ASPPA Net Staff

President Calls on DOL to Empower States on Retirement Savings

By ASPPA Net Staff 7/13/2015

President Obama on July 13 called on the Department of Labor (DOL) to “provide a clear path forward for the states to create retirement savings programs.” He made his remarks at the 2015 White House Conference on Aging.Obama directed Secretary of Labor Thomas Perez to publish a proposed rule by the... READ MORE

Pension Plans’ Funded Status Stronger, Study Says

By ASPPA Net Staff 7/13/2015

Pension plans were better funded by the end of the second quarter of 2015, according to a recent report. Aon Hewitt says that U.S. pension plans’ collective financial shortfall dropped by $81 billion by June 30.The report says that aggregate funded status by June 30 was 83.4%, nearly three... READ MORE

PenChecks Trust, ASPPA Announce 2nd Annual QKA Scholarships Program

By ASPPA Net Staff 7/10/2015

PenChecks Trust Company of America (PenChecks Trust) and the American Society of Pension Professionals & Actuaries (ASPPA) are pleased to announce the second annual QKA Scholarship Program for ASPPA’s Qualified 401(k) Administrator (QKA) credential program.The PenChecks Trust ASPPA QKA... READ MORE

Tax Reform Working Groups Turn in their Homework

By ASPPA Net Staff 7/9/2015

Reports from the Senate Finance Committee’s five bipartisan tax working groups have been published, including policy options and recommendations on savings and investment.On Jan. 15, the Senate Finance Committee, which has jurisdiction over tax policy, announced that Chairman Orrin Hatch (R-Utah)... READ MORE

Wegesin: What's up with the 5500 SUP?

By ASPPA Net Staff 7/9/2015

“You may be aware that the IRS has proposed this. What you may not be aware of is that it’s actually gone a lot farther than that.” With that remark, Janice Wegesin, President of JMW Consulting, in a recent ASPPA webcast on the Form 5500, cautioned attendees that the proposed Form 5500 SUP is on... READ MORE

Retirement Benefits Protected from Creditors in Connecticut

By ASPPA Net Staff 7/8/2015

Connecticut Gov. Dannell P. Malloy (D) on July 2 signed into law a measure that protects retirement plan benefits from creditors’ claims. The measure goes into effect on Oct. 1, 2015.Public Act 15-167 exempts from creditors’ claims interests in, or amounts payable to, participants and beneficiaries... READ MORE

Form 5500 Deadline Looms

By ASPPA Net Staff 7/6/2015

Defined benefit plans, defined contribution plans and 403(b) annuity arrangements with calendar year plans, take note: July 31 is right around the corner. That’s the day by which most plans must file the dreaded and onerous Form 5500. The clock is ticking on filing the form that reports on 2014.The... READ MORE

Pension Plans Fare Well in June, 2nd Quarter

By ASPPA Net Staff 7/6/2015

Overall trends in June and the second quarter of 2015 were favorable for pension plans, according to new reports.The consultant firm October Three in a report issued June 30 said that the news was good in June. The report is based on the performance of two model pension plans; one a traditional... READ MORE

Hill Action on Fiduciary Rule Will Continue, Saxon Says

By ASPPA Net Staff 7/6/2015

Efforts to stop or roll back the Department of Labor’s proposed fiduciary rule will continue, according to Steve Saxon of Groom Law Group. Saxon made his remarks at the Insured Retirement Institute’s recent Government Legal Regulatory Conference in Washington, D.C.According to zinsurance, Saxon... READ MORE

Overall Optimism But Worry About Retirement, Studies Say

By ASPPA Net Staff 7/2/2015

Another round of consumer surveys this week found most Americans optimistic, but not necessarily about retirement.First there was Lincoln Financial Group’s latest Measuring Optimism, Outlook and Direction (M.O.O.D.) of America Survey, which found that most (81%) individuals surveyed feel optimistic... READ MORE

Exemption from Penalty for Early Distributions from Gov’t Plans Expanded

By ASPPA Net Staff 7/2/2015

The exemption from the 10% penalty tax on early distributions from a government retirement plan for qualified public safety employees who are at least 50 years old has been expanded. The Defending Public Safety Employees’ Retirement Act, which President Obama signed into law on June 29, expands... READ MORE

Public Pension Earnings, Holdings Largely Static in First Quarter

By ASPPA Net Staff 7/1/2015

The earnings that public pension plans have realized, and their holdings, have changed little since the fourth quarter of 2014. That according to the U.S. Census Bureau in its quarterly survey of public pensions during the first quarter of 2015, which it released on June 25. The survey provides... READ MORE

Final SSA Rule on Government Pension Offset Exemptions Effective July 15

By ASPPA Net Staff 6/29/2015

The Social Security Administration (SSA) has announced that it has adopted a final rule that revises its government pension offset (GPO) regulations. The rule will be effective on July 15. The final regulations are a revision of the language of a notice of proposed rulemaking (NPRM) the SSA issued... READ MORE

American Retirement Association Board Nominations Open

By ASPPA Net Staff 6/29/2015

Nominations are now being accepted for the American Retirement Association’s 2016 Board of Directors. Elected at-large members of the Board of Directors serve for one term of three calendar years. Nominees must be nominated by at least two members to be considered. To download the nomination form,... READ MORE

Year = 14 Months for Rule on Participant-Level Fee Disclosure

By ASPPA Net Staff 6/26/2015

The direct final rule that the Department of Labor (DOL) issued on March 19 containing fiduciary requirements for disclosure in participant-directed individual account plans went into effect June 17. But the DOL has built flexibility into the rule, and has built in two additional months in which to... READ MORE

Senate Committee Approves Bill Denying Funds for Fiduciary Rule

By ASPPA Net Staff 6/26/2015

The Senate Appropriations Committee on June 25 in a 16-14 vote approved the fiscal year 2016 Labor, Health and Human Services (LHHS) funding bill, which denies funding that would enable the Department of Labor (DOL) to implement the fiduciary rule.Committee Chairman Thad Chochran (R-Miss.) hailed... READ MORE

IRS Updates NQDC Audit Guide

By ASPPA Net Staff 6/26/2015

For the first time in more than a decade, the IRS has published an update for its Audit Technique Guide for Nonqualified Deferred Compensation Plans.An analysis by Winston & Strawn LLP notes that the IRS ATG highlighted several key areas where the IRS continues to see problems — and which it... READ MORE

2015 Women Business Leaders Forum Plays to Rave Reviews

By ASPPA Net Staff 6/25/2015

The reviews are in and WBLF conference just held in Charleston, S.C. was a big success!The conference, which is geared to female business owners and managers of TPA, actuarial and pension consulting firms, covered a variety of important topics. Attendees got expert input and advice on issues... READ MORE

Bills Denying Funds for Fiduciary Rule Advance in House, Senate

By ASPPA Net Staff 6/25/2015

Appropriations subcommittees on Capitol Hill — in the House and now in the Senate — have taken a shot at blocking the Labor Department’s fiduciary proposal by denying funding for the measure.House BillOn June 24, the House of Representatives’ Appropriations Committee approved a fiscal year 2016... READ MORE

DOL ‘Sharpening Thinking’ on Best Interest Contract Exemption

By ASPPA Net Staff 6/24/2015

The public comments the Department of Labor is receiving on its proposed fiduciary rule already are having an effect, Labor Secretary Thomas Perez said at June 23 Brookings Institution forum in Washington, D.C.Perez said that among the comments they have received are expressions of concern... READ MORE

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