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Government Affairs
Sen. Elizabeth Warren (D-Mass.) has expressed concerns about conflicts of interest in a study critical of the Labor Department’s fiduciary proposal — and that has forced the resignation of one of its authors.According to a report in The Hill, the left-leaning Brookings Institution has forced one of...
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The House Financial Services has given a nod to a bill that would delay the Department of Labor (DOL) from implementing the proposed fiduciary rule. H.R. 1090, the Retail Investor Protection Act, passed the committee in a 34-25 vote on Sept. 30.The bill, which Rep. Ann Wagner (D-Mo.) introduced on...
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The latest issue of Employee Plans News, which the IRS issued on Sept. 30, provides comprehensive access to information concerning forms, correcting mistakes, plans and more that have been updated since the last issue of the newsletter.The information that can be accessed through Issue No. 2015-10...
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The IRS on Sept. 23 released an updated set of instructions for Form 8950, Application for Voluntary Correction Program (VCP) Under the Employee Plans Compliance Resolution System (EPRCS).The IRS revised the form to reflect changes made to EPCRS by Revenue Procedure (Rev. Proc.) 2013-12, Rev. Proc...
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Recent guidance issued authorizing the use of qualified longevity annuity contracts (QLACs) and their inclusion in target date funds will change plan administration and retirement income solutions.In “Are You Looking at Retirement Income Alternatives? The DOL and IRS Are,” a webcast that will be...
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As the comment period window closes on the Labor Department’s fiduciary proposal, the American Retirement Association has filed a supplemental comment letter with the DOL — and another House subcommittee schedules a hearing on the subject.Specifically, the ARA sought to “amplify and clarify” two...
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The period during which the Department of Labor’s Employee Benefit Security Administration (EBSA) will accept public comments on the fiduciary proposal closes on Sept. 24.A comment may be submitted through one of the following methods: Email: [email protected]; include ZRIN 1210-ZA25 in the subject...
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Skepticism about the Department of Labor’s (DOL) proposed fiduciary rule is mounting — and not just from President Obama’s opposition. Concerned about consumer choice and access to advice, as well as the possible effect of the rule on the cost of saving for retirement and on the poor and middle...
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The IRS Employee Plans Compliance Unit (EPCU) has updated the information concerning its project on non-governmental 457(b) plans.The EPCU is soliciting information about the characteristics and features of their plans, including contributions and employer and employee eligibility. Through the...
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The Department of Labor (DOL) hearings may be over, but a House committee plans to hold a hearing of its own on the fiduciary rule reproposal and its impact on younger savers.House Ways & Means Oversight Subcommittee Chairman Peter Roskam (R-Ill.) proclaimed 2017 as “the year when tax reform...
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The IRS Employee Plans Compliance Unit (EPCU) has updated the information concerning its project on terminated plans with outstanding participant loans.Through the project, the EPCU is attempting to determine if outstanding loan balances at the time all plan assets were distributed were treated...
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The Pension Benefit Guaranty Corporation (PBGC) on Sept. 16 issued an updated list of reminders intended to help plans keep their premium filings timely and accurate.The list includes these pointers from the PBGC: For plan years starting in 2015, small plans are subject to the same normal due date...
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In a public comment letter, ASPPA has asked the IRS to permit filers to complete the 2015 Form 5500-SUP (and/or the equivalent items appearing on the 2015 Form 5500 series, including the paid preparer disclosure) on a voluntary (i.e., optional) basis. ASPPA has previously expressed its concerns to...
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The IRS issued procedures Sept. 14 for a waiver from the requirement that Forms 8955 and 5500-EZ be filed electronically. In IRS Revenue Procedure 2015-47, effective on Sept. 28, 2015, the IRS set forth how plans and plan administrators — and in some cases, employers — are to proceed if they are if...
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The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule that amends its regulation on reportable events and other notification requirements. The amended rule appeared in the Federal Register of Sept. 11 and will apply to events that occur after Jan. 1, 2016.The amended rule focuses...
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The Department of Labor (DOL) has launched a new initiative in the communication “war” about its conflict of interest proposal.The DOL recently published a “Q&A on Small Savers” which leads off by stating, “Small IRA savers may not be who you think they are,” and goes on to point out that more...
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We’re months away from December, but it felt like a fiduciary rule Festivus on Capitol Hill Sept. 10 as members of Congress aired their grievances about the Department of Labor’s (DOL) proposed extension authority to regulate assets contained in retirement accounts.Two subcommittees of the House...
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If your plan sponsor clients haven’t filed Form 5500 as required, they could soon be hearing from the IRS.Recently the Internal Revenue Service’s Employee Plans Compliance unit (EPCU) announced plans to collaborate with the Department of Labor’s Office of the Chief Accountant (OCA) to contact Form...
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If you have comments on the Department of Labor’s (DOL) fiduciary reproposal, you only have a couple of weeks to share them.The DOL announced Sept. 8 that the public comment period will close on Thursday, Sept. 24, 2015, and that no hand-delivered comments will be accepted after 6:00 p.m. ET on...
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The IRS on Sept. 8 issued final regulations on the determination of minimum required pension contributions. The rules will be effective with their publication in the Federal Register, which will take place on Sept. 9; they will apply to plan years beginning on or after Jan. 1, 2016.These...
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