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With concerns about the final Department of Labor (DOL) fiduciary rule and its potential impact on low- and middle-income families still percolating on Capitol Hill, a bipartisan group of House of Representatives members has outlined a series of legislative principles to help guide those efforts....
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“In my 40 years of doing this, I never thought I’d see the day we’d have a president giving us direct instructions …” [on state-run, automatic enrollment IRA programs], Assistant Secretary of Labor Phyllis Borzi told the ERISA Advisory Council Nov. 3-4.At the hearing, Borzi noted that about 68...
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On Monday, Nov.2, 2015, the Employee Benefit Security Administration (EBSA) sent about 1,200 letters by email to filers of 2014 Form 5500 that did not properly include the report of an independent accountant. The emails do not constitute enforcement correspondence — that is, the letters are not...
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The American Retirement Association (ARA) Board of Directors has amended the Professional Code of Conduct (the Code) to provide that a member of the American Retirement Association is an actuary for purposes of the Code only if they hold an actuarial credential from the ASPPA College of Pension...
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ASPPA is always providing information and insights that will be valuable to its members! Following is a summary of upcoming webcasts and events.Live WebcastsASPPA Webcast: Forfeiture Stories for a Late Night CampfireThursday, Nov. 12, 20152 p.m. - 3:40 p.m. ETSpeakers: Adam C. Pozek, ERPA, QPA,...
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The Treasury Department has officially launched its MyRA program on a national basis, hoping to “create a savings habit that will grow,” according to Treasury Secretary Jacob Lew.While the Nov. 4 launch was new, the program is not. Originally unveiled in President Obama’s 2014 State of the Union...
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On Nov. 3, 2015, ASPPA submitted a comment letter in response to an IRS request in Revenue Procedure 2015-27 for recommendations regarding the treatment of overpayments, as defined in sections 5.01(3)(c) and 5.02(4) of Revenue Procedure 2013-12, under the Employee Plans Compliance Resolution System...
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They may not have been willing to block the Department of Labor’s (DOL) fiduciary proposal with legislation, but a group of Democratic members of the U.S. House of Representatives are asking for some additional time to comment on the final proposal before it’s final.The request comes in the form of...
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The Social Security Administration and the IRS have issued the Fall 2015 edition of their joint online newsletter, the SSA/IRS Reporter, This edition includes information on issues related to retirement plans and compliance.The newsletter provides links to information on the following recent...
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Thursday, November 19, 20152 p.m. - 3 p.m. ETSpeaker: Kevin Donovan, CPA, EA, MSPA, FCA, Managing Member and Founder of Pinnacle Plan Design, LLC Webcast will be available shortly!Interest in cash balance plans has never been higher – but who are the...
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The details of a new budget deal have been released and to use the late Yogi Berra’s famous malapropism, it’s déjà vu all over again (and again). Congress has once again (and again) gone to the defined benefit pension well to pay for a budget deal, using gimmicks that further penalize responsible...
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Much has been said about the interest and engagement of Millennials in retirement readiness. So a discussion at a recent TD Ameritrade Advocacy Summit held in Washington, DC certainly appears well-timed. Fiduciary News’ Christopher Carosa provides a look at what a panel of four retirees told...
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Halloween may be over, but things can still get scary for a practitioner when a forfeiture is involved.In “Forfeiture Stories for a Late Night Campfire,” a webcast that will be held from 2:00-3:40 p.m. on Thursday, Nov. 12, Adam C. Pozek, ERPA, QPA, QPFC, Partner, DWC ERISA Consultants, LLC; and...
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The sweeping two-year budget package that is swiftly moving through Congress this week collects over $8.1 billion in revenue from America’s defined benefit plans. This revenue largely comes from increases in premium payments to the Pension Benefit Guaranty Corporation (PBGC).The pension section of...
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There’s not much time left in 2015, and that applies to more than just the calendar. It also applies to certain required minimum distributions (RMDs). The IRS issued a reminder in IR-2015-122 on Oct. 29 that those born before July 1, 1945 generally must receive payments from their IRAs by Dec. 31....
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The Department of Labor’s (DOL) proposed fiduciary rule would make many changes. One of them — and one central to what constitutes a fiduciary act and who a fiduciary is — is what constitutes a recommendation.And that was one of the topics addressed by panelists in a discussion at the recent LIMRA...
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Discussing alternatives to encourage small businesses to offer retirement plans, a Senate subcommittee found consensus around a specific solution.Senate Health, Education, Labor and Pensions Subcommittee on Primary Health and Retirement Security Chairman Sen. Michael Enzi (R-Wyo.) convened a...
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The Pension Benefit Guaranty Corporation (PBGC) said Oct. 28 that the 2016 annual maximum guaranteed benefit for a retiree at age 65, as well as that for multiemployer plans, will remain at the same levels as those set for 2015.The 2016 annual maximum guaranteed benefit for a retiree at age 65 will...
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A recent panel discussion the Indexed Annuity Leadership Council (IALC) held in Washington, D.C. titled, “The State of American Retirement: Navigating the Gender Imbalance,” made a strong case for more attention being paid to better enabling women to engage in financial planning.Cindy Levering of...
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