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Recently, many of our colleagues have received inquiries about “401(h) plans.” A 401(h) is not a type of plan but rather an ancillary benefit of a defined benefit plan. A 401(h) account provides a highly efficient way to fund retiree health benefits. Contributions to the account are tax-deductible...
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The Plan Sponsor Council of America (PSCA), part of the American Retirement Association (ARA), has launched a new and innovative education program and credential: the Certified Plan Sponsor Professional (CPSP™).
Developed by plan sponsors in collaboration with education experts at ARA and some of...
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The leaders of the Senate Finance Committee, Chairman Charles Grassley (R-IA) and Ranking Member Ron Wyden (D-OR), have introduced the Retirement Enhancement and Savings Act (RESA) once again.
The Senate action comes as members of the House Ways & Means Committee are poised to pass its own...
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Concluding that “DOL’s Final Rule stretches the definition of ‘employer’ beyond what ERISA’s text and purpose will bear,” a federal judge has thrown the Labor Department’s association health plan rule for a loss.
The association health plan (AHP) rule, finalized last June, claimed to make...
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A federal appeals court has affirmed summary judgment in a class action suit involving 270,000 plan participants across more than 13,000 plans.
The suit was filed in 2015 by plaintiff John Teets, a participant in the Farmers’ Rice Cooperative 401(k) Savings Plan, which had contracted with Great-...
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The parties in one of the oldest excessive fee suits have finally come to terms.
Those parties – Tussey v. ABB – settled for $55 million which, if approved by a federal judge, would bring to conclusion litigation that was filed in 2005 by Schlichter Bogard & Denton.
The suit had alleged that...
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While noting that the case “presents novel legal questions concerning state-mandated retirement savings accounts,” and “implicates a significant body of judicial and regulatory interpretations of ERISA,” a federal judge has ruled – for the moment – that California’s state-run auto IRA retirement...
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Key members of Congress have introduced separate legislation to revamp the Internal Revenue Service as well and to make it easier for small businesses to offer retirement benefits.
Taxpayer First Act of 2019
House Ways & Means Oversight Subcommittee Chairman John Lewis (D-GA), Ranking Member...
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The House Ways & Means Committee has unveiled bipartisan retirement security legislation that it plans to consider April 2.
According to committee Chairman Richard Neal (D-MA), the committee will convene a markup that day to consider several bills, including the Setting Every Community Up for...
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New Jersey Gov. Phil Murphy (D) has signed legislation establishing a state-run retirement savings plan for private-sector employees whose employers do not offer a retirement plan.
Murphy signed the bill establishing the New Jersey Secure Choice Savings Program into law on March 28. The state...
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It’s not exactly news that staying on the job past one's normal retirement age is a growing phenomenon. Of course, that has a direct effect on the employees who decide to prolong their tenure, but it has implications for employers and plans as well. Among them is how to handle pension payments in...
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Earlier this month, we told you about a proposed new tax that could have a dramatic impact on retirement savings.
To help bring attention to this critical issue, American Retirement Association CEO Brian Graff has authored an article that has just appeared in The Hill, a popular news source for...
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To outsource or not to outsource: That is the question. Okay, that’s not what the Bard of Avon wrote. But it is the focus of a recent blog entry that outlines the advantages and disadvantages of outsourcing decisions about how a retirement plan’s funds are to be invested.
“The responsibility for a...
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What’s in a fund name? More – and less – than you might imagine.
According to a new paper by academics at Kansas State, Saint Louis University and Seton Hall, along with a researcher at the Ipsos Behavioral Science Center, when a participant searches through her plan’s menu of investment options...
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While today’s employees feel confident in their finances, the reality of their situations is not aligned with this confidence, a new report shows.
According to MetLife’s 17th annual U.S. Employee Benefit Trends Study, nearly two out of three people say they are confident in their finances, but...
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The House Ways & Means Committee will consider legislation on April 2 to expand retirement savings opportunities and reform the IRS’s administration and operating procedures, according to multiple press reports.
The outline for the legislation – the “Chairman’s mark” – could be released as...
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Sometimes whether news is good or bad depends on one’s perspective. Case in point: the Government Accountability Office (GAO) has updated its 2015 report on retirement security and savings in households headed by people approaching retirement age. The updated report contains fodder for optimists...
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Ultimately, a retirement plan exists to support the account holders and their dependents and beneficiaries. So distributions are of key importance — but that doesn’t mean that handling them is always smooth. A recent blog entry offers some ideas on how to handle difficult situations concerning that...
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A federal appeals court has affirmed summary judgment in a class action suit involving 270,000 plan participants across more than 13,000 plans.
The suit was filed in 2015 by plaintiff John Teets, a participant in the Farmers’ Rice Cooperative 401(k) Savings Plan, which had contracted with Great-...
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New survey results show that workers are highly concerned about their financial security, particularly in retirement, and they are counting on both Congress and their employers to provide solutions.
Conducted on behalf of Prudential by Morning Consult, the sixth “American Workers Survey” finds...
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