House committee advances ABA-backed 403(b) bill
With a bipartisan vote of 35 to 12, the House Financial Services Committee this week advanced H.R. 3063, the Retirement Fairness for Charities and Education Institutions Act of 2023.
Browsing: Retirement issues
ABA supports bipartisan bill to expand 403(b) investment
The legislation would amend the Exchange Act to allow 403(b) retirement plans to invest in unregistered insurance contracts and collective investment trusts that currently may be invested in by comparable retirement plans, such as 401(k) plans.
Study: Number of HSA accounts continues to grow
Consumers continue to invest in HSAs for future medical expenses, with a year-over-year increase in 2022 of 6% for assets and 9% for accounts, according to a new survey from Devenir.
ABA: Make permanent physical presence exemption for spousal consents
The American Bankers Association this week filed a comment letter recommending the adoption of an IRS proposal to make permanent an exemption to the physical presence requirement for spousal consents.
District court vacates Labor Department position on rollover advice
A U.S. district court this week vacated the Labor Department’s interpretation of the Employee Retirement Income Security Act and its implementing regulation on fiduciary investment advice.
ABA urges Labor Department to reconsider QPAM proposal
The American Bankers Association this week reiterated concerns about proposed amendments to Prohibited Transaction Exemption 84-14, known as the Qualified Professional Asset Manager exemption, in a letter to the U.S. Department of Labor.
IRS proposes making remote witness procedures permanent
The IRS has issued a proposed rule to make permanent temporary relief from the physical presence requirement for participant elections and spousal consents.
ABA, associations request IRS to make remote notarization permanent
The American Bankers Association along with 17 associations and businesses today sent a joint letter to the IRS requesting that the agency make permanent the temporary relief from the physical presence requirement for spousal consent granted during the early days of the pandemic.
DOL finalizes ESG investing rule
The Department of Labor finalized a new rule regarding environmental, social and governance investing and a fiduciary’s proxy voting activity under the Employee Retirement Income Security Act.
ABA: Labor Department failed to seek advance input for QPAM proposal
The U.S. Department of Labor failed to seek advance input from affected parties—as required by official rulemaking procedures—before issuing proposed amendments to the Qualified Professional Asset Manager exemption, the American Bankers Association said Thursday during a public hearing on the proposal.