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Connecticut Gov. Dannell P. Malloy (D) on July 2 signed into law a measure that protects retirement plan benefits from creditors’ claims. The measure goes into effect on Oct. 1, 2015.Public Act 15-167 exempts from creditors’ claims interests in, or amounts payable to, participants and beneficiaries...
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Defined benefit plans, defined contribution plans and 403(b) annuity arrangements with calendar year plans, take note: July 31 is right around the corner. That’s the day by which most plans must file the dreaded and onerous Form 5500. The clock is ticking on filing the form that reports on 2014.The...
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Overall trends in June and the second quarter of 2015 were favorable for pension plans, according to new reports.The consultant firm October Three in a report issued June 30 said that the news was good in June. The report is based on the performance of two model pension plans; one a traditional...
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Efforts to stop or roll back the Department of Labor’s proposed fiduciary rule will continue, according to Steve Saxon of Groom Law Group. Saxon made his remarks at the Insured Retirement Institute’s recent Government Legal Regulatory Conference in Washington, D.C.According to zinsurance, Saxon...
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Available through September 1, 20162 p.m. - 3:40 p.m. ETSpeaker: Lauren M. Bloom, J.D., LL.M. Click here to view the webcast outline! In the press of daily business, it’s easy to make ethical mistakes that erode trust and damage reputations. This presentation...
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Another round of consumer surveys this week found most Americans optimistic, but not necessarily about retirement.First there was Lincoln Financial Group’s latest Measuring Optimism, Outlook and Direction (M.O.O.D.) of America Survey, which found that most (81%) individuals surveyed feel optimistic...
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The exemption from the 10% penalty tax on early distributions from a government retirement plan for qualified public safety employees who are at least 50 years old has been expanded. The Defending Public Safety Employees’ Retirement Act, which President Obama signed into law on June 29, expands...
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The earnings that public pension plans have realized, and their holdings, have changed little since the fourth quarter of 2014. That according to the U.S. Census Bureau in its quarterly survey of public pensions during the first quarter of 2015, which it released on June 25. The survey provides...
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The Social Security Administration (SSA) has announced that it has adopted a final rule that revises its government pension offset (GPO) regulations. The rule will be effective on July 15. The final regulations are a revision of the language of a notice of proposed rulemaking (NPRM) the SSA issued...
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Ever leafed through an issue of ASPPA’s Plan Consultant magazine and were disappointed because the articles didn’t really address the things you want to read about?Then you’re going to like this — it’s a unique opportunity to help choose the topics of future articles in the magazine. We’re using an...
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Nominations are now being accepted for the American Retirement Association’s 2016 Board of Directors. Elected at-large members of the Board of Directors serve for one term of three calendar years. Nominees must be nominated by at least two members to be considered. To download the nomination form,...
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The direct final rule that the Department of Labor (DOL) issued on March 19 containing fiduciary requirements for disclosure in participant-directed individual account plans went into effect June 17. But the DOL has built flexibility into the rule, and has built in two additional months in which to...
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The Senate Appropriations Committee on June 25 in a 16-14 vote approved the fiscal year 2016 Labor, Health and Human Services (LHHS) funding bill, which denies funding that would enable the Department of Labor (DOL) to implement the fiduciary rule.Committee Chairman Thad Chochran (R-Miss.) hailed...
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For the first time in more than a decade, the IRS has published an update for its Audit Technique Guide for Nonqualified Deferred Compensation Plans.An analysis by Winston & Strawn LLP notes that the IRS ATG highlighted several key areas where the IRS continues to see problems — and which it...
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The reviews are in and WBLF conference just held in Charleston, S.C. was a big success!The conference, which is geared to female business owners and managers of TPA, actuarial and pension consulting firms, covered a variety of important topics. Attendees got expert input and advice on issues...
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Appropriations subcommittees on Capitol Hill — in the House and now in the Senate — have taken a shot at blocking the Labor Department’s fiduciary proposal by denying funding for the measure.House BillOn June 24, the House of Representatives’ Appropriations Committee approved a fiscal year 2016...
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The public comments the Department of Labor is receiving on its proposed fiduciary rule already are having an effect, Labor Secretary Thomas Perez said at June 23 Brookings Institution forum in Washington, D.C.Perez said that among the comments they have received are expressions of concern...
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In honor of Ed Burrows’ contribution to the advancement of the general understanding of pension knowledge, an annual honorary payment of $2,000 is awarded for the best paper submitted on a topic selected by the Ed Burrows Award Committee. The winning submission will be the paper that in the...
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The IRS in Revenue Procedure 2015-34 has provided procedures by which multiemployer defined benefit plans that are in critical and declining status may apply for approval to suspend benefits. The IRS issued the revenue procedure on June 19, which is also the date on which the IRS began accepted the...
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Registration for the 2015 ASPPA Annual Conference — the nation’s premier gathering of retirement industry professionals — is now open!From Sunday, Oct. 18 to Wednesday, Oct. 21, the nation’s retirement industry elite will converge at the Gaylord National Resort & Convention Center, within sight...
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