Biden won’t get what he wants on deferrals

Ary Rosenbaum
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Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Articles about presidential nominees and their 401(k) proposals are always amusing because all they are, are proposals. Political reality always gets in the way of proposals.

There was much discussion that Joe Biden would try to jettison salary deferrals in favor of some type of tax credit.

Thanks to Republican gains in the house and likely control of the senate, it’s unlikely that Biden could get that proposal off the ground.

Expect any changes through a Biden controlled Department of Labor that may issue a stronger fiduciary rule and the likely end of that ESG investing proposal.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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