Transamerica is actively advocating on a number of retirement-related regulatory and legislative issues at the federal level. We have a well-deserved reputation for working on bipartisan, bicameral retirement-related provisions intended to encourage more people to save more for retirement.
SECURE Act 1.0 Implementation
The SECURE Act was enacted in December 2019 and contained a variety of retirement-related provisions that had been considered on Capitol Hill for years, including provisions to facilitate the use of “Open Multiple Employer Plans” and provisions to promote the understanding and use of lifetime income products. Many of the SECURE Act’s provisions became effective upon enactment, but some required regulatory rulemaking before they could be fully implemented. Transamerica has been actively engaged responding to regulatory requests for information on such provisions.
Transamerica supports legislative efforts to change the enrollment default option for electronic delivery of certain retirement-related documents, provided consumers retain the option to opt-out of e-delivery and into paper-based delivery. The Department of Labor recently finalized regulatory guidance on this issue that Transamerica supports, but we would prefer a more permanent legislative solution.
Transamerica supports legislative efforts to enable “remote online notarization” to facilitate transactions where face to face interaction with a notary is not possible due the COVID 19 pandemic. The IRS has released temporary regulatory guidance permitting RON through the end of 2020, but Transamerica would prefer a more permanent solution included in the next COVID-related legislative response.
Transamerica is likely to support all or nearly all of the retirement-related provisions contained in legislation introduced by Senators Portman (R-OH) and Cardin (D-MD), as well as legislation likely to be introduced by House Ways and Means Chairman Neal (D-MA) and Ranking Member Brady (R-TX). For example, Transamerica supports provisions in Portman/Cardin allowing 403b plans to invest in collective investment trusts, raising the age for required minimum distributions, allowing employers to make matching contributions based on their employees’ student loan payments, and more.