Proposed legislation designed to help Americans prepare for retirement

Proposed legislation designed to help Americans prepare for retirement

U.S. Senator Johnny Isakson (R-GA) joined Democrat Chris Murphy of Connecticut Tuesday and re-introduced bipartisan legislation that he says will help Americans ensure they do not outlive their retirement savings. The Lifetime Income Disclosure Act, would require 401(k) plan sponsors to inform participating workers of the projected monthly income they could expect at retirement based on their current account balance. Isakson believes that with the shift to 401(k) plans, American workers have become increasingly responsible for putting savings into and managing their retirement investments. However, he points out that studies have found that many Americans are not saving enough, and they are unsure how quickly or slowly to draw down their savings in their retirement years. “We’re working to ensure Americans have all the information they need to make informed decisions about their retirement investments early on, because the last thing they should have to worry about is running out of savings during their retirement years,” said Isakson. “This information not only helps today’s workers to plan ahead, but promotes increased savings while they are still in the work force.” Under Isakson’s plan, statements would be mailed out each year and include estimated monthly benefits based on current earnings — much like the Social Security Administration’s annual statements. According to Isakson, Congress mandated annual Social Security statements in 1989. Isakson believes that by providing similar information for 401(k) plans, the Lifetime Income Disclosure Act would give American workers a more complete snapshot of their projected income in retirement. To ensure there is no material burden or potential liability on employers who voluntarily sponsor 401(k) plans, the legislation directs the...
Georgia Insurance Commissioner indicted on felony fraud charges

Georgia Insurance Commissioner indicted on felony fraud charges

In the wake of Tuesday’s indictment by a federal grand jury on charges that he stole money from his former employer, State Insurance Commissioner Jim Beck says he will fight to clear “his good name.” Beck faces 38 charges of wire fraud, mail fraud and money laundering. The indictment alleges Beck conducted a wide-ranging scheme through several companies and the Georgia Christian Coalition, including fraudulent billing and the sale of false sponsorships to the GA Christian Coalition. According to the indictment, the money — said to be in excess of $2 million — was used to pay for personal credit card bills, income tax bills, retirement funds and to fund Beck’s statewide election campaign for Insurance Commissioner. Beck largely self-funded his primary campaign. Beck, who is from Carrollton, was elected insurance commissioner in 2018 and began serving his first term in January of this year. He issued his statement through his attorneys William (“Bill”) Thomas of W.H. Thomas Firm, LLC and Douglas Chalmers, Jr., in a prepared press release. Under Georgia law, Beck now has an option — he can remain in office, voluntarily resign or ask to be suspended while under indictment. If he remains in office, after a 14-day period, which may be extended by the governor, the governor must appoint a review commission, which then has 14 days to determine if “the indictment relates to and adversely affects the administration of the office of the indicted public official and that the rights and interests of the public are adversely affected thereby,” according to the Official Code of Georgia. At that point, the commission can recommend that...
Perdue Meets With Georgia Farm Bureau About Disaster Relief

Perdue Meets With Georgia Farm Bureau About Disaster Relief

In his continuing efforts to fight for disaster funding for Georgians impacted by Hurricane Michael, U.S. Senator David Perdue (R-GA) joined Georgia Farm Bureau representatives to discuss ongoing efforts to advance a bipartisan disaster relief package. “It’s been nearly seven months since Hurricane Michael hit Southwest Georgia, and Congress still has not fulfilled its responsibility to provide relief for farmers who lost everything,” said Senator Perdue, a member of the Senate Agriculture Committee. “Previous disaster relief packages were not held up in partisan battles like this. Georgia Farm Bureau has been resolute in their efforts to support our farmers and encourage bipartisan consensus among Members of Congress. To our farmers in Georgia – rest assured we will continue fighting until we get disaster relief flowing to Georgia and all states that are hurting.” Georgia Farm Bureau members travelled to Washington, DC last week to urge leaders to come together to help those impacted by last year’s extreme weather events. “It has been more than six months since Hurricane Michael swept across Georgia and destroyed nearly $2.5 billion in agricultural commodities and Georgia farmers, along with countless other farmers across the nation, are still waiting for help,” said Gerald Long, President of Georgia Farm Bureau. “Without federal assistance, many in our industry may never recover. We are grateful for the leadership that Georgia Senators David Perdue and Johnny Isakson, along with our entire congressional delegation, have shown throughout this process. It is time for Congress to act, and we stand ready to work with members of Congress and the Trump Administration to find a path forward on a disaster assistance...
Isakson, Perdue Call On Colleagues To Support Disaster Relief Package

Isakson, Perdue Call On Colleagues To Support Disaster Relief Package

Both U.S. Senators David Perdue (R-GA) and Johnny Isakson (R-GA) have called on their colleagues to support the bipartisan disaster relief package that would mean funding for Georgia and other states that are recovering from hurricanes, wildfires and other natural disasters. Senators Perdue and Isakson have been fighting for disaster relief funding since Hurricane Michael devastated Georgia and other states last October. “Our farmers are resilient. They’ve weathered droughts, low-yield harvests, and poor farm economies. They’ve suffered through several years of low commodity prices as well,” said Perdue. “But they’ve never faced anything like this before. The strength and magnitude of Hurricane Michael was unprecedented.” Legislation before U.S. Senators is similar to what was introduced last month by Isakson and Perdue that includes $13.6 billion in overall relief efforts, with $3 billion for critical agriculture disaster relief for farmers in the affected states. Also included in this bipartisan disaster relief package is an additional $600 million for Puerto Rico to maintain enhanced nutrition benefits for low-income families in the aftermath of Hurricane Maria in 2017. Isakson made the point on the Senate floor that Puerto Rico has already received $40 billion dollars for disaster recovery and has yet to spend $21.4 billion of those federal funds, while Georgia and other states impacted by recent natural disasters, such as Hurricane Michael last year, have not received the federal disaster assistance they were promised. “I want to give you the facts,” Isakson began. “Georgia, which I represent, is one of a number of states that includes Alabama, North Carolina, South Carolina, Florida, Alaska, California, and Hawaii, which have experienced significant disasters....
Senator Perdue receives 2019 Inspirational Leader Award for work for veterans

Senator Perdue receives 2019 Inspirational Leader Award for work for veterans

Each year, one member of Congress is presented with the Military Order of the Purple Heart’s Inspirational Leader Award in recognition of their outstanding leadership and legislative achievement. This year, U.S. Senator David Perdue (R-GA) received the award for his work to protect the Purple Heart medal and enhance medical care for veterans through the No Hero Left Untreated Act. The Act enhances medical care for America’s heroes by establishing a pilot program at two VA medical centers and enrolling up to 50 veterans in Magnetic EEG/ECG-Guided Resonance Therapy (MeRT) for a one-year period. This is an individualized non-pharmaceutical, non-invasive procedure that applies magnetic stimulation to help facilitate restoration of proper brain function in those who have suffered neurological injuries. The bill became law on December 21, 2018. “The women and men who have worn the uniform represent the very best of our nation. As Americans, we have a responsibility to uphold the commitments we made to our veterans, and it’s a job I take very seriously,” said Senator Perdue, a member of the Senate Armed Services Committee. “The Military Order of the Purple Heart has been a strong partner in our efforts to stop second-hand parties from selling our veterans’ treasured medals, and I appreciate their support for our bipartisan bill to increase access to innovative therapy options for veterans,” Perdue added. “I will continue to do all I can to honor the many sacrifices our service members have made and ensure veterans receive the care they deserve.” In 2017, Senator Perdue led a bipartisan group of senators in introducing the Private Corrado Piccoli Purple Heart Preservation Act,...