Advertisement
Legislation
In a July 30 webcast, ARA Director of Legislative Affairs Andrew Remo provided an overview of the rules affecting retirement plans that have been put in place as a result of the pandemic and the effects it has had on the economy and plan participants.
In “Pandemic Pandemonium: Navigating the...
READ MORE
The IRS on Aug. 6 in Notice 2020-62 issued safe harbor explanations for eligible rollover distributions.
Administrators of qualified retirement plans under Internal Revenue Code Section 402(f) must provide a written explanation of tax consequences when making distributions that are eligible for...
READ MORE
The IRS on Aug. 6 in Notice 2020-61 issued guidance on special funding and benefit limitation rules for single-employer pension plans under the Coronavirus, Aid, Relief and Economic Security (CARES) Act.
Specifically, Notice 2020-61 provides guidance regarding the special rules relating to single-...
READ MORE
A bill pending in the Maine legislature would create a public-private partnership to promote individual retirement savings accounts.
State Senator Eloise Vitelli (D-Sagadahoc) introduced LD 594 on Feb. 5, 2019. It was referred to the Senate Committee on Health Coverage, Insurance and Financial...
READ MORE
The IRS has issued a reminder concerning relief related to retirement plans provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It provides the information in a question-and-answer format.
More specifically, the IRS points out that the CARES Act, which President Trump...
READ MORE
After a period of starts and stops over the past week, the Senate Republican leadership unveiled a $1 trillion Coronavirus relief package July 27.
As an opening counter to the House of Representatives’ HEROES Act, the GOP’s Health, Economic Assistance, Liability and Schools (HEALS) Act sets the...
READ MORE
A quartet of GOP senators have introduced new legislation that would allow individuals facing financial challenges who are unable to make contributions to their tax-advantaged retirement accounts in 2020 to make catch-up contributions to these accounts in the coming years.
The Addressing Missed...
READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has posted Q&A concerning how the Coronavirus Aid, Relief, and Economic Security (CARES) Act affects missed contribution reporting requirements and premium filings for single-employer plans.
Regarding missed contributions, the Q&A address...
READ MORE
The economic strains occasioned by the pandemic have had wide-ranging effects, and one of the actions put in place is to ease the rules concerning hardship withdrawals and loans. But availability has not made them a widespread response to economic challenges, recent studies have found.
Loan and...
READ MORE
The IRS on July 17 issued a reminder that under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the rules regarding required minimum distributions (RMDs) are different in 2020.
The CARES Act waives RMDs during 2020 for IRAs and retirement plans, including beneficiaries with...
READ MORE
Legislation has been introduced in the New Jersey state legislature that would impose a tax on financial transactions—including those in your 401(k)—to fix the state’s widening budget gap.
Unlike other financial transaction tax (FTT) proposals, however, this bill takes a slightly different...
READ MORE
The Centennial State has joined those providing a state-sponsored program for those whose employers do not offer a retirement plan. Gov. Jared Polis (D) on July 14 signed into law SB20-200, a measure creating the Colorado Secure Savings Program.
The measure amends the Colorado Secure Savings Plan...
READ MORE
Legislation has been reintroduced to create a national, online “lost and found” database to help plan participants keep track of their retirement accounts as they move from job to job.
The Retirement Savings Lost and Found Act sponsored by Sens. Elizabeth Warren (D-MA) and Steve Daines (R-MT)...
READ MORE
We’ve just revised our COVID-19 resource page, updating the CARES Act FAQs to reflect recent guidance from the DOL and IRS.
The CARES Act FAQ categories include:
General Questions
COVID-19 Distributions
COVID-19 Loans
RMD Waivers
Safe Harbor & SIMPLE Plans
Government Plans
Defined...
READ MORE
The House of Representatives on July 1 approved Senate-passed legislation to extend the deadline for small businesses affected by COVID-19 to apply for loans under the Paycheck Protection Program.
Both the House and Senate approved the legislation by unanimous consent. The legislation is now...
READ MORE
The U.S. Small Business Administration, in consultation with the Treasury Department, has issued new guidance providing important clarifications for those taking advantage of the Paycheck Protection Program.
The Interim Final Rule released June 11 revises the SBA’s Interim Final Rule...
READ MORE
Legislation now before the Ohio House of Representatives would create a defined benefit plan for employees of private sector employers. It is believed to be the first such state proposal utilizing a DB plan rather than a defined contribution plan.
HB 645, introduced May 19 by Reps. Stephanie...
READ MORE
Few areas of late have generated as much interest, questions, and confusion as the applications of the Paycheck Protection Program, or PPP.
The meanings and implications of the PPP continue to undergo refinement and clarification. In fact, there are 15 regulations issued by SBA so far, and...
READ MORE
As the nation enters its third month under the constraints of the COVID-19 pandemic, it seems a dramatic understatement to say we are living in uncertain times.
Let’s face it, even as the nation begins to (re)open, concerns about the coronavirus remain widespread, and the markets, though...
READ MORE
President Trump on June 5 signed into law a measure that provides additional flexibility for small businesses under the Paycheck Protection Program. The U.S. Senate had approved the bill by voice vote on June 3, and the U.S. House of Representatives passed it on May 28 by a 417-1 vote.
The...
READ MORE