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Legislation

Proposals to change the nation’s pension, retirement savings plan, and Individual Retirement Account laws are continually before the U.S. Congress. Currently, a number of proposals affecting employees, retirees, and their families are under consideration. Others have passed Congress and have been signed into law. The bills and laws are often complicated, but when individuals take the time to understand them and make their views heard, it can make all the difference to their future retirement security.

Bills (View all)

Legislation that has been proposed

The Retirement Savings Lost and Found Act

Legislation introduced by Senators Elizabeth Warren (D- MA) and Steve Daines (R-MT) is aimed at solving a problem that affects so many retirement plan participants and retirees today – the problem of lost retirement benefits. The Retirement Savings Lost and Found Act of 2016 (S.

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The Pension Accountability Act

In the last days of 2014, Congress passed the Multiemployer Pension Reform Act of 2014 (MPRA) as part of a year-end budget compromise. As a result of MPRA’s enactment, for the first time in 40 years multiemployer pension plan trustees have been given the authority to cut already earned retiree pension benefits while a plan is still solvent.

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State-based retirement plans for the private sector

States around the country are looking into ways of using the efficiencies of public retirement systems to administer new types of pension plans for private-sector workers. Below are brief summaries of plans that have either passed or are being considered.

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Laws (View all)

Legislation that has been enacted into law

The Illinois Secure Choice Savings Program Act

On January 4, 2015, Illinois Governor Pat Quinn signed into law the Illinois Secure Choice Savings Program Act (Public Act 098-1150). Introduced as S.B. 2758 by Illinois Senator Daniel Biss, the Act passed the State legislature in 2014.

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Connecticut Secure Retirement Plan

Connecticut Secure Retirement Plan

On May 7, 2014, the Connecticut General Assembly passed a “budget implementer” bill that includes provisions to lay the groundwork for a new state-administered retirement savings plan for private-sector workers who do not have an employer-provided pension or retirement savings plan.

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