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, particularly the Department of Labor's rulemaking around "Groups of Plans" created by the SECURE Act.
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. Transamerica supported federal regulatory action by the IRS and others to permit remote online notarization, but would prefer a more permanent legislative solution.
"SECURE Act 2.0" Legislation
The House Ways and Means Committee marked up significant, bipartisan retirement legislation introduced by Chairman Neal (D-MA) and Ranking Member Brady (R-TX) in May 2021 entitled by Securing a Strong Retirement Act commonly referred to as “SECURE 2.0" that Transamerica supported. Subsequently, the House Education and Labor Committee marked up similar bipartisan legislation introduced by Chairman Scott (D-VA) entitled the Retirement Improvement and Savings Enhancement (RISE) Act that Transamerica also supported. The full House subsequently passed the revised Securing a Strong Retirement Act (that included nealry all provision of both bills) that Transamerica also supported.
Following House passage of the Securing a Strong Retirement Act, the Senate Finance Committee and the Senate Health, Education, Labor and Pensions (HELP) Committee marked up corresponding pieces of legislation within their respective jurisdictions. For example, the Senate Finance Committee marked up the Enhancing American Retirement Now (EARN) Act and the Senate HELP Committee marked up the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act (RISE & SHINE) both of which Transamerica supported. Transamerica is optimistic Senate Leadership will combine the two bills into one bitpartisan meausre, pass it during the "lame duck" session of Congress after the midterm elections, that the House will do the same, and that the President will sign it yet this year.