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Legislation that expands opportunities for Americans to increase their retirement savings and improves the portability of lifetime income options from one plan to another.

By now, everyone is well aware that SECURE 2.0 was signed into law on Dec. 29, 2022. One of the provisions in SECURE 2.0 is Section 604, a fundraiser provision that allows plan participants to elect to have any fully vested employer contributions funded to a defined contribution plan made as Roth... READ MORE
On May 23, Congress sent a letter to the Treasury Department informing Secretary Janet Yellen and IRS Commissioner Daniel Werfel that it will introduce legislation to fix several technical errors contained in SECURE 2.0. Signed by four prominent SECURE 2.0 figures—House Ways and Means Committee... READ MORE
Appearing at the Employee Benefit Research Institute’s 2023 Spring Policy Forum on May 11, Lisa Gomez, Assistant Secretary for the Employee Benefits Security Administration (EBSA), told attendees that the department is busy working on getting guidance out the door.   On the retirement side, Gomez... READ MORE
Only 28% of businesses with less than 10 employees offer retirement plans, and only 51% of businesses with 10-24 employees offer them. New research from Capital Group found that many business owners may not be offering a plan due to misperceptions around cost and company size requirements,... 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 newest digital edition of ASPPA’s members-only magazine has been posted online! SECURE 2.0 was enacted on the cusp of 2023. It’s complex and confusing — but also filled with opportunity. In this issue’s cover story, John Sullivan and Nevin E. Adams, JD take a look at what retirement... 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
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
In the post-SECURE Act 1.0 era, plan consultants are becoming more comfortable recommending lifetime income options, but there apparently are potential obstacles with newer solutions, according to a new study.  Following passage of the SECURE Act in December 2019, more than 8 in 10 (82%) defined... READ MORE
Hello ASEA — It has been a challenging March 15 season (if not brain-crushing). It reminds me of planning a 2023 trip with high school friends last winter. We were picking a tentative date, and I advised that before March 15 would not be a good time for me to go ... and neither would before April... READ MORE
The Washington Update at Actuarial Insights was necessarily fast-paced. SECURE 2.0 includes dozens of new retirement plan-related provisions and we wanted to give an overview of as many as time permitted.  SECURE 2.0 included several provisions of particular interest to defined benefit plan ... READ MORE
There are only 10 (or so) different provisions under SECURE 2.0 which seem to have any sort of direct relation to the provision of Lifetime Income (LI) through defined contribution plans, and none of them seem to have the bold, systemic effects that we saw under the some of the terms under SECURE 1... READ MORE
Are retirement plans SECURE? American Retirement Association CEO Brian Graff, NTSA Executive Director Nathan Glassey, and ARA Director of Federal and State Legislative Affairs Andrew Remo at the Feb. 26 opening session of the 2023 NTSA Summit in Tampa, FL discussed Washington’s take on that. And,... READ MORE
The U.S. Department of Labor, the IRS and the Pension Benefit Guaranty Corporation on Feb. 23 released changes to the 2023 Form 5500 and Form 5500-SF. These are the third — and final — revisions that implement a Sept. 2021 regulatory proposal, which included changes related to provisions in the... READ MORE
While the original SECURE Act increased tax credits for small employer plans, SECURE 2.0 significantly increases the available tax credits—including some that could cover the costs of operating/administering a small plan for up to three years. Here is an overview of the small employer tax credits... READ MORE
The American Retirement Association (ARA) recently identified what it calls a “significant technical error” in the SECURE 2.0 Act of 2022 regarding catch-up contributions. Specifically, according to wording in the current legislation, beginning in 2024, no participants will be able to make catch-... READ MORE
One sentence in the massive budget bill just signed by President Biden has the potential to have a profound impact on retirement programs sponsored by U.S. employers. No, this one sentence is not directly related to the many other good changes affecting defined contribution plans. Rather, it opens... READ MORE
Increasing and securing retirement income is “an area where Congress is willing to act,” high-profile retirement income expert Wade Pfau says, pointing to the SECURE 2.0 as proof. The popular bipartisan legislation allows individuals to buy QLACs to satisfy all their RMD requirements up to $200,... READ MORE
In a changing of the guard, Rep. Jason Smith (R-MO) has been selected by the House Republican leadership to take over as chairman of the powerful House Ways and Means Committee, but what does that mean for retirement policy? Overall, Rep. Smith appears to be somewhat of a blank slate in this area... READ MORE
There are 92 provisions in the new SECURE 2.0 Act — and by at least one assessment, they are “almost universally good, with ‘good’ being defined as ‘helpful to the cause of promoting retirement security.’” Group Plan Systems’ Pete Swisher and Cherisha Chapman rank the Top 10 Impact Provisions — and... READ MORE