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A recent white paper discusses a strategy for reducing PBGC premiums and why it may have a cost of its own.
In “PBGC Staff Express Concern Over Premium Reduction Strategy,” Daniel Lennington, Director of Defined Benefit Advisory for Lockton Insurance Services, notes that some plans have adopted a...
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The IRS has issued an early draft version of the Form 5500-EZ to be used when filing data from 2018. It is solely a draft the IRS says it has provided as a courtesy, and is not to be used for filing.
The draft of the 2018 Form 5500-EZ does not show any changes from the 2017 Form 5500-EZ, with the...
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Wasting no time, the Labor Department has delivered its proposed rule to expand access to multiple employer retirement plans to the Office of Management and Budget for review.It was less than a month ago that President Trump signed an executive order directing the Departments of Labor and Treasury...
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Collective investment trusts (CITs) have long been heralded as “the next big thing” in the DC industry, but a new report suggests that, in recent years, the market has turned a corner.
The third quarter 2018 issue of The Cerulli Edge—U.S. Retirement Edition finds that CIT adoption is finally...
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More 401(k) plan participants held equities at year-end 2016 than before the financial crisis, but participants continue to shy away from investing in their own companies’ stock, preferring more diversified investments, new data shows.According to the Employee Benefit Research Institute (EBRI) and...
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Unfazed that the Department of Labor (DOL) fiduciary rule has been rendered moribund, the Garden State is forging ahead with its own.The 5th Circuit Court of Appeals may have essentially struck down the federal rule, but that has nothing to do with the ability of the states to craft and implement...
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The practice of retiring and retirees receiving benefits in some fashion has only been around for a little over a century, right? Wrong! It’s been around for thousands of years.In “The History of Retirement,” SageView Advisory Group outlines when retirement, and associated payments, began and how...
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The Department of Labor’s (DOL) fiduciary rule may be moribund, but that doesn’t mean that investment fiduciary standards are — including best interest standards. A recent blog post by Fred Reish discusses how to best meet the various such standards that are in place.
In “Best Interest and Best...
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Having cybersecurity measures in place is an important step to protect a retirement plan, as well as well as those that serve as plan fiduciaries. But cybersecurity steps are only at half strength if only management and the plan sponsor and fiduciaries implement and follow them, argues a recent...
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The IRS has identified errors that result in voluntary correction program (VCP) applications being incomplete. It reports that it did so during the process of streamlining its processes for identifying VCP submissions that can be closed quickly.
The IRS has updated its website to reflect its...
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The Senate recently confirmed a new IRS Commissioner, and has scheduled a hearing for the nominee to serve as PBGC Director, but the chamber is still waiting for a nominee to replace a Democratic SEC Commissioner.
Full Plate Awaits Newly Confirmed IRS Commissioner
An extensive to-do list awaits...
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Recent survey results reveal that a majority of workers believe that financial wellness programs could help increase their productivity.According to a new report by the Employee Benefit Research Institute (EBRI), “Perceived Helpfulness of Financial Well-being Programs: Results from the 2017 and...
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ASPPA has received several reports of incorrect Form 5558 acknowledgments being received by plans that had timely filed to extend the filing deadline for their 2017 Form 5500. In some instances, the acknowledgments are reflecting the extension request as relating to an incorrect plan year (e.g.,...
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The rules on rollovers have changed – most recently as a part of tax reform – and the IRS has now updated the safe harbor notices.
IRS Notice 2018-74 modifies the two safe harbor explanations in Notice 2014-74 that may be used to satisfy the requirement under Section 402(f) of the Internal Revenue...
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The IRS has granted a variety of forms of relief for victims of Hurricane Florence. The relief is for individuals as well as businesses, and includes requirements related to compensation.
As of Sept. 17, individuals who reside or have a business may qualify for tax relief in the following North...
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Step inside the chamber, and we will gaze at the crystal ball. ASPPA’s Sept. 11 invitation offered a look at seven trends in the retirement industry that will have a significant impact — and, in fact, already are.
In “Didn’t See THAT Coming: Seven Industry Trends Will Shape the Future,” American...
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The Department of Labor (DOL) recently announced the creation of a new Office of Compliance Initiatives (OCI) to promote greater understanding of federal labor laws and regulations, including those involving retirement security, health, and other employee benefits.
Established within the Office of...
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Human nature affects behavior — including savings behavior. A recently released white paper argues that if employers and plan professionals understand human nature, they can better help employees’ saving rates improve — and that includes saving for retirement.
In the August 2018 white paper “The...
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A component of President Trump’s retirement security Executive Order is to review the required minimum distribution (RMD) rules to see if they may be forcing Americans to make unnecessary withdrawals, leaving them with insufficient savings later in life.
In particular, the order directs the...
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Is it appropriate for traditional life insurance to be connected with retirement plans? A feature article that appeared in the Summer 2018 issue of Plan Consultant magazine offers a refresher on split-funded funds and the interaction between retirement plans and life insurance.“Delicate Interaction...
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