Andrew Remo
By Andrew Remo 3/17/2016
Legislation pending in the Maryland General Assembly uses more carrot than stick to entice private employers in the state to offer a retirement savings program for their employees.If the employer meets the requirements in the legislation — namely that the business adopts or maintains either an auto...
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By Andrew Remo 3/11/2016
UPDATE, MARCH 14: The provision described below was subsequently withdrawn. For more on that development, click here. Thus far, the state-run retirement proposals have focused their mandates on employers that don’t offer plans — but that could be getting ready to change. Here’s your chance to do...
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By Andrew Remo 2/10/2016
The Obama administration’s final budget wasn’t a complete retread of its prior retirement plan proposals, but there wasn’t much good news for employer-sponsored retirement plans.Small business owners and small business retirement plans were once again targeted by a proposal that would limit the...
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By Andrew Remo 1/7/2016
The Nutmeg State has taken another step toward the creation of a state-run retirement program for private sector workers with the release of a lengthy report detailing the potential elements of such a program.In 2014, Connecticut enacted legislation creating the Connecticut Retirement Security...
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By Andrew Remo 11/30/2015
The Financial Services Roundtable recently hosted an event on Capitol Hill that amounted to a retirement counseling session for Millennials working in Congress.Headlining the event was the youngest woman ever elected to Congress, Rep. Elise Stefanik (R-N.Y.). A freshman member first elected in 2014...
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By Andrew Remo 11/18/2015
Following President Obama’s directive at the 2015 White House Conference on Aging in July, the Department of Labor (DOL) published proposed regulations Nov. 16 that create a new state payroll deduction savings program safe harbor so that those programs are not subject to ERISA.The safe harbor only...
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By Andrew Remo 11/6/2015
The Windy City played host in the first week of November to a gathering focused on developing ideas to address America’s retirement savings challenge — but government-run solutions dominated the conversation.At the conference, “Saving — America’s Challenge and Opportunity in the Twenty-First...
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By Andrew Remo 10/9/2015
While many in the retirement industry are solely focused on the impending fiduciary rule, the Department of Labor is proceeding on another potentially far-reaching regulatory project at the direction of President Obama.In July 2015, Obama tasked the Department of Labor to issue new regulations and...
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By Andrew Remo 9/18/2015
The Department of Labor (DOL) hearings may be over, but a House committee plans to hold a hearing of its own on the fiduciary rule reproposal and its impact on younger savers.House Ways & Means Oversight Subcommittee Chairman Peter Roskam (R-Ill.) proclaimed 2017 as “the year when tax reform...
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By Andrew Remo 9/11/2015
We’re months away from December, but it felt like a fiduciary rule Festivus on Capitol Hill Sept. 10 as members of Congress aired their grievances about the Department of Labor’s (DOL) proposed extension authority to regulate assets contained in retirement accounts.
Two subcommittees of the House...
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By Andrew Remo 9/4/2015
Congress returns from its summer break next week, and House Republicans are wasting no time reengaging in oversight of the Department of Labor’s (DOL) fiduciary rule re-proposal.On Sept. 10, two subcommittees of the House Financial Services Committee are planning to hold a joint hearing on the...
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By Andrew Remo 8/14/2015
Renowned French author André Gide once famously remarked, “Everything that needs to be said has already been said. But since no one was listening, everything must be said again.” So it felt at times during Day four of the Department of Labor’s (DOL) public hearing on its fiduciary rule.To be fair,...
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By Andrew Remo 8/13/2015
Marcy Supovitz, President-Elect of the American Retirement Association, testified at the public hearing on the Department of Labor’s reproposed fiduciary rule Aug. 12. Supovitz' testimony concentrated on the American Retirement Association’s innovative proposal to create a separate, streamlined...
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By Andrew Remo 8/13/2015
The second day of public hearings on the Department of Labor’s fiduciary rule reproposal was highlighted by a debate over the economic impact that the rule will have on the financial services industry.When a rule of this significance is issued, it must be accompanied by an analysis from the...
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By Andrew Remo 8/11/2015
The first day of the Department of Labor’s (DOL) public hearing on its re-proposed fiduciary rule Aug. 10 veered from the informative to the absurd as the department’s rule makers heard from a broad array of stakeholders on the complex subject. Labor Secretary Thomas Perez has repeatedly promised...
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By Andrew Remo 4/10/2015
Legislators in the Bay State have been busy developing legislation that could affect the private employer sponsored retirement system should the bills become state law.In the current legislative session, two bills have been offered that attempt to regulate 401(k) plans — apparently overlooking the...
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By Andrew Remo 3/3/2015
Legislation that would require Maryland employers to adopt payroll deduction savings plans for their employees got a full bicameral at a Feb. 25 hearing in the Maryland General Assembly.Both the Maryland House Economic Matters Committee and the Maryland Senate Budget and Taxation Committee...
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By Andrew Remo 2/26/2015
Add Washington to the list of states that are considering legislation affecting the marketplace for private retirement plan products. Washington State Rep. Larry Springer (D-Kirkland) has introduced a bill to create a “small business retirement plan marketplace” with the goal of “removing barriers...
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By Andrew Remo 2/12/2015
Legislation just introduced in the Oregon State Senate brings the Beaver State a step closer to establishing a state-run retirement savings program.The legislation, backed by the Oregon Senate Majority Leader Diane Rosenbaum (D-21st), would create an Oregon Retirement Savings Board tasked with...
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By Andrew Remo 1/16/2015
With President Obama poised to deliver his State of the Union address on Jan. 20, a powerful coalition of retirement, union and so-called consumer protection groups have launched a new attack on retirement plan advisors. The coalition’s website, Saveourretirement.com, intends to create grassroots...
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