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.
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 commonly referred to as “SECURE 2.0" that Transamerica supports. Subsequently, the House Education and Labor Committee marked up similar bipartisan legislation introduced by Chairman Scott (D-VA) that Transamerica also supports. House Democratic Leadership is expected to combine the two bills in early 2022 for full House consideration.
In the Senate, Senators Cardin (D-MD) and Portman (R-OH) have introduced bipartisan retirement legislation that includes many of the same provisions contained in the House bills that the Senate Finance Committee is expected to consider once the budget reconciliation legislation is resolved. The Senate Health, Education, Labor and Pensions Committee is expected to consider a bill of its own, as well. Transamerica is actively advocating for passage of the House and Senate bills and, ultimately, comprehensive retirement legislation that will extend retirement savings options to more Americans.