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In 2020, the financial services industry and regulators adjusted to new norms of social distancing, electronic document delivery, and electronic transactions. Regulators are recognizing the gap between advancements in technology and customer acceptance on the one hand, and a decades-old regulatory structure on the other. Below are some of the notable shifts under consideration at the federal and state levels.
E-SIGN Modernization Act
In July, three Republican senators introduced a bill to modernize the Electronic Signatures in Global and National Commerce Act (E-SIGN), which became law in 2000. E-SIGN provides a framework for using electronic documents and signatures in transactions involving interstate and foreign commerce.
Bill to expand MEP usage introduced in Senate
The U.S. Capitol in Washington
With just a few days remaining on the congressional calendar, a bipartisan bill to expand the use of open multiple-employers plan has been introduced in the Senate.
The Improving Access to Retirement Savings Act, introduced Dec. 18 by Senate Finance Committee Chairman Chuck Grassley, R-Iowa, Sen. Maggie Hassan, D-N.H., and Sen. James Lankford, R-Okla., would allow more groups to participate in MEPs by expanding coverage to include 403(b) plans. It also clarifies that small employers that join a MEP may take the small employer pension plan startup credit for their first three years in a MEP, regardless of how long the MEP has been in existence.
The measure follows legislation that would let nonprofits participate in pooled employer plans
December 21, 2020 2 MINS
Several Senators on Friday introduced a bill that would let 403(b) plans participate in MEPs, part of a wider push by Congress to allow nonprofits into pooled retirement plans.
Along with permitting 403(b)s to participate in multiple-employer plans, the Improving Access to Retirement Savings Act would also allow small businesses to claim a start-up credit for the first three years as part of MEPs. The legislation also seeks to provide a 9.5-month grace period for correcting errors associated with automatic enrollment and contribution escalation, the senators noted in their announcement of the bill.
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Pension obligations are a major liability on many corporate balance sheets. Retirees are living longer than ever, sometimes claiming pension payments for decades. Advisors to pension plans may be called upon for suggestions of how to de-risk employer-sponsored benefit plans. Weighing available options is crucial.
One idea that’s gaining traction: annuities. In recent years, Lockheed Martin, FedEx, Raytheon, Alcoa and others have transferred billions of dollars worth of pension liabilities to insurance companies through group annuities and others are likely to follow suit.
Is such a move called a risk transfer good or bad for those companies’ balance sheets, their employees and their retirees? What should you advise your corporate clients who want or need to ease their pension liabilities? They don’t want to be left behind, but are annuities truly a good solution?
How to Singlehandedly End Face Mask Orders Today
Which of those do you owe obedience to?
What would it look like if you were to be as effective as possible in dismantling these mask mandates?
The Hidden History Of Mask Mandates
Long after the “flatten the curve” talking point had died, long after the ventilator shortage was proven non-existent, long after corona deaths had peaked, and long after the media had moved onto the “Deaths don’t matter anymore, now we need to reduce cases,” talking point, on July 2, 2020, the issue of Covid fear and heavy-handed approaches was exacerbated by the CEOs of the U.S. Chamber of Commerce, Business Roundtable, National Association of Manufacturers, American Council of Life Insurers, and the National Retail Federation, when they annoyingly sent a letter to many elected officials demanding a national face mask order.