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Government Affairs
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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The Office of the Inspector General of the Pension Benefit Guaranty Corporation (PBGC) has issued its semiannual report to Congress. The report covers a wide range of PBGC activities, and places special emphasis on applications of technology and efforts against fraud.
Robert A. Westbrooks,...
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The Internal Revenue Service has provided temporary administrative relief to help certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures.
Specifically, Notice 2020-42 provides participants, beneficiaries and...
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If you were wondering what the Labor Department was planning to do about its reported revision of the fiduciary rule, wonder no more; a proposal has just been submitted to the Office of Management and Budget for review.
The OMB’s Office of Information and Regulatory Affairs, which is part of the...
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Monday is a special day. For one thing, it is the eighth anniversary of the Department of Labor’s publishing of advisory opinions 2012-03A and 2012-04A, governing open multiple employer plans (MEPs). A big day for the MEP world, when the DOL threw a wet blanket on the open MEP party. And here we...
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The Plan Sponsor Council of America (PSCA), part of the American Retirement Association, has awarded Phyllis Borzi, former Assistant Secretary of the Department of Labor, with its prestigious Lifetime Achievement Award for her career-long commitment to preserving retirement savings.
Borzi was...
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New Mexico has joined the list of states that provide a state-run retirement plan safety net. But while the legislation creating the New Mexico Work and Save program has been enacted, the state body that will implement it has some time to get it up and running.
Gov. Michelle Lujan Grisham (D)...
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The American Retirement Association (ARA) in a May 11 letter to Eric Slack, Director of the IRS Office of Employee Plans, has recommended improvements in the interim amendment process for pre-approved plan documents.
In December 2019, the letter notes, during a conference call relating to the...
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While much of the government is working from home, the Labor Department has dropped off its proposal for a Request for Information on Pooled Employer Plans at the Office of Management and Budget (OMB).
A May 1 update by the White House’s Office of Information and Regulatory Affairs, which is...
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A controversial call by the IRS on deductibility of expenses under the Paycheck Protection Program is drawing fire from both parties and both houses of Congress.
No less than the chairmen of the congressional tax-writing committees have expressed concern with the IRS’ interpretation denying...
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Just when you thought the rules around COVID-19 distributions couldn’t get any more complicated…
For many households, “COVID-19 distributions” from qualified plans and IRAs may be a welcome backstop against financial challenges of the Coronavirus pandemic. The general rule is that a COVID-19...
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In a recently updated report, the Congressional Research Service (CRS) highlights and examines the challenges facing the Social Security system.
In “Social Security’s Funding Shortfall,” the CRS reports that many people of all ages have some connection to Social Security, which in 2020 includes an...
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The IRS has provided questions and answers concerning the provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act and how they apply to and affect retirement plans and IRAs.
Specifically, the May 4 Q&As concern Section 2202 of the CARES Act, which provides for special...
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A senior Republican member in the House has introduced legislation to help those whose retirement savings have been harmed by the economic impact of the COVID-19 pandemic.
Rep. Patrick McHenry (NC), who serves as the ranking Republican on the House Financial Services Committee, introduced the...
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ASPPA provides extensive coverage concerning a host of aspects of the pandemic and its consequences for plan sponsors, administrators, service providers and participants. This includes how developments resulting from it have affected plans and participants, and how they can be addressed; discussion...
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Last week the question arose as to whether retirement plan contributions for small businesses were covered under the CARES Act’s Paycheck Protection Program—now we have a definitive answer.
As was noted last week, Section 1102 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act of...
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Questions regarding the administration of the CARES Act have been pouring in—and we’ve got answers!
As part of a series of recent webcasts, we have received a large number of questions from our members regarding key operational and administrative aspects of the Coronavirus Aid, Relief and Economic...
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Are retirement plan contributions for small businesses covered under the CARES Act’s Paycheck Protection Program?
Section 1102 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 creates a Paycheck Protection Program (PPP)[1] to help small businesses affected by the COVID...
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