Legislative updates

The Senate and House committees of jurisdiction have released a draft containing technical corrections and other clarifications to SECURE 2.0.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on November 21, 2023, for California Hurricane Hilary, for the incident period of August 19-21, 2023.

Representative Michelle Steel (R-CA), along with co-sponsors David Schweikert (R-AZ), and Ami Bera (D-CA), have introduced HR 6279, the “Wearable Equipment Adoption and Reinforcement and Investment in Technology Act”, or the “Wear It Act”.

Senator Bill Cassidy (R-LA), and co-sponsor Tim Kaine (D-VA) have introduced the “Helping Young Americans Save for Retirement Act”.

Senator John Thune (R-SD), along with co-sponsor Senator Thomas Carper (D-DE), introduced S. 3224, the Chronic Disease Flexible Coverage Act.

Representative Claudia Tenney (R-NY) has introduced the Retirement Investment in Small Employers (RISE) Act to encourage small businesses with no more than 10 employees who received at least $5,000 of compensation in the prior year to adopt retirement plans.

The Department of Labor (DOL) has released a new proposed rule updating the definition of an investment advice fiduciary under ERISA.

The Pension Benefit Guarantee Corporation (PBGC) has updated its table titled, “Present Value of PBGC Maximum Guarantee,” to reflect applicable values for distributions with annuity starting dates during calendar year 2024.

Senators John Hickenlooper (D-CO) and Thom Tillis (R-NC), and Representatives Terri Sewell (D-AL) and Lloyd Smucker (R-PA) have re-introduced the Retirement Savings for Americans Act.

The IRS has issued Revenue Ruling 2023-20, which contains the applicable federal rates (AFR) for November 2023.