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The Treasury Inspector General for Tax Administration (TIGTA) recently issued a report on the results of its audit of how well the IRS identifies and addresses excess contributions to IRAs. It also made recommendations regarding how the IRS can do a better job.IRA holders can only make...
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Small defined benefit plans that have received audit waivers need more frequent review, says the Department of Labor’s (DOL) Inspector General. The DOL’s IG sent Report 05-15-002-12-121, which concerns EBSA’s oversight of small plans claiming the audit waiver, to DOL Assistant Secretary for...
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Corporate pension funding levels in the first quarter of 2015 lost some ground, according to analysts from two industry sources. Assets grew, but not to the extent that liabilities did, the reports say.Corporate pension plan assets grew 2.61% on the strength of the performance of most asset classes...
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Industry pundits (and many advisors) continue to tout the prudence — if not necessity — of retirement plan lifetime income options but current trends don’t appear favorable, according to John Haley, Chief Executive Officer at Towers Watson.Speaking at a Bipartisan Policy Center event in Washington...
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As businesses continue to recover from the Great Recession, the number of employers that offer retirement plans has nearly returned to pre-crisis levels, according to a new Transamerica survey. However, many pension plans that disappeared during the downturn have not returned.Over the course of two...
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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 WebcastsDeferral Election Trouble SpotsTuesday, April 28, 20152 p.m. - 3:40 p.m. ETSpeaker: Robert M. Richter, J.D., LL.M., APM; Vice President,...
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Plans that have, or have been contemplating, automatic enrollment features just got some good news from the Internal Revenue Service.In Rev. Proc. 2015-28, issued April 2, the IRS provided new safe harbor correction methods for errors relating to automatic contribution features, including automatic...
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A panel of top experts from the IRS will participate in this year’s ASPPA Philadelphia Regional Conference, which will take place April 30 – May 1 at the DoubleTree Center City in Philadelphia.The IRS panel features: Sunita Lough, Commissioner, TE/GE Division, IRS Robert Choi, Director,...
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After a string of positive months for average 401(k) balances, the markets finally took their toll in March. The news comes after strong growth for defined contribution assets in the fourth quarter of 2014.March ResultsThe average account balance of those aged 55-64 with more than two decades of...
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Next month ASPPA brings you up-to-date information on the most recent and relevant topics straight to your desktop with our first-ever “virtual conference.”On May 14, we’ve put together a single-day program, jam-packed with information and insights from the nation’s leading retirement plan experts...
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For several weeks, there have been rumors floating throughout the employee benefits community that the IRS will be curtailing the determination letter program for individually designed plans (IDPs). It now appears there is substance to these reports.ASPPA Connect has learned that Sunita Lough, IRS...
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The Internal Revenue Service is moving to make it easier — and in some cases cheaper — to remedy plan problems with participant loans. In Revenue Procedure 2015-27, the IRS said it is reducing voluntary correction program (VCP) compliance fees relating to failures to meet requirements with respect...
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The IRS has updated a reminder that plan sponsors ultimately are responsible for tracking plan loans and hardship distributions. The reminder was included in the IRS’ Employee Plans Newsletter, Issue Number 2015-4, dated April 1.The reason, says the IRS, is that a plan sponsor bears the ultimate...
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A strengthening economy does not appear to have translated into fewer loans from solo 401(k)s.IRA Financial Group partner Adam Berger recently told BenefitsPro that his firm has found that the rate of participant loans in their plans has not dropped despite the improving economy. He said that 20-25...
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ASPPA’s Women Business Leaders Forum (WBLF) will be held June 8-11 at the Francis Marion Hotel in Charleston, S.C. Following is a Q&A about the WBLF with Amanda Iverson, CPA, PHR, Pinnacle Plan Design LLC’s Chief Operating Officer.Why did you first attend the WBLF?I attended for the first year...
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On March 24, the Pension Benefit Guaranty Corporation (PBGC) announced that it seeks to revise forms that allow it to collect information it needs to implement Section 303(k) of ERISA and Internal Revenue Code Section 430(k). It also seeks that the Office of Management and Budget (OMB) extend its...
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Available through April 28, 2016Speaker: Robert M. Richter, J.D., LL.M., APM; Vice President, SunGard Relius Access the presentation outline here!There has been an increased focus by the IRS and independent auditors on the mechanics of 401(k) deferral elections...
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A very large client approached us recently and asked about ways that we could enhance their 401(k) plan and have it become more effective for the employees’ success in saving for retirement. We discussed adding an automatic enrollment and automatic escalation feature but the client seemed more...
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The “right” answer is, of course, it depends.But the nonpartisan Employee Benefit Research Institute (EBRI) has published an analysis that, with the benefit of a full stochastic decumulation model focusing simultaneously on post-retirement investment risk, longevity risk and long-term care costs,...
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A very large client approached us recently and asked about ways that we could enhance their 401(k) plan and have it become more effective for the employees’ success in saving for retirement. We discussed adding an automatic enrollment and automatic escalation feature but the client seemed more...
READ MORE