Aon Washington Report
July 31, 2017
Legislative
House Adjourns; Senate to Remain in Session for Two Weeks
On July 28, 2017, the House adjourned for summer recess. The Senate has opted to extend its session for the next two weeks. After the summer recess, both chambers are scheduled to return to the Hill after Labor Day.
Retirement
Treasury Announces It Is Ending myRA Program
On July 28, 2017, the United States Treasury announced it is taking steps to “wind down” the Obama-era myRA program. The Treasury stated that after review, it found the program not to be cost-effective. The review was undertaken as part of the Administration’s effort to assess existing programs and promote a more effective government. The myRA program was originally created to help low- to middle-income earners begin saving for retirement. The Treasury confirmed that participants in the myRA program are being notified of the upcoming changes, including information on moving their myRA savings to another Roth IRA. Participants are encouraged to visit the myRA website for additional information.
The Treasury press release is available here.
The myRA website is available here.
PBGC Publishes RFI Asking for Comments on Regulatory and Deregulatory Actions
On July 26, 2017, the Pension Benefit Guaranty Corporation (PBGC) published a Request for Information (RFI) requesting input on what regulatory and deregulatory actions the agency should consider. According to the PBGC, the initiative supports its ongoing regulatory planning and retrospective review of regulations and responds to the President’s Executive Order on “Enforcing the Regulatory Reform Agenda.” Comments on the RFI are due no later than August 25, 2017.
The RFI is available here.
Other HR/Employment
Wage and Hour Division Seeks Comments on Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Employees
On July 26, 2017, the Department of Labor's Wage and Hour Division published a Request for Information (RFI) seeking information from the public regarding the regulations located at 29 CFR Part 541, which define and delimit exemptions from the Fair Labor Standards Act’s minimum wage and overtime requirements for certain executive, administrative, professional, outside sales, and computer employees. The Wage and Hour Division is publishing the RFI to gather information to aid in formulating a proposal to revise the Part 541 regulations. Comments on the RFI are due no later than September 25, 2017.
The RFI is available here.
Aon Publications
The ACA Debate: End of the Line? Or a Pit Stop? A "Summer of Health Care" Roadmap for Employers
In the early morning hours of July 28, 2017, the U.S. Senate voted 51 to 49 against the GOP leadership’s most recent version of legislation intended to amend the Affordable Care Act (ACA). The defeat ended, at least for now, the latest Congressional effort to “repeal and replace” the ACA, with Senate Majority Leader Mitch McConnell indicating that the loss signaled it was time for the Senate to “move on” to other issues.
The failure of the legislation, however, does not end the ongoing concerns expressed by employers regarding the ACA. Congress and the Trump Administration still face several critical short-term and long-term issues regarding employer compliance with the ACA, along with decisions on the upcoming enrollment period for the public health care Exchanges.
The Aon bulletin, which outlines the ACA issues facing employers, Congress, and the Trump Administration over the next few months, is available here.