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Government Affairs
The Fall 2016 issue of Plan Consultant is now online. The issue focuses on the most important matters facing the industry, including the DOL’s fiduciary rule, legislation that would eliminate obstacles to MEPs, and the new overtime rules, as well as expert perspectives on best practices. And you’ll...
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Another state-run retirement program for the private sector is now on the books.California Gov. Jerry Brown (D) on Sept. 29 signed into law legislation that will implement the California Secure Choice Retirement Plan. Brown hailed the effort — four years in the making — as helping millions of...
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The Securities and Exchange Commission (SEC) Division of Corporate Finance has provided some comfort for those who offer self-directed brokerage accounts.The Compliance and Disclosure Interpretation (CDI) deals with issue of whether a company-sponsored 401(k) plan that does not offer an employer...
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Two bills that would facilitate reform of New Jersey’s public pension plans are now before the state Senate. Senate Bill 2555 and Senate Concurrent Resolution 123 have been filed in the chamber by Sens. Joseph Kyrillos (R-Red Bank) and Steven Oroho (R-Sparta).SB 2555 would create a task force to...
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On Sept. 27, 2016, the American Retirement Association Government Affairs Committee (ARA GAC) filed a comment letter in response to a proposed regulation promulgated by the Department of Labor that would expand the non-ERISA safe harbor to payroll deduction savings arrangements mandated by the laws...
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Securities and Exchange Commission (SEC) Chair Mary Jo White has reiterated that her agency’s fiduciary rule is coming, but “not any time soon.” White made her remarks on Sept. 27 at the Securities Industry and Financial Markets Association’s capital markets conference annual meeting in Washington...
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The Senate Finance Committee has cleared two pieces of retirement legislation that are now pending before the full Senate, including one that includes a new brand of multiple employer plan (MEP) for the private sector.Meet the PEP — and the PPPOne of the bills, the Retirement Enhancement and...
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The Senate Finance Committee announced Sept. 19 that it will meet on Sept. 21 to consider two retirement policy bills — but the real story might be what’s not in those proposals.The first bill — called the Miners Protection Act of 2016 — will address the funding shortfalls in the United Mine...
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Bipartisan legislation has been introduced in Congress to make it easier for small businesses to set up retirement programs for employees.The Small Business Employee Retirement Savings Act, introduced by Sens. Richard Burr (R-N.C.) and Michael Bennet (D-Colo.), would increase the retirement plan...
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On Sept. 14, 2016, the American Retirement Association Government Affairs Committee (GAC) filed an initial comment letter with the IRS, Department of Labor and Pension Benefit Guaranty Corporation regarding the agencies’ joint proposal for changes to Form 5500 and the related schedules.In the...
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Concern about retirement plans and savings can transcend ideology and politics — even in Congress. Members from both the House and Senate, and hailing from both major political parties, have unveiled bills they intend to address various aspects of retirement plans’ administration and functions....
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A series of small and mid-sized employer focus groups finds a general skepticism regarding those state-run initiatives.The Pew Charitable Trusts recently convened focus groups to explore employers’ views on retirement programs and potential policy initiatives. Pew conducted focus groups in...
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The Pension Benefit Guaranty Corporation (PBGC) on Sept. 6 announced that it will pay the retirement benefits of multinational chemical manufacturer Vertellus Specialties. The move covers the benefits of more than 900 current and future retirees of the firm and 10 affiliates.The PBGC will cover...
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The White House in a fact sheet it issued on Aug. 25 announced and expressed support for the Department of Labor’s (DOL) final rule on states creating retirement plans. But sentiment is not universally positive.The impetus for the final rule was President Obama’s July 13, 2015 call on the DOL for...
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Americans’ top financial concern for at least the last 15 years: retirement security. And that raises many eyebrows, including those of government leaders. “Politicians look at that and wonder what to do to alleviate that concern,” says Andrew Remo, Director of Legislative Affairs for the American...
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Americans’ top financial concern for at least the last 15 years: retirement security. And that raises many eyebrows, including those of government leaders. “Politicians look at that and wonder what to do to alleviate that concern,” says Andrew Remo, Director of Legislative Affairs for the American...
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Four years after enactment of the California Secure Choice Retirement Savings and Trust Act (S.B. 1234), the California Assembly passed legislation Aug. 25 approving the program’s implementation beginning Jan. 1, 2017. Gov. Jerry Brown (D) is expected to sign the implementation bill into law.At...
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Suppose that every person in Delaware, Hawaii, Idaho, Maine, Montana, New Hampshire, Rhode Island and West Virginia all were covered by the same single insurance program. That’s how many people — approximately 10 million — are covered by the Pension Benefit Guaranty Corporation’s (PBGC) program...
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The IRS has clarified the instructions for two schedules to Form 5500 and to a line of Form 5500-SF.Lines 4l of Schedules H and I of the Form 5500 and line 10f of Form 5500-SF ask, “Has the plan failed to provide any benefit when due under the plan?” This question was added to these schedules and...
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State-run retirement programs for the private sector — and those who might be affected by them — could soon get some additional clarity from the Department of Labor (DOL).That would come via the final DOL rule intended to clarify that state savings initiatives would not be subject to ERISA...
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