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Mark Twain said, “History never repeats itself, but it does often rhyme.” So, tell me if you have seen this before. The Republican Party is ascendent after a mid-term election result that saw them gain the majority in the House of Representatives, which they consider a clear repudiation of the... READ MORE
Fans of Virginia, Arizona and Purdue, take heart (not to mention Stanford and Indiana in the women’s NCAA).  My college team didn’t make the NCAA tournament this year. Not that that’s unusual. They (DePaul University) haven’t been “there” since 2004. And in all honestly, it’s been a long time... READ MORE
The ink isn’t dry on SECURE 2.0, but it isn’t preventing high-profile behavioral economist Shlomo Benartzi, Ph.D., from looking ahead to what’s next. It’s what he does. “While Secure 2.0 actually made great progress, I’m thinking about what should be in Secure 3.0,” Benartzi, Distinguished Senior... READ MORE
The Department of Labor (DOL) in its budget proposal for fiscal year 2024 seeks funding to fuel new initiatives to make sure lost benefits go to those to whom they belong.  The DOL seeks $5 million in FY 2024 to establish a program for ensuring that missing participants receive the benefits to... READ MORE
In what appears to address changes under the SECURE 2.0 Act, the IRS has issued updated information for reporting concerning IRAs, as well as a fresh reminder concerning required minimum distributions (RMDs).  IRA Reporting   The IRS has issued an updated version of Publication 590-B,... READ MORE
The SECURE Act added IRC §401(b)(2) to allow for the retroactive adoption of new plans. In the latest ASPPA asap, Erin Books, ERPA, CPC, TGPC EGPS, writes that beginning with calendar year 2020 plans, a plan sponsor could retroactively adopt a stock bonus, pension, profit-sharing, or annuity plan,... READ MORE
Private-sector employees in the Silver State whose employers do not offer a retirement plan could be covered by a state plan, if a bill now before the state Senate is passed and enacted.  Senate Chief Majority Whip Dallas Harris (D-Clark County) on March 16 introduced SB 305, a measure that would... READ MORE
The penalties imposed on employers for failure to enroll covered employees in the Maine Retirement Savings Program would be altered under a bill now before the state Senate. On June 24, 2021, Gov. Janet Mills (D) signed into law a measure creating the Maine Retirement Savings Program. The law... READ MORE
Commenting that “the Florida court’s analysis is rooted in a fundamental legal error,” the Department of Labor says it may appeal a ruling that upended its guidance pertaining to fiduciary duty regarding rollovers. Last month, the United States District Court’s Middle District of Florida sided... READ MORE
Apparently it’s never too early to start thinking about the cost-of-living adjustments for Social Security. While at this point such things seem to be highly speculative (to say the least), February inflation — as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (... READ MORE
The Department of Labor’s Employee Benefits Security Administration (EBSA) on March 22 announced that it is reopening the comment period for the proposed amendment to prohibited transaction class exemption 84-14 (the QPAM Exemption).    The QPAM Exemption   The QPAM exemption permits various... READ MORE
The IRS issued two notices extending deadlines for qualified plan and IRA amendments required due to various pieces of legislation, including the SECURE Act, CARES Act, and Miners Act. In the latest ASPPA asap, Denise Matthews-Serra, CEBS, MSPM, CPC, QKC, QPA Mutual of America, discusses Notice... READ MORE
Another excessive fee suit involving proprietary funds has settled a little more than a year after the suit was filed. In this one, plaintiffs Jubril Pecou and Ashley Schiefer (who joined the suit later) had filed suit (represented by Nichols Kaster PLLP.) against the Bessemer Trust Company and... READ MORE
While the dedicated retirement income solution market has proliferated over the past several years, many plan sponsors have struggled to evaluate their options strategically, according to NEPC’s 17th annual Defined Contribution (DC) Plan Trends and Fee Survey. This year’s data reveals that... READ MORE
A bill is before the Georgia Senate that would extend Social Security coverage to teachers in public school systems in the Peach State.  Sen. Larry Walker (R-Perry) introduced SB 206 on Feb. 16. The legislation would amend Georgia law regarding Social Security coverage for employees of the state... READ MORE
Fiduciary tort terror Jerry Schlichter and top ERISA attorney Tom Clark join American Retirement Association CEO Brian Graff for an insightful discussion about retirement plan litigation, record-keeping data, and much more. Here is what Schlichter, Managing Partner with Schlichter Bogard and Denton... READ MORE
In a move to encourage choice in retirement saving, President Biden vetoed a measure on March 20 that the administration says would block plan fiduciaries from freely considering the best interest of workers and savers in retirement plan investment offerings.   The veto, the Administration’s first... READ MORE
Speed has been a hallmark of the Pension Benefit Guaranty Corporation’s (PBGC) Special Financial Assistance (SFA) Program throughout its brief — less than two-years — life. And that’s not changing anytime soon — at least not this year.  The PBGC indicates it’s not going to waste any time in... READ MORE
A group of Senate Democrats has asked Congress’ watchdog agency to examine the impact of the pay gap between men and women on the ability of women to save for retirement.  Released in conjunction with Equal Pay Day, the March 14 letter from Senate Special Committee on Aging Chairman Robert Casey,... READ MORE
You may have missed it, but a mini-financial panic started recently — and it may not be over yet. I’m referring, of course, to the travails of Silicon Valley Bank, or SVB, as it’s been generally referred to. By most accounts, it’s something of an anomaly in banking — catering to tech startups,... READ MORE