On March 5, 2019, the Treasury Department and the Internal Revenue Service (IRS) released a Policy Statement announcing the procedures and conventions that they intend to follow regarding the issuance of regulatory and subregulatory guidance. Although the Treasury Department and the IRS have emphasized that
House Ways and Means Committee Votes to Move Retirement Legislation Forward
On March 14, 2019, the House Committee on Financial Services’ Subcommittee on Investor Protection, Entrepreneurship and Capital Markets held a hearing entitled, “Putting Investors First? Examining the SEC’s Best Interest Rule.”
On March 22, 2019, the Department of Labor (DOL) published a proposal to raise the standard overtime salary level from $23,660 per year to $35,308 per year. The proposed rule follows a challenge to the overtime rule finalized by the Obama Administration in 2016 that would have raised the standard
On February 6, 2019, the House Committee on Ways and Means (the Committee) convened a hearing entitled, “Improving Retirement Security for America’s Workers.
On February 22, 2019, the congressional Joint Committee on Taxation (JCT) released a document providing some insights into the JCT revenue estimating process, a relatively rare act that was perhaps prompted by the significant number of legislative proposals that would modify the required minimum distribution (RMD) rules. The document (
In an eleventh hour push to prevent a second government shutdown, on February 14, 2019, Congress passed a major spending bill funding nine departments and numerous agencies through September 30, 2019. The President signed the bill on February 15th and announced that he would make an emergency declaration to fund the wall along the U.S.-Mexico border, an action congressional Democrats have vowe
2019 is proving to be an active year for the introduction of state legislation that would create a state-run mandatory auto-IRA program. As we have previously reported, five states and a city (California, Connecticut, Illinois, Maryland, Oregon, and Seattle) have already enacted such legislation, although no state has done so since 2016. Under a mandatory auto-IRA program, a state generally r
Members of Congress returned to Washington, D.C.
The partial federal government shutdown, which ended on January 25, 2019 after a record-breaking 35 days, is expected to impact the timing of output of regulatory and other guidance from key agencies that oversee retirement and benefits policy. The Treasury Department and the Internal Revenue Service (IRS) were both included among the agencies that were affected by the shutdown. The IRS’s shu