Aon Washington Report - 10/30/2017
October 30, 2017
House Passes Budget Resolution
On October 26, 2017, the House passed a fiscal year 2018 budget resolution (H. Con. Res. 71) by a vote of 216 to 212. The Senate passed the budget resolution on October 19, 2017.
The full text of H. Con. Res. 71 is available here.
Treasury and IRS Publish 2017–2018 Priority Guidance Plan
On October 20, 2017, the Treasury and Internal Revenue Service (IRS) released the 2017–2018 Priority Guidance Plan. The plan contains the guidance projects that are priorities for allocation of the resources of the Treasury and IRS offices during the 12-month period from July 2017 through June 2018. The guidance projects listed in the plan reflect directives from the White House to reduce regulatory burdens, with various projects to identify, withdraw, or modify regulations that in some manner impose excessive burdens. Other projects provide guidance on a variety of issues important to individuals and businesses, including international taxation, health care, retirement benefits, and implementation of legislative changes. As in prior years, the Treasury and IRS stated that the Priority Guidance Plan will be updated during the plan year to reflect additional items that become priorities, as well as newly published guidance.
The 2017–2018 Priority Guidance Plan is available here.
Microhistory of Employee Benefits and Compensation, 1636–2017
Did you know ...
- Massachusetts passed the first minimum wage law in 1912?
- Employee benefits have ballooned from less than 5% of employers’ costs for compensation in 1929 to over 30% in June of this year?
This comprehensive timeline starts with the first pension law enacted by the Plymouth Colony in 1636 and tracks major events in the development of employee benefits and compensation in the U.S. since then. Covering over 375 years, the Microhistory of Employee Benefits and Compensation provides a bird’s-eye view of how various events and legislation have shaped compensation practices, pension and 401(k) plans, health plans, Social Security, Medicare, stock plans, family and medical leave policies, and other aspects of employment affecting workers today. Both federal and state milestones are included. While it is difficult to pinpoint exact dates in historical data for some of the earliest developments, the Microhistory can be a valuable tool to examine developments and trends in employee benefits and compensation in the U.S. over time. The document reflects developments through October 2017.
The Aon bulletin is available here.
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