What’s happening in the industry

Retirement and benefit public policy and relevant industry trends are constantly changing. The following summary of employee benefits and compensation issues, laws and regulations can help you stay current with the changes being considered in Washington and what they may mean for you and your employees.

Summary of a few recent key issues

Hardship Distributions
The Bipartisan Budget Act of 2018 made changes to hardship distribution rules, for which the Treasury issued proposed regulatory guidance that was published in the Federal Register on November 14, 2018. A 60-day comment period now follows.
Family Savings Act of 2018
The Family Savings Act of 2018 passed in the House of Representatives and now moves to the Senate for consideration. If it becomes law, it would make various changes to retirement plans, including required minimum distribution requirements, safe harbor annuity, elimination of safe harbor notice requirements for plans using nonelective contributions, creation of a Universal Savings Account which would be taxed like a Roth IRA, and more.
Health Savings Proposals
Two pieces of health savings legislation were passed in the House earlier in the summer which would help to expand health savings accounts (HSAs).
Department of Labor
There are several Department of Labor project updates, including the release of their guidance plan, proposed association retirement plan regulation, as well as proposed health reimbursement account regulation.

To learn more about these topics and many other public policy issues being considered in Washington, along with our point of view, read the latest Legislative & Regulatory brief.