Here is a list of Current / Pending Legislation in the House and Senate that specifically have an impact on retirees. You can “Google” the bill number to get more information. (Oct., 2019)
- S.1416 — Affordable Prescriptions for Patients Act of 2019
- H.R.1730 / S.741 — Cancer Drug Parity Act of 2019
- H.R.3924 / S.1861 — Streamlining Part D Appeals Process Act
- S.2081 — Stop Drug Companies from Overcharging Seniors in Medicare Part B Act of 2019
- H.R.1084 — The Family Savings Act of 2019
- H.R.2654 — Strengthening Social Security Act of 2019
- S.1927 — Expanding Access to Retirement Act of 2019
Other activities scheduled on Capital Hill during the month of October
Medicare
The Trump Administration recently announced that Medicare will base prices that Medicare pays for prescription drugs under Part B on what other industrialized nations pay. The Administration plans to use the Center for Medicare and Medicaid Innovation to carry out the program and create an international pricing index. The drug industry lobbyists are already lobbying against the program claiming the program will limit innovative medicine.
Pensions
It is highly likely that during the lame duck session, which is the period after an election, but before the next term begins in January 2019, the Congress will bring the Retirement Enhancement and Savings Act (RESA) up for a vote. This bill enjoys bipartisan support and will make it easier for small companies to provide pension plans and includes other incentives for small companies to start a new retirement plan.
Senators Rob Portman (OH) and Ben Cardin (MD) have teamed up to work on comprehensive pension legislation to increase retirement savings, preservation of income, reforming of plan rules and other pension issues. Many industry experts feel like the time is right for a comprehensive pension bill to address many outstanding pension issues.
