Recent Legislative and Regulatory Developments
The SECURE Acts
SECURE Act 1.0 and 2.0 changed retirement plan rules significantly. Key changes include the repeal of the maximum age for traditional IRA contributions, required minimum distribution age increases, expanded startup credits for small employers, and provisions encouraging automatic enrollment. SECURE 2.0 added emergency savings accounts and expanded Roth treatment options.
Health and Welfare Developments
Recent developments include transparency rules, surprise billing protections, and mental health parity enforcement. The Consolidated Appropriations Act added gag clause prohibitions and reporting requirements.
Regulatory Trends
DOL fiduciary rule proposals have shifted over time, with court challenges. ESG investment guidance has also shifted. Candidates should know the general direction of these changes without overcommitting to details that may change.
Traps to Watch
- Assuming a provision is effective immediately; many have delayed effective dates.
- Confusing SECURE 1.0 and 2.0 provisions.
- Missing that some provisions are optional for employers.
- Overlooking that state-level mandates can apply alongside federal rules.
Rule of Thumb
For any recent development, identify the statute, the effective date, and whether it is mandatory or optional.