SECURE Act 2.0 Passed Unanimously by Ways and Means Committee
A rare unanimous affirmative voice vote by the Ways and Means Committee allows the SECURE Act 2.0 to be considered by the full House of Representatives.
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The Ways and Means Committee of the U.S. House of Representatives voted unanimously Wednesday afternoon to advance the Securing a Strong Retirement Act for future consideration by the full chamber.
Led by Ways and Means Committee Chairman Richard Neal, D-Massachusetts, and Ranking Member Kevin Brady, R-Texas, the committee members spoke one after another in praise of the legislation, which they refer to as the “SECURE Act 2.0,” a reference to 2019’s Setting Every Community Up for Retirement Enhancement (SECURE) Act. They used words such as “joy” and “delight” to describe their feelings about the advancement of the bill, which has been the recipient of significant support from all facets of the retirement planning industry.
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The Retirement Plan Best Practices Release summarizes what the DOL views as “best practices” for retirement plan fiduciaries navigating issues around missing participants, and “red flags” that the DOL views as indicators of retirement plan fiduciaries who have a problem with missing or nonresponsive participants. As such, the Retirement Plan Best Practices Release provides a framework for fiduciaries to consider in meeting their obligations to attempt to locate missing participants or obtain instructions from nonresponsive participants.
,Terminated Vested Participants Project Defined Benefit Pension Plans (TVPP Audit Release)
The TVPP Audit Release guidance outlines practices that the DOL views as appropriate for the TVPP audits. The guidance notes that that these investigations are focused on plans “that appear to have systemic issues with plan administration, particularly issues related to keeping track of terminated vested participants and beneficiaries, and timely dis