In This Issue
- MDOT Construction Update
- Pints & Politics is Back
- ·SECURE 2.0 Act Benefits Small Business
- Legal Immigration and Border Enforcement Reform This Year (LIBERTY) Campaign
- ‘Buy Michigan’ Legislation Introduced in State Senate
- Congresswoman Slotkin Talks with LRCC Members
MDOT Construction Update
As we move into another year of economic recovery and growth, it’s important to stay informed about the state of our transportation infrastructure and how it affects our businesses and communities. That’s why we’re excited to invite you to a virtual construction update by the Michigan Department of Transportation (MDOT) on Thursday, May 18 from 1-2 p.m. via Zoom. Registration is available below.
Updates from Washington D.C.
SECURE 2.0 Act Benefits Small Business
The SECURE Act 2.0 is focused on helping more Americans save for retirement and ensuring that their savings last throughout their lifetime. It also aims to make it easier for employers to offer retirement plans and to reduce the administrative burden associated with managing them. These provisions will be of great interest to members of the Lansing Regional Chamber of Commerce (LRCC) who are looking to help their employees save for retirement and improve their overall financial security. Please be on the lookout for upcoming LRCC programming on the SECURE Act 2.0.
Highlights from the SECURE Act 2.0 are available below:
· Expansion of Automatic Enrollment: The SECURE Act 2.0 encourages more employers to adopt automatic enrollment for their retirement plans by providing tax credits and safe harbor provisions. This will help increase the number of workers who are saving for retirement.
· Increase in Retirement Plan Contribution Limits: The bill proposes an increase in the contribution limits for catch-up contributions for those aged 62 to 64, allowing them to save more for retirement.
· Expansion of Eligibility for Retirement Plans: The bill aims to expand eligibility for retirement plans to more workers, including part-time employees who have been with a company for at least 500 hours per year for three consecutive years.
· Retirement Plan Portability: The SECURE Act 2.0 proposes the creation of a new portable account that will allow workers to take their retirement savings with them when they change jobs.
· Increased Access to Annuities: The bill aims to make it easier for employers to offer annuities in their retirement plans by providing them with a safe harbor from liability.
Legal Immigration and Border Enforcement Reform This Year (LIBERTY) Campaign
The LRCC has joined the U.S. Chamber Legal Immigration and Border Enforcement Reform This Year (LIBERTY) campaign to call upon Congress to enact measures this year to improve the border and our legal immigration system. Read the letter and bipartisan compromises that would break the current gridlock here.
‘Buy Michigan’ Legislation Introduced in State Senate
Bipartisan legislation has been introduced in the State Senate (Senate Bills 316–317) that would require state agencies to prioritize Michigan-based businesses when purchasing goods and services.
Why is this legislation important?
This legislation is important because it will help support Michigan-based businesses, which in turn will strengthen the state’s economy. By prioritizing local businesses, we can create more job opportunities for Michigan residents and ensure that our tax dollars are being invested back into our own communities.
The Buy Michigan legislation is a positive step towards supporting local businesses and strengthening Michigan’s economy. By prioritizing Michigan-based businesses, the state can invest in its own communities and help to create a more vibrant and sustainable future for all residents. Read more about the ‘Buy Michigan’ legislation from WILX here.
Congresswoman Slotkin Talks with LRCC Members
Congresswoman Elissa Slotkin joined the LRCC at a Federal and State Business Roundtable to provide an update on the federal and state policy issues that are impacting businesses in the mid-Michigan region. To view the upcoming schedule of Federal and State Business Roundtables and register, visit lansingchamber.org, or you can register here.