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Why does it seem that so many in the actuarial field are into distance running?  Is it that we like challenges?  Is it that, as one of my coworkers suggested, we just like suffering?  Everyone’s story is different.  I got into running a few years ago through my husband, Nick, who is an avid runner... READ MORE
The combined deduction limit for defined benefit (DB) and defined contribution (DC) plans has always been a source of confusion for me. Sure, I understand the basics: when the DB plan is PBGC-covered, a deductible contribution of up to 25% of compensation may be made to the DC plan, while up to the... READ MORE
The Senate Committee on Health, Education, Labor, and Pensions (HELP) sent a letter to the Department of Labor (DOL) on May 30 urging it to “effectively and expeditiously” implement SECURE 2.0. It also urged the DOL to prioritize six provisions related to the committee’s mission. More specifically... READ MORE
Labor Secretary Marty Walsh is leaving the Biden Administration for the private sector as part of a broader cabinet shakeup in preparation for a possible 2024 Biden reelection run. Politico, citing hockey website The Daily Faceoff, said Walsh would leave to run the NHL Players Association,... READ MORE
The hyper-partisan polarization over environmental, social, and governance (ESG) investing strategies continued Monday with news of a growing “war” between GOP House leadership and the U.S. Chamber of Commerce. While the Chamber’s endorsement of Democrats in the midterms was primarily to blame, its... READ MORE
House Republicans will establish a working group to “combat the threat to our capital markets posed by those on the far-left pushing environmental, social, and governance (ESG) proposals,” Patrick McHenry, (R-NC), Chairman of the House Financial Services Committee, announced Friday. Led by... READ MORE
The American Retirement Association is urging Congress to approve legislation providing victims of Hurricanes Harvey, Irma and Maria access to their 401(k) and similar plan savings without incurring IRS penalties and taxes.    The ARA has been making the case that legislation should mirror the... READ MORE
A program letter from the heads of the IRS Tax Exempt & Government Entities (TE/GE) division provides an update on the compliance, data, process and casework strategies the division plans to focus on in the coming year. Not surprisingly, implementing the Tax Cuts and Jobs Act (TCJA) will... READ MORE
The American Retirement Association has formally requested relief for taxpayers and service providers adversely affected by Hurricane Florence.    Specifically, the letter requests: Relief for taxpayers who would like to use their retirement assets in qualified retirement plans to alleviate... READ MORE
Defined contribution plans are the most common among private sector workers, reports the U.S. Bureau of Labor Statistics (BLS). It found in a study it conducted in March that DC plans were the kind of retirement plans in which a majority of workers in all sectors but one that it measured... READ MORE
Legislation has been introduced in the U. S. House of Representatives that would create a parallel government-run retirement savings program – and one that could undermine the 401(k), particularly for small business owners.The Portable Retirement and Investment Act of 2018 (H.R. 6990), just... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule amending its regulations on guaranteed benefits and asset allocation. The amendments incorporate changes the Pension Protection Act of 2006 (PPA) made to the rules for participants with certain ownership interests.   Before... READ MORE
The Oregon Retirement Savings Board (ORSB) on Oct. 9 will consider proposed changes to the rules for OregonSaves, the state-run retirement savings program for private-sector workers in the Beaver State.The proposed rule changes were drafted with the assistance of a rulemaking advisory committee... READ MORE
The Internal Revenue Service has released a new revenue procedure updating the Employee Plans Compliance Resolution System (EPCRS) – and an announcement that beginning next year, all Voluntary Correction Program filings will have to be done online. This revenue procedure updates the system of... READ MORE
Just when you thought retirement plan projections couldn’t get any worse… Last week the National Institute on Retirement Security released a report – “Retirement in America | Out of Reach for Most Americans?” that claimed that the median retirement account balance among all working individuals is... READ MORE
Informing plan participants is not a suggestion. And much has been said of the need to make information provided to plan participants more readily understandable. But a specialist in retirement education and employee benefits communication has suggested that something else is in play in... READ MORE
The IRS announced on Sept. 28 that it has issued new procedures for using the website to file Voluntary Correction Program (VCP) submissions and pay user fees. The IRS made the announcement in Revenue Procedure (Rev. Proc.) 2018-52. Under Rev. Proc. 2018-52, beginning on April 1, 2019... READ MORE
Gordon Hartogensis, President Trump’s nominee to serve as Director of the Pension Benefit Guaranty Corporation (PBGC), testified and answered questions at a confirmation hearing the Senate Finance Committee held on Sept. 27. Senators questioned Hartogensis regarding his views on the health of the... READ MORE
The House of Representatives approved legislation Sept. 27 that seeks to make it easier for businesses to offer retirement plans and for individuals to save for retirement. The Family Savings Act (H.R. 6757) now moves to the Senate, which may take up similar legislation in a lame duck session... READ MORE
Principal Life Insurance Co. has won summary judgment in a case that had alleged the firm took excessive profits from the guaranteed investment products it sells to 401(k)s.The decision (Rozo v. Principal Life Ins. Co.), S.D. Iowa, No. 4:14-cv-00463-JAJ, order granting defendant’s motion for... READ MORE