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News Archive
If you are not a Business Managers and Owners Council (BMOC) member you really need to consider becoming one. This is an organization dedicated to business owners or key decision makers of ASPPA member firms who focus on retirement plan administration or actuarial services. I recently attended the...
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A 401(k) revenue-sharing lawsuit finally got its day before the U.S. Supreme Court.While the nation’s high court was ostensibly focused on how ERISA’s statute of limitations was to be applied in challenging fiduciary actions, there was also a brisk discussion among the justices about the what, how...
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Even as the economy has bounced back from the dark days in the late 2000s, an overwhelming number of working-age Americans still have concerns about their finances.A new study conducted by Harris, on behalf of the Million Dollar Round Table reports that 84% of Millennials (ages 18-34) and 83% of...
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“Don’t throw out the baby with the bathwater” is an old — perhaps worn-out — cliché, but nevertheless sometimes it’s apt. And as the Obama Administration unveils the fiduciary rule reproposal, ASPPA CEO and Executive Director Brian Graff has warned that the regulations could have serious and...
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“Don’t throw out the baby with the bathwater” is an old — perhaps worn-out — cliché, but nevertheless sometimes it’s apt. And as the Obama Administration unveils the fiduciary rule reproposal, ASPPA CEO and Executive Director Brian Graff has warned that the regulations could have serious and...
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ASPPA’s Government Affairs Committee (GAC) recently filed comments with the IRS regarding proposed changes to IRS Form 5500. The comment letter was in response to a proposal published in the Dec. 23, 2014 Federal Register. Under the proposal, new questions will be added to the form and/or its...
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Even as the economy has bounced back from the dark days in the late 2000s, an overwhelming number of working-age Americans still have concerns about their finances.A new study conducted by Harris, on behalf of the Million Dollar Round Table, reports that 84% of Millennials (ages 18-34) and 83% of...
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More divides private and public employees than the kind of employer for which they work — what kind of retirement plan is available to them, and how many assets are available in each kind, varies as well. Pensions & Investments reports that the answer for each is the opposite of the other.By...
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Today President Obama, as expected, will throw his support behind the Department of Labor’s (DOL) controversial fiduciary rule reproposal — but the details of the proposal remain elusive.Published reports indicate that the president will tout the reproposed rule at a speech today at the offices of...
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The Department of Labor’s much-anticipated fiduciary reproposal drew intense criticism Feb. 20 from SEC Commissioner Daniel M. Gallagher.Gallagher’s comments, made at the “SEC Speaks in 2015” event, were particularly harsh — not only regarding the potential impact of the DOL’s proposed extension of...
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Available through March 17, 2016 Speaker: Richard A Hochman, APM GFS; McKay Hochman Consulting, Provided by DST Access the presentation outline here!The IRS has issued opinion and advisory letters for pre-approved defined contribution plans; the restatement...
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Exceptions should not be the rule, at least not when it comes to the Department of Labor’s (DOL) fiduciary regulation reproposal, according to a new white paper from the U.S. Chamber of Commerce.
As part of a Feb. 20 event focusing on the “potential harmful impact of fiduciary regulation on...
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Two-thirds of American adults have experienced an event or situation that has had a negative effect on their financial plans for the long-term/retirement, including 75% of those under age 25, according to a new report.The vast majority (84%) of “Disrupted Americans” were saving for the long-term/...
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Proposals in New England neighbors Connecticut and Rhode Island would give their respective residents breaks from state taxes imposed on their pensions. Bills have been introduced in the legislatures of both states that would provide different degrees of relief: some would phase in a tax break;...
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The Pension Benefit Guaranty Corporation is seeking input on the implementation of the Multiemployer Pension Reform Act (MPRA) of 2014. The MPRA, enacted Dec. 16, 2014, included provisions that amended ERISA by replacing the rules for the partition of multiemployer plans and adding rules for...
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A growing number of employers plan to act this year to curb the cost of future Pension Benefit Guaranty Corporation premiums, according to Aon Hewitt. Not all of the employers the human resources firm recently surveyed have an open plan. In fact, a majority have a plan that is either frozen or...
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Buoyed by a rising stock market, most defined contribution plan participants stayed the course, according to a new survey published by the Investment Company Institute.The trends largely reflected a continuation of patterns that have been going on since at least 2011, when the country really began...
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The ERISA public disclosure website — which houses filings by health and pension plans of private employers — is headed for the cloud. According to Federal Times, the Department of Labor (DOL) is choosing a vendor that can provide a FedRAMP-certified cloud for this purpose.The DOL’s request for...
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Individual retirement accounts comprise 30% of U.S. retirement market assets and 11% of all household financial assets, which amounted to $7.3 trillion at the end of the third quarter of 2014. And just over one-third of all U.S. households — 41.5 million — had IRAs by the middle of 2014. In “The...
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Legislation just introduced in the Oregon State Senate brings the Beaver State a step closer to establishing a state-run retirement savings program.The legislation, backed by the Oregon Senate Majority Leader Diane Rosenbaum (D-Portland), would create an Oregon Retirement Savings Board tasked with...
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