LEGISLATIVE & REGULATORY ACTION WHAT TO EXPECT

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Presentation transcript:

LEGISLATIVE & REGULATORY ACTION WHAT TO EXPECT A Look at President Bush’s Proposed Retirement Program and Other Legislative Changes David L. Wray, Profit Sharing / 401(k) Council of America www.psca.org for Transamerica Retirement Services, April 23, 2003

2002 IN REVIEW 2003 DC Is The Status Quo 1988 1995 1999 2002 1988 1995 1999 2002 Private DB $912B $1.46T $2.45T $1.59T Private DC $591B $1.46T $2.53T $2.10T IRA/KEO $419B $1.29T $2.45T $2.47T STATE & LOCAL N/A $1.30T $2.23T $1.97T

2002 IN REVIEW Politics trumps policy in a political crisis. Never underestimate the power of the White House. Worry more about your allies than your opponents. Reconstitute coalitions if necessary. Time is on your side. It’s much easier to kill a bill than pass one.

“ENRON LEGISLATION” Ban on insider trading during a blackout (enacted). Notice of blackout (enacted). Diversification of company stock. 404(c) defense during a blackout. Benefit statements and diversification notices. Advice.

THE ELECTIONS The rise of the investor class. Senate in Republican hands. Control over committee agendas. Control over floor schedule. Bipartisanship still required.

2003 AGENDA The White House Pension issues in stimulus bill? Not Yet. -EGTRRA permanency -Accelerate plan and IRA limits -Required minimum distribution relief Restructuring Saving & Investing -Deemed Dividends -After tax savings accounts (LSA’s) -Budget impact -Retirement Savings -Individual -Government ERSA’s & Simplification

Portman/Cardin To The Rescue? Acceleration of IRA and plan contribution limits to maximum amounts Other IRA relief Eliminate marriage penalty for income eligibility Allow rollovers to non-spouse beneficiaries Accelerate higher income eligibility limits Expanded and permanent Saver’s Credit RMD age raised to 75, first $300K exempted 10% nonelective contribution added to SIMPLEs

PSCA’s 2003 LEGISLATIVE AGENDA Support pension provisions in HR 5553. Improve safe harbor plans by eliminating immediate vesting and encouraging automatic enrollment. Repeal top heavy. Allow all SIMPLE assets to flow to qualified plan. Improve catch-up by permitting pay period analysis.

We’re in the Dream Delivery Business CONCLUSION In 2003 It’s at 40,000 Feet & In The Trenches We’re in the Dream Delivery Business

Visit Us Online For More www.PSCA.org

10 South Riverside Plaza Suite 1610 Chicago, IL 60606 (312) 441-8550