Popular Post austin3515 Posted January 4 Popular Post Share Posted January 4 "The Helping Young Americans Save for Retirement Act is a bipartisan legislation that aims to encourage savings by younger workers in defined contribution plans. The bill would allow employees aged 18 to 20 to contribute to 401(k) and ERISA-covered 403(b) plans after completing one year of service, although employers could exclude them from receiving employer-matching or nonelective contributions." It's too much. They need to give us a minute! Does anyone have Brian Graffs direct dial/email address? If so tell him Austin Powers will make himself available Congressional Testimony for as long as it takes to convince Congress that this has to stop. https://www.mercer.com/insights/law-and-policy/bipartisan-bill-would-lower-dc-plan-eligibility-age-to-18/ EMoney, DMcGovern, ratherbereading and 3 others 5 1 Austin Powers, CPA, QPA, ERPA Link to comment Share on other sites More sharing options...
Popular Post RatherBeGolfing Posted January 4 Popular Post Share Posted January 4 54 minutes ago, austin3515 said: "The Helping Young Americans Save for Retirement Act is a bipartisan legislation that aims to encourage savings by younger workers in defined contribution plans. The bill would allow employees aged 18 to 20 to contribute to 401(k) and ERISA-covered 403(b) plans after completing one year of service, although employers could exclude them from receiving employer-matching or nonelective contributions." It's too much. They need to give us a minute! Does anyone have Brian Graffs direct dial/email address? If so tell him Austin Powers will make himself available Congressional Testimony for as long as it takes to convince Congress that this has to stop. https://expert401kdigest.erisapedia.com/?Action=showArticle&PID=7bee04ca13f06a9164d6bd97ff8e5de8&Source=NLBenefit&SourceID=b59314d459e1c2abcd68db307af6ba31 I for one look forward to seeing the exhibits Austin will use in front of Congress... Can you say Groovy Baby! And Brians direct dial is 867-5309... Ill see myself out now. austin3515, ratherbereading, Belgarath and 2 others 1 4 Link to comment Share on other sites More sharing options...
DMcGovern Posted January 4 Share Posted January 4 To continue the quote from that article, "The bill follows the trend of expanding access to DC plans and may be incorporated into a larger package of retirement reforms. It also includes provisions such as requiring one year of service, not mandating employer contributions, providing nondiscrimination testing relief, and excluding younger workers from the plan audit threshold for five years." Larger package of retirement reforms?! Yikes How many eligibility provisions can one plan have and not be a total compliance mess? 🤪 Link to comment Share on other sites More sharing options...
ratherbereading Posted January 4 Share Posted January 4 Crazy stuff! 4 out of 3 people struggle with math Link to comment Share on other sites More sharing options...
RatherBeGolfing Posted January 4 Share Posted January 4 23 minutes ago, DMcGovern said: Larger package of retirement reforms?! Yikes SECURE 3.0. I do like the Roth IRA to Roth 401k rollover possibility though... Link to comment Share on other sites More sharing options...
austin3515 Posted January 4 Author Share Posted January 4 People will literally quit over this stuff. I swear Empower might just shut down. How often can they spend 50 million programming for all this stuff??? duckthing 1 Austin Powers, CPA, QPA, ERPA Link to comment Share on other sites More sharing options...
Peter Gulia Posted January 5 Share Posted January 5 After reading the financial statements of Power Corporation of Canada [TSX:POW] and its indirect subsidiary Great-West Lifeco Inc. [TSX:GWO] (which indirectly holds Empower Holdings, Inc.), I don’t worry about the profitability of the Empower businesses. John Feldt ERPA CPC QPA, duckthing and David Schultz 1 2 Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com Link to comment Share on other sites More sharing options...
austin3515 Posted January 5 Author Share Posted January 5 OK ya got me. but it's still got make ya mad. A rule change here and there, ok. But the stuff they're pushing is major major change... But I suppose I was indirectly implying that perhaps others of a more human-like form might throw in the towel... Austin Powers, CPA, QPA, ERPA Link to comment Share on other sites More sharing options...
Belgarath Posted January 5 Share Posted January 5 I think the term "SECURE 3.0" should be outlawed. Too many negatives associated with the term. Call it Breckenridge's Scourge or something like that. (Some few of you might be old enough to remember "The Court Jester.") And as an aside, if you do remember it, Glynis Johns just passed away, at the age of 100. Link to comment Share on other sites More sharing options...
MoJo Posted January 5 Share Posted January 5 Another "Full Attorney Employment Act." And as an attorney - I'M ALL FOR IT! Bring it on! David Schultz, 401king, RatherBeGolfing and 1 other 1 3 Link to comment Share on other sites More sharing options...
Peter Gulia Posted January 5 Share Posted January 5 austin3515, you’re right that the proliferation of rules, variations, exceptions, and other complexity is confusing, overwhelming, and dispiriting. It increases disrespect for law. And yet you’re also right that we need more people who aren’t in the business of lobbying to speak up about how Congress legislates. duckthing 1 Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com Link to comment Share on other sites More sharing options...
Bird Posted January 5 Share Posted January 5 It's all computerized so what's the big deal, right? I remember when I first started my boss had a cartoon-y series of 3 pictures in the office. The first said "TEFRA" and it showed someone sitting at their desk, all bright-eyed and eager to have at it. The second was "DEFRA" and the guy was a little less confident, sort of slumped over. And the third said "REA" and the guy had face=planted on his desk amidst a pile of papers. Yeah it's annoying to say the least. The behavioral economists have taken over. austin3515, Pension Nerd and Bill Presson 2 1 Ed Snyder Link to comment Share on other sites More sharing options...
Paul I Posted January 5 Share Posted January 5 The ICI says $9.9 TRILLION is held in defined contribution plans of which $6.9 TRILLION in in 401(k) plans. The BLS says 67% of private industry workers have access to employer retirement plans. With that kind of money in play, there are a number of industries (primarily in the financial services sector) that lobby for expanding the number of people who can participate in retirement plans. They also lobby for encouraging more new plan formation. The financial services lobbyists have very, very deep pockets. We also are seeing a sea change in the perceived role of 401(k) plans. They started as an opportunity for an employee to enhance retirement savings. The emphasis was on retirement and restricted access for other purposes. The pandemic and natural disasters have changed everything. We had massive unemployment and people needed money to live on, so the floodgates were opened to give participants liberal access to their 401(k) accounts. If we look at all of the new and proposed categories of penalty-free "qualified" distributions, many are centered around life events. As the number of these distributions expands, the 401(k) is becoming more analogous to the Depression era cookie jar or rainy-day fund. And the administration gets even more complicated. If there is a path towards restoring the focus on retirement, it must come from plan sponsors. It remains possible to have a plan design focused on retirement and to leave out or avoid a lot of the new features we are seeing. Consider IBM's recent announcement to end the match and add back a traditional DB plan. We cannot turn back the clock on 401(k)s and will have to live with the reality of their new purpose as an employee benefit. We can work with clients to see the difference between providing for retirement and providing for life events. ESOPMomma, Peter Gulia and Luke Bailey 1 2 Link to comment Share on other sites More sharing options...
RatherBeGolfing Posted January 5 Share Posted January 5 I have no problem with change, increasing coverage, and so on. The problem is that we are making huge changes on an almost year by year basis at this point. Major changes like LTPT or lowering the statutory age maximum from 21 to 18 cant drop year after with a very limited time until its effective. We need time for major changes or chaos is all but guaranteed. Luke Bailey, Sully and austin3515 3 Link to comment Share on other sites More sharing options...
austin3515 Posted January 5 Author Share Posted January 5 5 minutes ago, RatherBeGolfing said: The problem is that we are making huge changes on an almost year by year basis at this point. Major changes like LTPT or lowering the statutory age maximum from 21 to 18 cant drop year after with a very limited time until its effective. We need time for major changes or chaos is all but guaranteed. Sometimes I feel like I'm the only one who sees this. Thank you very much for saying this. RatherBeGolfing 1 Austin Powers, CPA, QPA, ERPA Link to comment Share on other sites More sharing options...
david rigby Posted January 5 Share Posted January 5 3 hours ago, austin3515 said: Sometimes I feel like I'm the only one who sees this. Ya know, @austin3515, you are also permitted to "call Congress". Try your own Representative and Senators. Also, the various committees receive online comments. David Schultz and C. B. Zeller 2 I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice. Link to comment Share on other sites More sharing options...
austin3515 Posted January 5 Author Share Posted January 5 Trust me I think about it all the time. If I wasn't so darn busy addressing all of this stuff I just might have... Bill Presson 1 Austin Powers, CPA, QPA, ERPA Link to comment Share on other sites More sharing options...
Paul I Posted January 5 Share Posted January 5 Here are the links to quickly find your members in Congress: https://www.senate.gov/senators/senators-contact.htm https://www.house.gov/representatives/find-your-representative Dropping them a line takes about as much time a post or 2 on BL. Lou S. and RatherBeGolfing 2 Link to comment Share on other sites More sharing options...
RatherBeGolfing Posted January 5 Share Posted January 5 It never hurts to develop a relationship with your members of congress. They work for YOU, and if they have a good staff they will also want to develop that relationship. You can also volunteer for Government Affairs Committees for the various industry organizations you may belong to. I know a lot of people here on the boards are already involved, but they are almost always looking for new members. Participating in industry PACs is also helpful. Luke Bailey, Paul I and StephenD 2 1 Link to comment Share on other sites More sharing options...
Roycal Posted January 5 Share Posted January 5 5.4k Posted yesterday at 01:59 P "It's too much. They need to give us a minute!" But remember that they don't care about you/us. Link to comment Share on other sites More sharing options...
msmith Posted January 5 Share Posted January 5 You would think that Congress has more pressing issues to deal with than this type of legislation. Link to comment Share on other sites More sharing options...
david rigby Posted January 5 Share Posted January 5 9 minutes ago, msmith said: You would think that Congress has more pressing issues to deal with than this type of legislation. You misunderstand. The most pressing issue for almost all members of Congress is getting re-elected. Luke Bailey, ERISAGirl, QDROphile and 1 other 4 I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice. Link to comment Share on other sites More sharing options...
RatherBeGolfing Posted January 5 Share Posted January 5 13 minutes ago, msmith said: You would think that Congress has more pressing issues to deal with than this type of legislation. We are special. Pensions/retirement is one of very few areas where there is some bi-partisan support. And as @david rigby says, if you want to be re-elected, you have to show you are doing something, right? Link to comment Share on other sites More sharing options...
ESOP Guy Posted January 5 Share Posted January 5 I think they need to change the age to start RMDs a few more times! 😁 Part (not the only) of the reason I do ESOPs is I couldn't take 401(k) work any more. All the notices and if you read the law the liability if you are late! The work just wasn't fun any more. ESOPMomma and RatherBeGolfing 2 Link to comment Share on other sites More sharing options...
Bri Posted January 5 Share Posted January 5 Hey, if it weren't for changes like these, all our required CE sessions would be the same.....dang.....topics.....every time. I can only hear Derrin talk about net earnings from self-employment or management functions in ASGs so many times! 🔞 Paul I, duckthing and David Schultz 1 2 Link to comment Share on other sites More sharing options...
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