Government Affairs

California’s auto-IRA program for private sector workers has prevailed against claims that it runs afoul of ERISA’s preemption. The suit, filed in the U.S. District Court for the Eastern District of California in 2018 by the Howard Jarvis Taxpayers Association, Jonathan Coupal and Debra Desrosiers... READ MORE

The details of a shift in process review by the IRS first reported by the American Retirement Association were “the elephant in the room” at a Joint TE/GE Council Employee Plans & Exempt Organizations meeting on Feb. 28. Following the usual outline of accomplishments for the past year, Tammy... READ MORE

The IRS and the Department of Labor should strengthen their oversight of executive retirement plans, the Government Accountability Office says in a recently released report.   In “Private Pensions: IRS and DOL Should Strengthen Oversight of Executive Retirement Plans,” the GAO notes that... READ MORE

The Massachusetts Secretary of the Commonwealth has finalized a new fiduciary conduct standard, one that, consistent with the recommendation of the American Retirement Association, acknowledges ERISA’s preemption. Contending that the SEC’s Regulation Best Interest falls short, Secretary William... READ MORE

The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule amending its administrative review regulation. The rule makes all agency coverage determinations subject to appeal, clarifies and simplifies the procedures for requesting administrative review, and codifies PBGC practices. On... READ MORE

Recent reports by the Congressional Research Service (CRS) have outlined its projections regarding how long Social Security will remain solvent and the consequences when that ends. The CRS also offers some ideas concerning what can be done to restore Social Security to better financial health and... READ MORE

The American Retirement Association has outlined a number of high priority clarifications needed following passage of the SECURE Act.   In a letter dated Feb. 12, the ARA submitted to Carol Weiser, Benefits Tax Counsel at the U.S. Department of the Treasury, a list of “certain issues related to... READ MORE

Not so much, according to a recent analysis that disputes that finding and points out that there are a wealth of studies and statistics whose conclusion is quite different and not as dire. In “Factcheck: Do 40% Of Retirees Rely on Social Security For Their Entire Income?” an analysis appearing in... READ MORE

A recent blog post explores an unusual aspect of required minimum distributions, arguing that they have a connection to the 1962 Cuban Missile Crisis. What connection could there possibly be between RMDs and the most perilous confrontation between the United States and the Soviet Union? Seyfarth’s... READ MORE