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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...
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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...
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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:...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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The EFAST2 2014 rollover changes will be implemented in the EFAST2 production system Jan. 1, 2015. The Department of Labor issued a reminder about that for EFAST2 third party software vendors on Dec. 16. It included the reminder with its transmission of information regarding the release of the...
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Available through January 28, 2016Speaker: Robert M. Kaplan, CFP, CPC, QPA, APA Access the presentation outline here!As a new year begins, it is time to put away the holiday decorations and prepare for testing calendar year 401(k) plans. It is too late to change...
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Available through January 27, 2016Speaker: Judy Miller, MSPA, ASPPA Director of Retirement Policy Access the presentation outline here!Illinois has become the first state to enact a state-based auto-IRA program for private employers. This webcast will cover the...
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Filers of Forms 5500 and M-1 will now be able to prepare for 2014 filing. Advance copies of the 2014 Forms 5500 and 5500-SF are now available, the DOL’s Employee Benefits Security Administration announced on Dec. 15. Changes to the Forms 5500 and 5500-SF for 2014 filing include:DOL Form M-1...
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In this, the year of the 40th anniversary of the Employee Retirement Income Security Act's (ERISA) enactment, many have weighed in on the best — and the worst — aspects of that law and its progeny. As 2014 draws to a close, we’re giving YOU the opportunity to weigh in on the best things about...
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Lawmakers have crafted and approved a sweeping bipartisan solution to address the mammoth funding shortfalls of the multiemployer plan system — a solution that is likely to have a long-term impact on defined benefit pension plans for both single and multiemployer arrangements.The changes mean that...
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