Yesterday, the Retirement Enhancement and Savings Act (RESA) was reintroduced by U.S. Representatives Ron Kind, (D-WI), and Mike Kelly, (R-PA). The bill is the same version that was introduced last year.
We are pleased that a fix for nondiscrimination testing for frozen plans remains in the bill and provides much-needed permanent relief for certain defined benefit plans.
However, we remain concerned about the lifetime income disclosure provisions included in the bill. We continue to meet with staff and express these concerns as laid out here.
We have heard that bill will also be reintroduced in the Senate but the timing is uncertain. We will keep you posted on further developments.
Thank you!
Article by Aliya Robinson, Senior Vice President of Retirement Policy