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The so-called Butch Lewis Act to address funding problems facing multiemployer pension plans continues to work its way through the legislative labyrinth, with a second House committee approving the legislation in recent weeks.    In what at times was a hotly debated markup session, on July 10 the... READ MORE
One strategy that’s often recommended to increase plan contributions in plans without automatic enrollment is to “stretch the match,” but a recent study suggests that may not achieve the desired results. When plan sponsors stretch the match, they apply an existing dollar match to a higher... READ MORE
Having been named in at least three separate suits regarding its FundsNetwork platform structure, Fidelity has filed a response. The suits have been brought by participants in various 401(k) plans served by Fidelity (including the Publicis Benefits Connection 401(k) Retirement Savings Plan, the... READ MORE
The Auditing Standards Board (ASB) of the American Institute of CPAs (AICPA) has issued two new statements on auditing standards: one concerning auditor reporting on financial statements by plans covered by ERISA, and the other concerning transparency in annual reports. Statement on Auditing... READ MORE
Paying their children’s expenses while caring for their parents, Gen X families are facing a precarious financial situation as they close in on retirement, a new report explains.   The study by the Employee Benefit Research Institute (EBRI), which examines key financial indicators of Gen X... READ MORE
Pension plans managed by religious organizations in Rhode Island now must provide regular updates to participants on the financial health of the plans. Gov. Gina Raimondo (D) signed a measure on July 2 setting that requirement into law. House Majority Leader K. Joseph Shekarchi (D-Warwick)... READ MORE
We've just commemorated Independence Day – but with all of freedom’s lessons, there are certain things that plan committees (still) have in common with the Second Continental Congress. Certainly anyone who has ever found their grand idea shackled to the deliberations of a committee, or who has had... READ MORE
Retirement? Never mind, say some. A recent study and blog entry point out that there are individuals — and professionals too, for that matter — who are throwing up their hands and arguing that one should stay nose to the grindstone. According to AP-NORC, 45% of the adult Americans they polled in... READ MORE
A savings incentive match plan for employees of small employers (SIMPLE) IRA is intended to be a simplified way for employers and employees to contribute to retirement savings. But are they really simple? A recent analysis questions whether they really are as uncomplicated as they are purported to... READ MORE
Financial wellness programs are more effective if they are accompanied by programs that address physical wellness as well as programs that educate participants and motivate them to take action, say recent studies. Wedding of Financial and Physical Wellness In what the firm suggests adds to the... READ MORE
A majority of pension plan sponsors in a recent study are seeking to reduce their roles and responsibilities with their plans. Almost two-thirds plan to outsource some or all of their plan-related investment responsibilities and more than 60% plan to terminate their plans in the next five years,... READ MORE
In recognition of our collective celebration of American independence, here are some interesting facts concerning the annual event.  Congress actually voted in favor of independence on July 2, 1776; July 4 is the date on the declaration and the day independence was declared. Four presidents have... READ MORE
In what marked the S&P 500’s best first-half performance since 1997, the average 401(k) balance also turned in a solid performance. According to estimates from the nonpartisan Employee Benefit Research Institute (EBRI), the average 401(k) balance for those aged 25-34 with 1-4 years of tenure... READ MORE
More than 20 years after the last such overhaul, on July 1 President Trump signed into law bipartisan legislation to revamp the Internal Revenue Service. The newly enacted Taxpayer First Act of 2019 (H.R. 3151) overhauls the IRS’ operations and tax administration systems and implements new taxpayer... READ MORE
The Treasury and IRS have proposed regulations designed to encourage adoption of multiple employer plans (MEPs)  – though they’re not final yet. Specifically, the proposed regulations would provide an exception to the “one bad apple” rule for certain MEPs. A MEP is a plan adopted by two or more... READ MORE
ASPPA is always providing information and insights that will be valuable to its members! Following is a summary of upcoming webcasts and events. Live Webcasts ACOPA Webcast: Litigation Involving DB Plans Wednesday, July 10, 2019 2–2:50 p.m. ET Speakers: Kelsey N. H. Mayo, J.D., Partner,... READ MORE
The Oregon Retirement Savings Board (ORSB) now may partner with other states in providing services similar to those offered by OregonSaves, the Beaver State’s the state-run auto-IRA program for private-sector employees whose employers do not offer a retirement plan. On June 27, Gov. Kate Brown (D)... READ MORE
The U.S. Supreme Court has agreed to take on yet another ERISA case this term. This case – Thole v. U.S. Bank, N.A., U.S., No. 17-1712, certiorari granted 6/28/19 – involves a suit by participants in U.S. Bank’s pension plan who, after the plan fiduciaries alleged mismanagement resulted in $750... READ MORE
The traditional way of envisioning retirement, settling into a comfortable life of pension payments after the going away party and the bestowal of an expensive watch, is going the way of the dinosaur. Though they approach the matter from different vantage points, that’s the import of two recent... READ MORE
Hola! ACOPA – Just returned from a week away in Nuevo Vallarta, Mexico. For the first time since email was invented, I spent a week away without responding to any work emails. Admittedly, I looked at most of them, but I didn’t answer any. Not sure why I used to get so stressed out about it in the... READ MORE

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