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Government Affairs
The Department of Labor’s Employee Benefits Security Administration (EBSA), the IRS and the Pension Benefit Guaranty Corporation have released advance copies of the 2020 Form 5500 and the Form 5500-SF, as well as their schedules. They will be used for reporting information pertaining to the 2020...
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It was a short week, but a busy one for the Labor Department, as it dropped off a second final rule at the OMB for evaluation.
The final rule on “Fiduciary Duties Regarding Proxy Voting and Shareholder Rights” was received at the Office and Management Budget on Nov. 25, just a day after the final...
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In a year chock-full of proposed rules and final regulations, the Labor Department has apparently wrapped up its work on a new fiduciary rule.
According to a posting on the Office of Management and Budget website, the DOL on Nov. 24 dropped off its final rule on its proposed advice package, “...
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For plan advisors and small businesses that may have taken advantage of forgivable loans under the Paycheck Protection Program (PPP), newly released guidance by the IRS further digs in on its position regarding the deductibility of otherwise covered expenses. But that may not be the end of it.
If...
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A primary sponsor of the SECURE Act—and Chairman of the House Ways & Means Committee—has a bone to pick with the Labor Department and a key assumption in its interim final rules regarding lifetime disclosures.
In a letter to Secretary of Labor Eugene Scalia, Rep. Richie Neal (D-MA), a sponsor...
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In a Nov. 17 comment letter on the Department of Labor’s (DOL) interim final rule on lifetime income illustrations (LIIs), the American Retirement Association offers support for the rule, but recommends changes in certain key areas.
“The ARA believes that the IFR strikes the right balance with...
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The priority guidance plan that the Treasury and IRS have issued for 2020-21 includes plans for action that will affect retirement plans. They unveiled the plan on Nov. 17.
The 2020-2021 Priority Guidance Plan contains guidance projects that will be the focus of the efforts by the Treasury and...
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The Pension Benefit Guaranty Corporation (PBGC) on Nov. 16 announced that it has revised its guidance related to the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act extended contribution due date to incorporate the IRS’ treatment of prior year contributions made by Jan. 4, 2021 as...
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The Department of Labor’s final rule preventing plan fiduciaries from selecting investments based on non-pecuniary considerations and requiring them to base investment decisions on financial factors was published in the Nov. 13 Federal Register.
The final rule—which moved away from the proposed...
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In a Nov. 11 webinar, American Retirement Association Director of Legislative Affairs Andrew Remo took at look at where current legislative proposals stand in the wake of the elections.
Currently, Congress is in a “lame duck” session, the period between the election and the end of the 116th...
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Ruling that the public interest in the Small Business Administration’s (SBA) management of the PPP outweighs any limited private interest in nondisclosure, a federal judge has ordered SBA to release information about the recipients of Paycheck Protection Program loans.
Judge James E. Boasberg of...
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Release by the Department of Labor (DOL) of final regulations implementing the registration requirements for Pooled Plan Providers (PPPs) to market Pooled Employer Plans (PEPs) could come any day now.
According to the White House’s Office of Management Budget website, the Office of Information and...
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Many deadlines for various forms of relief under the Coronavirus, Aid, Relief and Economic Security (CARES) Act have passed. But not all, and there are deadlines looming for provisions concerning loans and distributions.
Loan Repayments
The CARES Act provides that any loan repayments due...
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The Department of Labor is working on a guidance package addressing cybersecurity issues as they relate to plan sponsors and third-party providers, a key official said Oct. 28.
Addressing SPARK’s Cybersecurity Virtual Event, Tim Hauser, Deputy Assistant Secretary for National Office Operations...
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Total monetary recoveries by the Department of Labor’s Employee Benefits Security Administration (EBSA) enforcement and oversight activity in fiscal year 2020 apparently hit a record.
According to an annual fact sheet released by the agency, EBSA recovered more than $3.1 billion in direct...
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Within the space of three months, two major pieces of legislation were enacted—the SECURE Act and the CARES Act. A panel at an Oct. 27 session of ASPPA All-Access discussed these measures and the opportunities they offer service providers.
Justin Bonestroo, Senior Vice President, CBIZ Retirement...
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The final rule on ESG investing by ERISA plans steps away from the proposed rule’s focus on ESG.
Indeed, the Department of Labor (DOL) notes that “unlike the proposal, the final rule’s operative text contains no specific references to ESG or ESG-themed funds.”
Rather, acknowledging the fluid...
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Kicking off the ASPPA All Access virtual conference Oct. 26, Brian Graff, CEO of ARA and Executive Director of ASPPA, ARA General Counsel Allison Wielobob and ARA Chief Government Affairs Officer Will Hansen offered their insights into some of the most important legislative and regulatory...
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Two Republican members of the House of Representatives are pushing back on state and local efforts to impose financial transaction taxes that would impact non-residents.
Rep. Patrick McHenry (R-NC), the ranking Republican member of the House Financial Services Committee, and Rep. Bill Huizenga (...
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A reader recently commented, “Nevin: You are continually berating those who question various aspects of 401(k) plans as if the current structure is ‘perfect.’ It isn’t.”
That comment was inspired by a recent column of mine critical of a proposal rumored to be under contemplation by the Biden...
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