PLANSPONSOR - June/July 2019 - 8

Rules & Regulations
SECURE Act Passes House
O
n May 23, the U.S. House of
Representatives passed H.R. 1994,
the Setting Every Community Up
for Retirement Enhancement Act, commonly
referred to as the SECURE Act.
The bipartisan bill passed by a practically
unanimous margin and was hailed by
House members, grassroots organizations,
and retirement industry lobbyists
and advocates as a significant victory for
the average American worker.
While the retirement industry
immediately reacted positively to the
House vote, the path ahead for sweeping
federal retirement reforms remains
uncertain. This is because the Senate
has focused more on its own legislation,
the Retirement Enhancement and
Savings Act (RESA). Industry advocates
say the opportunity for rectifying
House and Senate bills is supported by
8 PLANSPONSOR.com June - July 2019
the fact that both the SECURE Act and
RESA-plus various other bills pending
in Congress-enjoy broad support from
the retirement plan and asset management
industries, as well as from grassroots
advocates, including independent
small-business owners, members of the
gig economy and part-time workers.
Reflecting on the vote, Kevin Walsh,
a principal with Groom Law Group
Chartered in Washington, D.C., says, " It
feels a bit like Groundhog Day for many of
us. Last year, we were very optimistic for
a House and Senate agreement, and it just
didn't shake out. But, so far, it certainly
looks like both Democrats and Republicans
want to pass retirement reform legislation,
and lawmakers have been able to pass
similar bills in both chambers. "
Walsh says he still feels and hears
substantial optimism that the SECURE
Art by Lars Leetaru
Act and RESA can be rectified. " The job
now comes down to the leaders of the key
committees in the House and Senate, "
Walsh says. " Can they compromise? This
brings on a test of Congressional mediators.
A lot of good ideas are moving through
both chambers, and now it's time to see if
they can be put together. Typically, we think
of a Republican/Democrat divide. Here, it's
more of a House and Senate divide. Both
chambers have popular bills, and it will
take work to bring them together. "
Debate on 529 Accounts
The debate preceding the vote was mainly
amicable and saw House members on
both sides of the aisle celebrating the
bipartisan process that brought the legislation
to the floor. One point of contention,
though, was found in the fact that
the SECURE Act as passed does not

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PLANSPONSOR - June/July 2019

Table of Contents for the Digital Edition of PLANSPONSOR - June/July 2019

Fee Variations
Consider This
2019 PLANSPONSOR Recordkeeping Survey
A Balancing Act
Equity Factor Investing
Going With the Plan
NQDC Investment Menus
PLANSPONSOR - June/July 2019 - Cover1
PLANSPONSOR - June/July 2019 - Cover2
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PLANSPONSOR - June/July 2019 - Fee Variations
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PLANSPONSOR - June/July 2019 - Consider This
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PLANSPONSOR - June/July 2019 - 23
PLANSPONSOR - June/July 2019 - 2019 PLANSPONSOR Recordkeeping Survey
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PLANSPONSOR - June/July 2019 - A Balancing Act
PLANSPONSOR - June/July 2019 - 43
PLANSPONSOR - June/July 2019 - Equity Factor Investing
PLANSPONSOR - June/July 2019 - 45
PLANSPONSOR - June/July 2019 - Going With the Plan
PLANSPONSOR - June/July 2019 - 47
PLANSPONSOR - June/July 2019 - NQDC Investment Menus
PLANSPONSOR - June/July 2019 - 49
PLANSPONSOR - June/July 2019 - 50
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PLANSPONSOR - June/July 2019 - 52
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