This afternoon, Chairman Grassley (R-IA) and Ranking Member Wyden (D-OR) introduced the Retirement Enhancement and Savings Act in the Senate. This bill is the same as has been introduced previously and includes the nondiscrimination testing provisions for frozen plans that we support and the provisions on lifetime income disclosure that we have been working to modify. The path forward for RESA in the Senate is unclear but we will actively pursue the bill in both Chambers to support provisions that are helpful and modify the provisions that concern our members.
If you have any questions or concerns, please do not hesitate to contact me.
Article by Aliya Robinson, Senior Vice President of Retirement Policy