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Healthcare Briefing: Georgia Races to Shape Biden Health Policy

This week's runoff elections in Georgia could help President-elect Joe Biden quickly confirm his cabinet and begin in earnest on his healthcare agenda. However, it won't mean that Democrats will be able to easily make good on their promises to expand on Obamacare, send more funds to states to fight the pandemic or lower the cost of prescription drugs. In an article for Bloomberg Government, McDermottPlus consultant Rodney Whitlock speaks to the future of healthcare policy in the United States. Access the article.

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Once Again, IRS Extends Nondiscrimination Relief for Frozen Defined Benefit Plans

The Internal Revenue Service (IRS) has once again extended the temporary nondiscrimination relief for frozen defined benefit plans, now through 2020. Frozen pension plans are pension plans that have been closed to new participants but continue to provide ongoing benefit accruals for certain participants. This extended relief is intended to enable frozen pension plans to satisfy certain nondiscrimination testing requirements. In most cases, the relief allows the frozen defined benefit plan to be aggregated with a defined contribution plan to satisfy the nondiscrimination testing requirements. The relief assists the aggregated plan in passing nondiscrimination requirements that apply to accrued benefits and to certain rights and features relating to those benefits. The original nondiscrimination testing relief for frozen pension plans was provided in a 2013 IRS notice. This relief has now been extended on three prior occasions. Many are advocating for...

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Bipartisan Bill Paves the Way for Significant Retirement Plan Reforms

The House recently passed the most significant piece of proposed retirement plan legislation in more than a decade: the SECURE Act. Although the Senate must also approve the bill before it becomes law, its proposed changes have considerable bipartisan support in Congress. Plan sponsors should start considering how changes included in the SECURE Act could impact their retirement plans. Employers who do not currently offer retirement plans should also review the new retirement plan incentives included in the proposed legislation. Access the full article.

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