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Government Affairs
There is a lot to unpack in the recently passed COVID relief legislation, but the most significant element for plan sponsors impacted by the COVID-19 pandemic may well be the “temporary rule preventing partial plan termination.” Here’s what it means for you—and your plan sponsor clients.
What is a...
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The Securities and Exchange Commission has announced that President Donald J. Trump has designated SEC Commissioner Elad L. Roisman as Acting Chairman of the agency.
He steps into the role vacated by Jay Clayton, who had previously announced his intention to conclude his tenure at the end of this...
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We are on the cusp of a new year, and there are some important developments to keep in mind as 2021 arrives.
Required Minimum Distributions
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, enacted on Dec. 20, 2019, raised the age for required minimum distributions...
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Division N – COVID-Related Tax Relief
Sec. 276. – Clarification of tax treatment of forgiveness of covered loans. The provision clarifies that gross income does not include any amount that would otherwise arise from the forgiveness of a Paycheck Protection Program (PPP) loan. This provision also...
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It’s hard to find among the nearly 5,600 pages of text, but there is some important retirement plan relief in the $900 billion COVID stimulus package.
Perhaps the most significant element is a “temporary rule preventing partial plan termination.” The provision, for which the American Retirement...
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A bipartisan trio of U.S. Senators has introduced legislation that would expand Multiple Employer Plan access to 403(b) plans, along with other MEP enhancements.
The Improving Access to Retirement Savings Act—introduced last week by Senate Finance Committee Chairman Chuck Grassley (R-IA) along...
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There’s some great news for plan sponsors in the COVID relief bill—a “temporary rule preventing partial plan termination.”
The legislative text in the massive (nearly 5,600 page) bill includes in Division EE, Section 209 that “temporary rule preventing partial plan termination.” The provision, for...
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The Pension Benefit Guaranty Corporation (PBGC) is seeking the approval of the Office of Management and Budget (OMB) of modifications to the information collection related to 2021 premium filings.
The PBGC intends to modify the 2021 premium filing to require certain plans that transferred assets...
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The Office of Information and Regulatory Affairs of the Office of Management and Budget has outlined the Pension Benefit Guaranty Corporation’s (PBGC) fall 2020 regulatory agenda, and the status of the rules that are part of it.
Proposed Rules
The following rules are in the proposed stage: ...
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The Department of Labor’s proposed new fiduciary rule has moved one step closer to being finalized and could be released any day now.
The DOL sent the final version on its proposed advice package, “Improving Investment Advice for Workers & Retirees,” to the White House’s Office of Management...
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Once again, the Department of Labor has taken comments on a controversial proposal to heart, and pulled back on the letter, if not the impetus, in its final rule of plan proxy voting.
As had been the case with its recent rulemaking on Environmental Societal & Governance (ESG) investing (more...
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The Pension Benefit Guaranty Corporation (PBGC) has issued its interest rate assumptions for the first quarter of 2021.
On Dec. 14 the PBGC issued a final rule that amends its regulation on Allocation of Assets in Single-Employer Plans to prescribe interest assumptions under the asset allocation...
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Pension Benefit Guaranty Corporation (PBGC) Director Gordon Hartogensis on Dec. 9 released PBGC management’s response to a PBGC Office of the Inspector General (OIG) audit of the agency’s procurement activities.
Hartogensis requested the audit after learning that in May, former PBGC Director of...
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The chances that bipartisan retirement security legislation could be acted on next year got a boost, as the American Retirement Association and witnesses at a Senate hearing urged Congress to act to help Americans save more for retirement.
Expanding the start-up credit for small businesses,...
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The Pension Benefit Guaranty Corporation (PBGC) reports that the financial condition of its single-employer program continues to improve. And while it still projects that the multiemployer program is on the road to insolvency, it projects that will occur one year later than it had been expecting...
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The Pension Benefit Guaranty Corporation (PBGC) is requesting that the Office of Management and Budget (OMB) extend approval, under the Paperwork Reduction Act, of a collection of information under PBGC’s regulation on missing participants, with modifications.
OMB approval of the current...
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The Pension Benefit Guaranty Corporation (PBGC) on Dec. 7 published a final rule amending its valuation regulation by substituting a new table for selecting the retirement rate category.
The new table is used to determine the applicable expected retirement age for participants in single-employer...
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Congress faces a government funding deadline, while a bipartisan group of lawmakers push for emergency COVID-19 relief, but it’s not clear whether there will be an opening for retirement relief.
Time is running short, as Congress is facing a Dec. 11 deadline to approve either a catch-all funding...
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Employee opt outs from CalSavers and Illinois Secure Choice, the programs California and Illinois run that provide retirement plan coverage for employees whose employers do not offer a retirement plan, are down as December starts.
Both plans allow employees to opt out of participating if they...
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The Social Security Administration (SSA) has announced that the Office of the Chief Actuary has updated the actuarial valuation of the combined Old Age and Survivors Insurance (OASI) and Disability Insurance (DI) trust funds.
The update accounts for the implications of the pandemic and the...
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