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In one of the first acts of the new Republican-controlled Congress, the House of Representatives adopted a rule change Jan. 6 that directs Congress’ legislative analysts — the Joint Committee on Taxation and the Congressional Budget Office — to incorporate the economic effects of major legislation... READ MORE
Editor's Note: This article was published in the fall 2014 issue of Plan Consultant magazine.Dr. Zhivago” had been at the local movie theater for three weeks. Driving to the theater cost 32 cents per gallon of gas, and “California Dreaming” by the Mamas and Papas played on AM radio. The miniskirt... READ MORE
Despite media attention surrounding the Millennial Generation’s relatively poor economic outcomes during the Great Recession, a new analysis by researchers at the Federal Reserve finds that they have fared better on many measures than both current older adults and earlier young adults. According to... READ MORE
It was not a good year for pension funding.The estimated aggregate funding level of pension plans sponsored by S&P 1500 companies decreased from 88% as of Dec. 31, 2013 to 79% as of Dec. 31, 2014, according to Mercer. Towers Watson examined pension plan data for the 411 Fortune 1000 companies... READ MORE
In the process of enforcing the law, the Pension and Benefit Guaranty Corporation (PBGC) needs to keep in mind that its mission is to preserve and protect defined benefit plans. That is one of the underlying themes in the first annual report of the PBGC participant and plan sponsor advocate.... READ MORE
All disbursements from a retirement plan scheduled to be made at the same time are treated as a single distribution even if they are sent to multiple destinations. That new rule becomes mandatory as 2015 dawns, the IRS has reminded taxpayers in the Dec. 23 issue of its e-newsletter, Employee Plans... READ MORE
Retiring Sen. Tom Harkin’s (D-IA) signature piece of retirement legislation, the USA Retirement Funds Act, has found a champion to carry it into the next Congress.Harkin, the outgoing chairman of the Senate Health, Labor, Education and Pensions (HELP) Committee, might have been pleased to see that... READ MORE
With the New Year just around the corner, many of us will be considering New Year’s resolutions. Milliman has compiled a list of 10 ideas plan sponsors can adopt in order to improve their retirement plans — and perhaps make it a bit easier on their pension professionals as well:1. Create... READ MORE
Forced plan cash-outs into individual retirement accounts (IRAs) could leave billions to be poorly invested for the long-term, according to the Government Accountability Office (GAO).The report was produced at the request of Sens. Tom Harkin (D-Iowa) and Elizabeth Warren (D-Mass.) of the Senate... READ MORE
U.S. Secretary of Labor Thomas E. Perez has announced the appointment of five new members to the 2015 Advisory Council on Employee Welfare and Pension Benefit Plans — also known as the ERISA Advisory Council.The newly appointed members and the expertise they represent are: General public:... READ MORE
While finalizing many of the details of the MyRA program, Treasury and the Department of Labor (DOL) may have unearthed some serious new questions.These concerns stem from an information letter from the DOL to Treasury answering two key questions about the MyRA program: whether the retirement... READ MORE
Nearly half of Americans retire earlier than expected, yet retirees overwhelmingly report that they are enjoying themselves and discovering that pre-retirement fears of boredom, financial insecurity and lacking purpose are largely unfounded, according to a new study by MassMutual Retirement... READ MORE
On Jan. 1, 2015, the American Retirement Association (ARA) will officially become the new parent entity of ASPPA, ACOPA, NAPA and NTSA. Because the ARA’s Code of Professional Conduct will apply to all of these four sister organizations, new disciplinary procedures have been proposed.Some of the... READ MORE
As we careen toward 2015 with ever-accelerating speed, the IRS has issued a reminder about year-end deadlines relevant to retirement plans. Following are eight “to dos” the IRS suggests. 1. Distribute 2013 401(k) excess contributions and excess aggregate contributions (both adjusted for... READ MORE
Largely overlooked in the flurry of lame duck activity by Congress is a bill that creates a new kind of savings account for those with disabilities.Congress overwhelmingly passed bipartisan legislation during its lame duck session that would give states the ability to create a new tax-advantaged... READ MORE
Last week we asked readers to vote on the best — and worst — aspects of ERISA and its progeny.Rather than just asking to pick one, readers had an opportunity to choose between two alternatives — or to suggest their own. In fact, three of the top five “worst” aspects of ERISA, and three of the top... READ MORE
Asked to choose between a 401(k)-type plan or a company pension plan that provides guaranteed income in retirement, a slim majority of non-retirees chose the 401(k).The response came to a new question as part of the fourth-quarter 2014 Wells Fargo/Gallup Investor and Retirement Optimism Index. Just... READ MORE
A federal district court in North Carolina has ruled that the rounding decision is a discretionary one that a plan administrator can make, and that choosing to round to five decimal places was not an abuse of discretion.The Duke Energy Retirement Cash Balance Plan was recently sued by a plan... READ MORE
On January 1, 2015, the American Retirement Association (ARA) will officially become the new parent entity of the four sister organizations: ASPPA, ACOPA, NAPA and NTSA. The ARA’s Code of Professional Conduct will apply to all four sister organizations, so new disciplinary procedures have been... READ MORE
With just days to go before the end of the 113th Congress, two senior members of the House Ways & Means Committee have introduced a bipartisan comprehensive retirement bill.The Small Businesses Add Value for Employees (SAVE) Act of 2014 (H.R. 5875), sponsored by Reps. Ron Kind (D-Wis.) and Dave... READ MORE

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