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Government Affairs
The IRS on Aug. 12 in Announcement 2020-14 set forth changes to user fees for certain letter ruling and determination letter requests submitted to the IRS Employee Plans Rulings and Agreements Office. The changes to the user fees will be effective Jan. 4, 2021. This IRS issued the announcement to...
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Social Security is facing a financial shortfall. And while economic growth will help the program, it alone will not be sufficient to address the challenges that face it, says a new report.
The Congressional Research Service (CRS) in “Social Security: Economic Growth and the Funding Shortfall”...
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The Joint Board for the Enrollment of Actuaries on Aug. 10 issued a notice to all qualifying sponsors of continuing professional education (CPE) programs for enrolled actuaries of a temporary waiver of the “physical presence” requirement.
Concern for Health
The Joint Board “recognizes the...
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The Labor Department’s new fiduciary proposal gets it right on rollovers, but needs clarity on its application to Pooled Employer Plans (PEPs) and could stand a rethink on at least one of the elements of the five-part test, according to a comment letter filed by the American Retirement Association...
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In a comment letter on the Department of Labor’s (DOL) proposed rule on environmental, social and governance (ESG) factors in selecting plan investments, the American Retirement Association cautions that the proposal “could stifle investment selection, decrease participant savings rates and...
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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...
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The American Retirement Association is urging the Department of Labor to provide a level playing field, as it considers potential new prohibited transaction exemptions (PTEs) in relation to Pooled Employer Plans (PEPs) under the SECURE Act.
In response to the DOL’s Request for Information (RFI...
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Considering the Department of Labor’s proposed prohibited transaction class exemption for investment advice fiduciaries, Sen. Patty Murray (D-WA) indicated at the 2020 NAPA D.C. Fly-In Forum July 21 that it may be time for a legislative rewrite.
In response to a question about whether she...
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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...
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Addressing the 2020 NAPA D.C. Fly-In Forum July 21, a key Department of Labor (DOL) official confirmed that the DOL’s deadline relief provided in response to the Coronavirus pandemic also applies to initial paper notices under the DOL’s new electronic disclosure regulations.
Responding to a...
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About a month after the Department of Labor published a Request for Information (RFI) on prohibited transactions involving Pooled Employer Plans (PEPs), the DOL has now delivered a proposed rule on PEPs to the White House Office of Management and Budget for review.
The OMB’s Office of...
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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...
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Noting that the Department of Labor previously held several days of hearings under the former fiduciary rule, the ranking Democrat on the Senate committee with primary jurisdiction over ERISA-related issues has called on the DOL to hold a hearing.
The request comes from Sen. Patty Murray (D-WA...
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The Labor Department has finally unveiled its much anticipated fiduciary rule, though it’s a mixed bag and has a certain “back to the future” feel, along with some new implications for recordkeepers, Pooled Employer Plans and rollover advice.
Titled “Improving Investment Advice for Workers...
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The CalSavers Retirement Savings Program is being challenged in court—and now the Labor Department has weighed in.
It’s not the first time the Administration has weighed in on the legality of the program, specifically its preemption under ERISA,[1] or that it has expressed issues with the...
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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...
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Inquiries from the Employee Benefit Security Administration regarding plan investments in ESG options are a national focus—motivated by concerns about how those options are being promoted.
Recently we reported that a letter from the New York Regional Office of the Employee Benefit Security...
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The Department of Labor’s Bureau of Labor Statistics (BLS) should make improvements concerning the consumer price index (CPI), says the Government Accountability Office (GAO).
In “RETIREMENT SECURITY: BLS Should Explore Ways to Improve the Accuracy, Timeliness, and Relevance of Its Cost-of-Living...
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In a recent information letter, the Department of Labor (DOL) has outlined considerations regarding the use of private equity investments in designated investment alternatives made available to participants and beneficiaries in individual account plans subject to ERISA.
The letter was sent in...
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The American Retirement Association (ARA) has provided the Department of Labor with some comments on dealing with potential issues regarding pooled employer plans (PEPs).
The June 9 letter to Jeanne Klinefelter Wilson, Acting Assistant Secretary of Labor the Employee Benefits Employee Benefits...
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