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Key Legislative Issues

Retirement Savings Plan

ICMA-RC Waives Fees on Vantagepoint Milestone Target-Date Funds

August 8, 2018

ICMA-RC waived 5 to 13 basis points of fees on assets in the Milestone Funds

ICMA-RC Public Employee Memorial Scholarships Awarded to 30 Students

July 23, 2018

The ICMA-RC Public Employee Memorial Scholarship (ICMA-RC Memorial Scholarship) Fund Board of Directors is pleased to present post-secondary educational scholarships for the 2018-2019 academic years to 30 recipients.

Department of Labor (DOL) Fiduciary Rule Vacated by Fifth Circuit Court of Appeals

July 6, 2018

The Fifth Circuit Court of Appeals issued a ruling on March 15, 2018, in the Chamber of Commerce v. U.S. Department of Labor case, vacating the DOL's Fiduciary Rule.

Securities and Exchange Commission (SEC) Proposes Enhanced Regulation of Broker-Dealers and Additional Guidance for Investment Advisers

July 6, 2018

Subsequent to the Fifth Circuit’s ruling, on April 18, 2018 the SEC issued a set of comprehensive proposals that would alter the regulation of broker-dealers, particularly when making recommendations to retail customers, and provide additional guidance regarding investment advisers’ existing fiduciary duty

ICMA-RC Review of Tax Reform Legislation's Potential Impact on Public Sector Retirement Plans as of December 22, 2017

December 22, 2017

President Trump signed tax reform legislation (H.R.1) into law on December 22, 2017, making the most substantial amendments to U.S. federal tax law since 1986. H.R.1 generally reduces individual and corporate income tax rates and makes substantial changes to many deductions, credits, and other provisions of the tax code. The legislation will affect many aspects of the U.S. economy, including public sector retirement plans. The following provisions would directly affect public Section 457(b) deferred compensation and Section 401(a) defined contribution plans as well as Individual Retirement Accounts:

IRS Announces 2018 Retirement Plan Contribution Limits

October 19, 2017

On October 19, 2017 the IRS announced contribution limitations for qualified retirement plans for the 2018 tax year.

New Administration Congress Examine Changes That May Impact Retirement

March 26, 2017

President Trump and Congress are examining potentially significant changes that may affect retirement benefits for public sector employers and employees.

Senate Finance Committee Releases Retirement Enhancement and Savings Act of 2016

December 16, 2016

On Sept. 21, 2016, the Senate Finance Committee unanimously reported out the Retirement Enhancement and Savings (RESA) Act of 2016. Given the broad bipartisan support of the bill and the expressed interest of President-elect Donald Trump and Congress to implement tax reform in 2017, RESA (or some RESA provisions) may become law in 2017.

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