ASPPA Net Staff
By ASPPA Net Staff 4/21/2016
The House Education and the Workforce Committee on April 21 passed a resolution introduced just two days earlier that is intended to block the fiduciary rule the Department of Labor (DOL) issued in final form on April 6.By a 22-14 vote, the committee approved H.J. Res. 88, the measure introduced by...
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By ASPPA Net Staff 4/21/2016
Grasping the importance of preparing for retirement does not necessarily translate to action to bring it about, says a recent study on Americans’ financial beliefs and behavior.There is good news, says the survey commissioned by Fifth Third Bank on those beliefs and whether Americans are acting on...
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By ASPPA Net Staff 4/21/2016
Millennials may be redefining retirement, and not in the way you might think.In a new survey, more than 4 out of 10 (41%) Millennials said they expect to retire when they hit a certain financial milestone or savings goal, rather than attaining a specific age (cited by 35% of Boomers and 29% of Gen...
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By ASPPA Net Staff 4/21/2016
As part of the year-long celebration of ASPPA’s 50th anniversary, we’ve compiled lists of landmark events that took place in each month of the year. The month of April featured:1987: 1st telecast1987: 1st Business Owners Conference2000: IRS creates VFC correction program2001: 1st “windowed”...
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By ASPPA Net Staff 4/21/2016
A group of Republican senators has introduced a resolution to stop the Department of Labor’s (DOL) new conflict-of-interest rule.The resolution (S.J. Res. 33), which Sen. Johnny Isakson (R-Ga.) introduced April 18, has 37 co-sponsors, including Sens. Lamar Alexander (R-Tenn.) and Mike Enzi (R-Wyo...
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By ASPPA Net Staff 4/20/2016
The fiduciary regulation may be final, but a trio of Republican lawmakers have introduced a resolution to block it.Rep. Phil Roe (R-Tenn.), chairman of the House Subcommittee on Health, Employment, Labor, and Pensions, along with Rep. Charles Boustany (R-La.), chairman of the Subcommittee on Tax...
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By ASPPA Net Staff 4/20/2016
ASPPA is always providing information and insights that will be valuable to its members! Following is a summary of upcoming webcasts and events.Live WebcastsASPPA Webcast: Form 5500 UpdateTuesday, April 26, 20162:00-3:40 p.m. ETSpeaker: Janice M. Wegesin, President, JMW Consulting, Inc.This webcast...
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By ASPPA Net Staff 4/18/2016
ASPPA Webcast: Auto Enrollment: Best Practices and Common MistakesAvailable Until June 1, 2017Speaker: Robert M. Richter, Esq., APM, Vice President, FIS Relius Wealth and ManagementIRS Program Number: CZTXU-Q-00642-16-OWebcast Outline: Click here. ...
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By ASPPA Net Staff 4/15/2016
Some retirees and IRA holders who turned age 70½ in 2015 had to take required minimum distributions (RMDs) by April 1. Other retirees and IRA holders must take them by New Year’s Eve, as the IRS recently reminded. The Financial Industry Regulatory Authority (FINRA) has taken the opportunity to...
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By ASPPA Net Staff 4/14/2016
A new survey says that 77% of Americans over the age of 40 don’t know how much they can withdraw without running out of money, though it’s hard not to see that as a conservative figure.The survey, conducted by Ipsos Public Affairs on behalf of New York Life, says that 23% of respondents realize...
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By ASPPA Net Staff 4/14/2016
“Act your age!” An admonishment usually reserved for young people, but not exclusively. T. Rowe Price recently developed a way for individuals to find determine if they act their retirement savings age. And interestingly, they found that the most retirement-savvy generation may be — of all things...
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By ASPPA Net Staff 4/14/2016
The IRS website has a wealth of resources for retirement plan professionals. Nonetheless, it can be difficult to find the information one needs. But there are ways to find what one needs, notes an article that appeared in Plan Consultant.The IRS homepage may not provide much that is of interest to...
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By ASPPA Net Staff 4/13/2016
Everyone is well aware of the need for cybersecurity and protecting the privacy of data. But there is an additional concern for retirement plan fiduciaries — they are important to fulfilling fiduciary duty.In a recent posting on the ML Benebits blog, Matthew Hawes and Patrick Rehfield argue that...
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By ASPPA Net Staff 4/13/2016
Third-party administrators (TPAs) got some good news, and some much-need clarity, in the final fiduciary regulation.While “producing” TPAs that act as a plan’s investment advisor would, of course, need to keep in mind the provisions of the new regulations that focus on the advisor role, those new...
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By ASPPA Net Staff 4/12/2016
The Department of Labor (DOL) issued the final fiduciary rule on April 6; ASPPA will hold a webcast on April 14 to help plan administrators understand what it means and how they will be affected.In “The Final Conflicted Advice Regulation: What’s New and What Does it Mean for Plan Administrators,”...
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By ASPPA Net Staff 4/12/2016
When life hands you lemons, make lemonade. So goes the oft-quoted maxim — and recent assessments suggest that it even may apply for those who anticipate that the fiduciary rule the Department of Labor (DOL) released on April 6 may create challenges.A recent report from Cerulli Associates, as well...
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By ASPPA Net Staff 4/12/2016
In an industry in which many have taken a “sink or swim” approach to employee training, a key ASPPA business partner has taken a different approach.
Nationwide Financial has a long history of supporting ASPPA education. Beginning in 2014, Nationwide made an even deeper commitment, reflecting their...
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By ASPPA Net Staff 4/11/2016
The good news for low income workers is that they may not have the big retirement savings challenge they’ve been worried about. There is bad news, however.In “Retirement Security: Shorter Life Expectancy Reduces Projected Lifetime Benefits for Lower Earners,” a new report by the Government...
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By ASPPA Net Staff 4/5/2016
The IRS has found discriminatory plan designs among some defined benefit and defined contribution plans, as well as DB/DC combination plans. The IRS made the report on a portion of its Retirement Plans website, which it updated on April 1.The discriminatory plan designs the IRS identified are among...
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By ASPPA Net Staff 4/5/2016
The IRS is providing a new option that allows financial institutions service providers that offer a plan document to request a closing agreement on behalf of all adopters that missed the deadline for adopting a pre-approved plan. The IRS reports the option on a portion of its website devoted to...
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