ASPPA Net Staff
By ASPPA Net Staff 12/23/2020
In response to the continuing public health emergency caused by the COVID-19 pandemic, the Internal Revenue Service has extended remote notarization relief issued in June.
Specifically, Notice 2021-03 extends from Jan. 1, 2021, through June 30, 2021, the temporary relief provided in Notice 2020-42...
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By ASPPA Net Staff 12/22/2020
Division N – COVID-Related Tax Relief
Sec. 276. – Clarification of tax treatment of forgiveness of covered loans. The provision clarifies that gross income does not include any amount that would otherwise arise from the forgiveness of a Paycheck Protection Program (PPP) loan. This provision also...
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By ASPPA Net Staff 12/22/2020
As with so much in our lives this year, the COVID-19 pandemic stands to have an impact on true love.
More specifically, an impact on the cost of obtaining the items that “true love” acquires recounted in that classic holiday song, “The 12 Days of Christmas.” Considering the impact of social...
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By ASPPA Net Staff 12/21/2020
A bipartisan trio of U.S. Senators has introduced legislation that would expand Multiple Employer Plan access to 403(b) plans, along with other MEP enhancements.
The Improving Access to Retirement Savings Act—introduced last week by Senate Finance Committee Chairman Chuck Grassley (R-IA) along...
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By ASPPA Net Staff 12/21/2020
There’s some great news for plan sponsors in the COVID relief bill—a “temporary rule preventing partial plan termination.”
The legislative text in the massive (nearly 5,600 page) bill includes in Division EE, Section 209 that “temporary rule preventing partial plan termination.” The provision, for...
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By ASPPA Net Staff 12/21/2020
ASPPA Connect will not appear on Friday, Dec. 25, as the ASPPA office will be closed. We’ll be back on Monday, Dec. 28. We wish you happy holidays—and here are a few holiday-related place names:
Angeltown, TN
Bethlehem, MD
Christmas City, UT
Christmas Cove, ME
Christmas Valley, OR...
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By ASPPA Net Staff 12/18/2020
A new bill introduced in the U.S. Senate seeks to expand the impact of the Saver’s Credit and restore the myRA program eliminated by the Trump administration.
The Encouraging Americans to Save Act, introduced by Senate Finance Committee Ranking Member Ron Wyden, D-Ore. along with Sens. Ben Cardin...
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By ASPPA Net Staff 12/17/2020
Editor's Note: This is the tenth installment in a series concerning correcting plan loan failures.
Q. I have a client that self-corrected and just got a letter last week a Department of Labor (DOL) office due to late deferrals reported on the 2018 Form 5500-SF. The letter is not threatening, but...
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By ASPPA Net Staff 12/17/2020
In the first enforcement action of its fiduciary rule, Massachusetts has charged online trading platform Robinhood with, essentially, taking advantage of inexperienced investors.
More specifically, Secretary of the Commonwealth William F. Galvin has charged Robinhood Financial, LLC over the...
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By ASPPA Net Staff 12/17/2020
The Plan Sponsor Council of America’s Annual Survey shows that 2019 was a banner year for retirement plans—and doubtless a valuable lifeline for many during the COVID-19 pandemic.
For the third year in a row, the survey—PSCA’s 63rd Annual—found record contribution and participation rates....
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By ASPPA Net Staff 12/10/2020
The month may have ended on a down note, but November turned out to be the best month since 1987 for the Dow—and another good month for the average 401(k).
Among major US stock indexes, the Dow Jones Industrial Average (which crossed the 30,000 mark during the month) recorded its best monthly...
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By ASPPA Net Staff 12/9/2020
U.S. investors plan to retire when they qualify for Social Security but know that it won’t be enough to live on, according to the results of a global study.
The findings for the retirement portion of Schroders’ 2020 Global Investor Study reveal that the majority (51%) of U.S. investors said...
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By ASPPA Net Staff 12/8/2020
There have been numerous reports about companies suspending matching contributions—but how does that compare with the 2008-09 financial crisis?
As it turns out, in contrast to the response during the 2008-09 financial crisis, more than 90% of employers will still make their retirement plan...
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By ASPPA Net Staff 11/25/2020
ASPPA Connect wishes its readers a happy Thanksgiving. Thank you for your support! ASPPA Connect will not be appearing on Friday, Nov. 27; however, it will be back to business as usual on Monday, Nov. 30.
In keeping with the season, here are a few unusual facts about Thanksgiving.
The turkey...
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By ASPPA Net Staff 11/17/2020
ASPPA is always providing information and insights that will be valuable to its members! Following is a summary of upcoming webcasts.
Live Webcasts
ASPPA Webcast: Ethics—it’s Never the Wrong Time to Do the Right Thing
Wednesday, Dec. 2, 2020
2:00 – 2:50 p.m. ET
Speaker: Bob Kaplan, CFP, CPC,...
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By ASPPA Net Staff 11/3/2020
Employer interest in financial well-being benefits appears to have plateaued, though the engagement with such programs seems to be deepening.
That interest level has leveled off at just about half (52%) of employers, and that includes those who said they were at least “interested” in implementing...
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By ASPPA Net Staff 11/3/2020
New survey results reveal that Americans are increasingly concerned about their ability to manage the rising cost of living as they age.
According to the 2020 Retirement Risk Readiness Study from Allianz Life, nearly 6 in 10 (57%) respondents are worried inflation will make their basic retirement...
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By ASPPA Net Staff 11/3/2020
In a month long associated with stock market crashes, the average 401(k) balance took a hit in October—but remains in the green for 2020.
On a historic basis, and despite the two worst stock market crashes in U.S. history (1929 and 1987), September tends to be worse for stocks (this year was no...
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By ASPPA Net Staff 10/23/2020
Editor's Note: This is the ninth installment in a series concerning correcting plan loan failures.
Q. There are still large record keepers who start the 5-year loan term based on the scheduled 1st payment of the loan rather than the date of the loan origination. We are a TPA and have many...
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By ASPPA Net Staff 10/21/2020
The digital version of the Fall 2020 issue of Plan Consultant has just been posted online.
The Fall issue’s cover story tells the stories of eight industry business owners and executives from the major sectors of the industry concerning how retirement industry players are surviving—even thriving—...
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