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Government Affairs
The IRS has issued a clarification it proposes be added to the 2023 Form 5500 instructions.
Specifically, the clarification is proposed for Schedule SB, Line 26b - Schedule of Projection of Expected Benefit Payments.
What Line 26b does. Line 26b of Schedule SB requires plans covered by Title IV...
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The Minnesota House of Representatives on May 1 passed a bill that would create the Minnesota Secure Choice Retirement Program, a state-run retirement plan for private-sector employees whose employers do not provide one.
HF 782, introduced by Rep. Jamie Becker-Finn (DFL-Roseville) on Jan. 25,...
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A bill has been introduced in the Maine House of Representatives that would prohibit consideration of nonpecuniary factors such as environmental, social, corporate governance (ESG) factors in investment of Maine Public Employees Retirement System funds.
Rep. Chad Perkins (R-Dover-Foxcroft)...
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A bill to establish the Minnesota Secure Choice Retirement Program (HF 782), a state-sponsored auto-IRA, passed through the Ways and Means Committee in the Minnesota House on Monday with the bill’s author praising “nerdy group” American Retirement Association (ARA) for its help and support.
Rep....
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The Department of Labor’s Employee Benefits Security Administration (EBSA) on April 25 issued frequently asked questions (FAQs) on the annual funding notice requirements for multiemployer pension plans that received special financial assistance (SFA) funds under the American Rescue Plan (ARP) Act...
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The IRS has updated the information on its website concerning plan restatement periods and pre-approved plans.
Plan Restatement Periods
Plan sponsors of defined benefit plans that use an IRS pre-approved document have until March 31, 2025, to restate their plans with a 3rd cycle document. ...
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A bill is before the Maine legislature that would amend the Maine Retirement Savings Program in a variety of ways.
Background. Gov. Janet Mills (D) signed the Act To Promote Individual Retirement Savings through a Public-Private Partnership (LD 1622) into law June 24, 2022. The legislation had...
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A measure that would create a state-run retirement plan to provide coverage for private-sector employees in Minnesota whose employers do not is under consideration in the state legislature.
Multiple committees in both the state Senate and House of Representatives looked at The Minnesota Secure...
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The IRS reports that it issued more than 1,200 determination letters concerning employee retirement plans in federal fiscal year (FY) 2022.
The information is contained in the IRS’ annual Data Book, this edition covering the period Oct. 1, 2021 to Sept. 30, 2022.
The annual Data Book details...
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Connecticut Comptroller Sean Scanlon has announced that the registration deadline for MyCTSavings has been extended to Aug. 31, 2023.
The Connecticut Retirement Security Program — also known as MyCTSavings — is a state-sponsored program that provides retirement plan coverage for those whose...
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Vermont is the latest state to push for a mandatory auto-IRA for uncovered workers and is close to getting its wish.
The Green Mountain State’s Senate swiftly and unanimously passed the VTSaves public retirement initiative on Thursday, which was introduced with the support of AARP in March. ...
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On April 6, the Treasury Department and IRS released a Strategic Operating Plan detailing how new funding and thousands of new hires will be applied, saying it will provide taxpayers with “world-class customer service and reduce the deficit by hundreds of billions [of dollars].”
The resources —...
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Will Hansen, Chief Government Affairs Officer for the American Retirement Association, details to John Sullivan what’s going on in Washington. Could the 401(k) system move from the private sector to Treasury?
How do provisions in SECURE 2.0 help Americans? Hansen also details what ARA is doing to...
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The IRS has updated the information it provides for determining the tax treatment of pension and annuity income under the General Rule. The information is contained in revised Publication 939, General Rule for Pensions and Annuities, which the IRS has updated for 2022 reporting. The publication...
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The path to Senate confirmation for the current nominee to lead the Department of Labor appears to be getting narrower.
The latest salvo comes from House Ways and Means Committee Chair Jason Smith (R-MO), House Education and the Workforce Chair Virginia Foxx (R-NC), Speaker Kevin McCarthy (R-CA)...
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A bill that would create a state-run multiple-employer retirement savings plan in the Show Me State is moving through the state House of Representatives toward consideration by the full chamber.
The measure, which Rep. Michael O’Donnell introduced on Jan. 4, had been referred to two House...
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Social Security continues to face “significant financing issues,” says the Board of Trustees of the federal Old-Age and Survivors Insurance and Disability Insurance (OASDI) Trust Funds in its annual report to Congress. It notes that it has arrived at that finding in prior years.
The Board calls on...
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Even though the ink is barely dry on the SECURE 2.0 Act, there’s no rest for the weary, as some in Washington are pushing a federal government-run retirement system that would unfairly compete with the private sector, warned Brian Graff on April 2.
Graff, who serves as CEO of the American...
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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...
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Mark Twain said, “History never repeats itself, but it does often rhyme.” So, tell me if you have seen this before. The Republican Party is ascendent after a mid-term election result that saw them gain the majority in the House of Representatives, which they consider a clear repudiation of the...
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