Key Legislative Issues

A bill recently introduced by Representative Devin Nunes (R-CA), Paul Ryan (R-WI), and Darrell Issa (R-CA) requires the federal government to become more directly involved in the state and local government pension funding issue.

The House and Senate passed the final version of the financial services reform legislation. A provision directs the Commodity Futures Trading Commission and the Securities and Exchange Commission to study whether stable value contracts fall within the definition of a “swap.”

The Senate Special Committee on Aging held a hearing on June 16, 2010 to discuss ways to help retirees convert their savings into retirement income for the rest of their lives. Committee members paid particular attention to testimony on how to educate individuals on retirement planning and flexible lifetime income solutions, particularly annuity products.

The American Recovery & Reinvestment Tax Act of 2009 – commonly referred to as the Economic Stimulus Package – was signed into law on February 17, 2009. It contains a number of provisions that will benefit state and local governments as well as individuals by providing funding for projects and various forms of tax relief.

The House of Representatives Friday (October 3, 2008) gave final approval of the $700 billion Emergency Economic Stabilization Act on a vote of 263 to 171. President Bush signed the legislation into law shortly after.

The housing bill President Bush signed into law in July contains a number of provisions aimed at restoring confidence in credit and housing markets by bringing financial help to homeowners facing or in foreclosure.

With millions of homeowners across the nation facing the crisis in subprime mortgages, many with defined contribution retirement plans – including public sector employees – may be tempted to tap into them for loans and ready cash. But any early withdrawals from retirement savings accounts should only be considered a last resort.

The Incentives for Older Workers Act, S. 2933, would eliminate barriers for older Americans who want to stay in the workforce longer, and encourage employers to recruit and retain older workers.

House Ways and Means Chairman Charles Rangel (D-NY) has introduced legislation that would repeal the Alternative Minimum Tax after 2007, extend tax cuts enacted in 2001 for an additional year, and reduce top corporate marginal tax rates, for a total reduction in taxes of up to $1 trillion over 10 years.

The Women's Retirement Security Act of 2007, a bill aimed at boosting ways women can save for retirement, recently got a second chance at passage. Senators Gordon Smith (R-OR), Kent Conrad (D-ND) and John Kerry (D-MA) re-introduced the bill on May 3, 2007.