The $1.7 trillion 2023 fiscal year Omnibus Appropriations bill is headed for the President’s signature. This bill makes the biggest federal changes to retirement savings since the 1980s. The pension “Reform” places a big burden on small businesses.

While the deficit continues to rise and America enters a recession, Representative Kurt Schrader claims, “This bipartisan, bicameral government funding package will create good-paying jobs, grow opportunities for the middle class and small businesses, and provide a lifeline for working families in Oregon.” Could he be referring to the boost in federal hiring in the bill? But he does claim to have secured over $33 million for 14 projects in his district.

However, buried in 4000 pages is bad news for small businesses. It forces employers in all states to automatically enroll new workers in a 401k plan, even an employer with as few as 11 employees will be required to shoulder the administrative burden only to allow employees to withdraw the money.

It might be good news for workers in that it also relaxes requirements for workers to access their money and reduces the excise taxes on those who don't follow the federal formula.

A D V E R T I S E M E N T

A D V E R T I S E M E N T

The bill increases discretionary spending by $135 billion above 2022 spending levels for a total of $1.7 trillion with $772.5 billion headed to domestic agencies and $858 billion for defense. It provides $44.9 billion in emergency assistance to Ukraine and NATO allies, and $40.6 billion in emergency funding to assist communities recovering from drought, hurricanes, flooding, wildfire, natural disasters and other disasters.

Will funding have positive returns and long-term impact on society, the environment and the performance of business to qualify as ESG-investing umbrella? It seems that a lot of horse-trading went on to reach an agreement so this congress could pass next year’s funding and block what the next congress might want or need to do.


--Donna Bleiler

Post Date: 2022-12-27 22:21:02

Last Update: 2022-12-27 14:50:32