Home » Legislative News » RPEC Weekly ACTION Newsletter – September 15, 2017

RPEC Weekly ACTION Newsletter – September 15, 2017

Select Committee on Pension Policy (SCPP) Discussing Plan 1 COLA

Select Committee on Pension Policy (SCPP) – September 19 (Tuesday), 10am-12:45pm, House Hearing Room B of the John L. O’Brien Building on Capitol Campus, Olympia – On the agenda is the Plan 1 COLA. Members are encouraged to attend.

 

Latest Senate Effort to Repeal the ACA

From the Alliance for Retired Americans – President Trump said that he hopes the Graham-Cassidy bill, unveiled on Wednesday as the new way to repeal and replace the Affordable Care Act (ACA), will address the “Obamacare crisis.”

Introduced by Sens. Bill Cassidy (R-LA) and Lindsey Graham (R-SC), the bill would repeal the health care law’s tax credits for middle-income Americans, cost-sharing reduction subsides for low-income Americans, and the Medicaid expansion in 2020. It would also end Medicaid as we know it, changing the program to a block grant to states and eliminating coverage for vulnerable and poor citizens.

The complex formula used to divide federal health care funds would tilt toward sparsely populated states. Rural states that have fewer people per square mile would fare better than those with denser, more urban populations. A state like California would be dramatically disadvantaged, as it would see some of its Medicaid expansion funds sent elsewhere.

“The Cassidy-Graham legislation is a wolf in sheep’s clothing, said Robert Roach, Jr., President of the Alliance. “It cuts Medicaid funding dramatically and will lead to rationed care. Health care protections currently guaranteed by the Affordable Care Act would fall by the wayside.”

Call Your Senator Today to Stop Cassidy-Graham Health Care Repeal Bill!

With the U.S. Senate set to vote on the Cassidy-Graham bill the week of September 25th, the time to call your Senators is now. Dial 1-866-828-4162 and say:

  • Vote NO on the Graham-Cassidy bill.
  • It decimates Medicaid. The result would be as many as 20 million fewer people having insurance. Many of those would be older Americans.

 

D.C. Lawmakers Consider Changing 401(k) Rules

In their quest to produce tax cuts for wealthy Americans and corporations, the House leadership is considering taxing 401(k) contributions up front, instead of when money is withdrawn from the plan during retirement. This could endanger workers’ ability to save effectively for retirement.

The idea would take away billions of dollars from future retirees by removing the deduction that 401(k) savers get. The proposal lifts $18,000 off the top of their salary before income taxes kick in 20, 30 or 40 years later.

For more details…https://www.cnbc.com/2017/08/31/congress-considers-changing-the-401k-rules.html

Senator Murray’s staff has indicated that they believe this change may be included in the budget expected to be release at the end of this month, and will be working with RPEC and other senior/retiree organizations to oppose if that occurs.

 

Rule delayed to Ensure Financial Planner Act in Best Interest of Clients  

The Office of Management and Budget approved a request by the Labor Department to delay implementation of remaining portions of the so-called fiduciary rule until July 1, 2019, rather than Jan. 1, 2018.

The last pieces of the rule facing a delay pertain to specific written disclosures from financial services firms. This includes the requirement that advisors earning commissions on investments in retirement accounts sign a legally binding agreement putting their clients’ interests ahead of their own.

Consumer advocates are fighting this delay, including RPEC.  Sen. Elizabeth Warren, who set up the Consumer Financial Protection Bureau, wrote that “a delay would endanger billions of dollars in Americans’ hard-earned retirement savings and ignore the preparation and positive outlook on the rule that many financial services and insurance companies have repeatedly expressed.”

 

As you can see, we have much work to do in the weeks and months ahead to continue the betterment of your retirement security. Your continued support and political action is a necessity!

Your Voice for Retirement Security!

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