The provision mandating that employers not otherwise offering a retirement plan to employees must offer an elective deferral only 401(k) plan or payroll deduction IRA for employees to save for retirement (See “Could CalSavers Go National? Federal Mandated Payroll Deduction Plan Proposal Included In 3.5 Trillion Budget Proposal“) has been dropped from President
Legislation
2020 Appropriations Bill Secures More Than Keeping Government Open—Includes Major Retirement Law Changes from SECURE Act
By Scott E. Galbreath, J.D., LL.M (Tax) on
Posted in Legislation
Who says Congress is too busy with impeachment to legislate. Last week, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted as part of the 2020 Appropriations Legislation that had to be enacted to prevent a government shut down. The President signed the legislation on December 20, 2019. SECURE contains a number…
A Much More SIMPLE Approach to Increase Retirement Savings
By Scott E. Galbreath, J.D., LL.M (Tax) on
Posted in Legislation
Last month, I reported on how California’s mandated payroll deduction IRA program known as CalSavers is being challenged in court as preempted by ERISA. CalSavers is California’s attempt to address the fact that many Americans do not have the opportunity to save for retirement at their workplace because their employer does not offer a retirement…