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Government Affairs

The American Retirement Association (ARA) is calling on the IRS to revise several provisions contained in the proposed long-term, part-time employee (LTPTE) rules for 401(k) plans.  Chief among the ARA’s recommendations is for the IRS to revise the proposed rule regarding vesting service to... READ MORE
Employees would no longer be required to opt in to participate in the Hawaii Retirement Savings Program but rather would be automatically enrolled under legislation now before the Hawaii House and Senate.  Sen. Sharon Moriwaki (D-Waikiki) introduced SB2553 on Jan. 19, 2024; Rep. Andrew Garrett (D-... READ MORE
A resolution before the Alaska House calls for the state to join others in calling for the repeal of the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).  Rep. Alyse Galvin (I-Anchorage) introduced House Joint Resolution 18 on Jan. 22, 2024.  Alaska has the highest... READ MORE
Washington—the state, not the city—is considering legislation that would establish a state-run retirement plan to cover those whose employers do not offer one.  If the legislation is enacted, the Evergreen State would join its Pacific Coast neighbors in providing such a plan. California was the... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) on Jan. 19 announced that it has chosen the firms that will participate in its Smaller Asset Managers Program (SAMP).  SAMP is intended to reduce barriers to competition and create opportunities for smaller asset investment management firms. SAMP... READ MORE
The Treasury Department, the Department of Labor’s Employee Benefits Security Administration (EBSA), and the Pension Benefit Guaranty Corporation (PBGC) have announced that they will issue a joint request for information (RFI) seeking public input to help them review the effectiveness of existing... READ MORE
The Department of Labor (DOL) announced Jan. 18 that its Employee Benefits Security Administration (EBSA) released a proposed regulation on automatic portability transactions under SECURE 2.0. The DOL said automatic portability transactions aim to help workers keep track of their retirement... READ MORE
Rhode Island is on the road to possibly becoming a member of the Secure Choice Club. A bill has been introduced in the state’s House of Representatives that would establish a state-run retirement program that would cover those whose employers do not offer one.  Rep. Evan P. Shanley (D-East... READ MORE
More than 900,000 participants of terminated plans were receiving benefits from the Pension Benefit Guaranty Corporation (PBGC) by the end of fiscal year (FY) 2023, says the agency in its FY 2023 annual report.  The Fiscal Year 2023 Annual Report of the Pension Benefit Guaranty Corporation (PBGC)—... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule adjusting for 2024 the civil penalties for failure to provide certain notices or other material information and for failure to provide certain multiemployer plan notices. The PBGC is required to amend its regulations annually... READ MORE
The U.S. retirement system is a success—but we still can do better. That was the message from an expert panel that recently examined the gaps in that system and made suggestions regarding how to fill them.  Pete Swisher, Managing Partner at Group Plan Systems, and Annie Messer, President, Member... READ MORE
The Department of Labor (DOL) announced a final rule on Jan. 9 that it says will help employers and workers better understand when a worker qualifies as an employee and when they may be considered independent contractors. It will take effect on March 11, 2024. The rule provides guidance under the... READ MORE
With several references made to the movie Groundhog Day, witnesses testifying at a House subcommittee hearing to examine the DOL’s proposed investment advice fiduciary rule suggested the proposal goes beyond its legal authority and called on Congress to act before the guidance ends up in litigation... READ MORE
From New England to Key West, from the Atlantic to the Great Plains, there are bills before state legislatures that would expand retirement plan coverage for certain public-sector employees.   Rhode Island  Rep. Patricia Serpa (D-West Warwick) on Jan. 5 introduced HB 7026, a measure that would... READ MORE
While many financial services firms and related trade groups have expressed their opposition, several high-profile firms have come out in support of the latest iteration of the Department of Labor’s (DOL) proposed fiduciary rule, officially known as the "Retirement Security Rule: Definition of an... READ MORE
The IRS has updated the instructions for Form 8606, which is used to report contributions and distributions, as well as conversions, from IRAs—including Roths.  Form 8606, Nondeductible IRAs, is used to report:  Nondeductible contributions to traditional IRAs;  Distributions from traditional,... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has updated the instructions for filing premiums as well as the portal through which they can be filed. Rules Are Rules  Sections 4006 and 4007 of ERISA and the PBGC’s Premium Regulations require that premiums be paid to the PBGC; every plan covered... READ MORE
The IRS has announced that it is postponing electronic filing of the Form 5558, Application for Extension of Time to File Certain Employee Plan Returns, through the Department of Labor's (DOL) EFAST 2 system until Jan. 1, 2025.  The IRS attributes this to administrative issues concerning EFAST-2.... READ MORE
In our comment letter submitted to the Department of Labor (DOL) on Jan. 2, 2024, the American Retirement Association (ARA) expressed support for—yet specific issues with—the department’s proposed definition of “fiduciary investment advice” and amendments to PTE 2020-02.​ The rulemaking package,... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has work to do in order to accomplish its mission and better serve plans and participants, says a just-released report by the PBGC Participant and Plan Sponsor Advocate.  The 2023 Annual Report of the Participant and Plan Sponsor Advocate Pension... READ MORE

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