018, the Internal Revenue Service (IRS) published Notice 2018-68, which contains guidance on the definition of “covered employee” and the grandfather rules under Internal Revenue Code (Code) section 162(m).
On August 31, 2018, President Trump signed an executive order (EO) that directs the Departments of Labor (DOL) and the Treasury to work on a number of new regulatory matters.
A number of milestones have been achieved over the summer by several of the states that are working to implement a state-run mandatory IRA program.