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Government Affairs
Employers, plan administrators, third party administrators and others associated with multiemployer plans have received reassurance regarding the scope of the Pension Benefit Guaranty Corporation’s proposed rule on mandatory e-filing for certain multiemployer notices.The PBGC issued a clarification...
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ASPPA Executive Director and CEO Brian Graff opened ASPPA’s first-ever virtual conference May 14 with a discussion of “the elephant in the room” — the Department of Labor’s (DOL) reproposal concerning the definition of who is a fiduciary.Graff noted that the proposed regulation is “mammoth,” but...
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ASPPA’s first-ever virtual conference on May 14 provided its 600+ attendees more than critical information on important issues — it also afforded them an ideal opportunity to gain the expert speakers’ insights on particular situations and matters.DOL Fiduciary RuleIt’s no surprise that the...
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The Department of Labor (DOL) has announced a brief extension of the comment period on its fiduciary reproposal — and has set a date for a public hearing.The comment period for what the DOL calls the Conflict of Interest Notice of Proposed Rulemaking has been extended by 15 days — from 75 to 90...
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Legislation introduced recently in the U.S. House of Representatives and the Senate would require retirement plans to include an “annuity equivalent” on participant statements.In the House, Reps. Luke Messer (R-Ind.) and Mark Pocan (D-Wisc.) introduced the Lifetime Income Disclosure Act (H.R. 2317...
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If life gives you lemons, make lemonade. And if the constitution prevents pension reform, make the constitution work for it. That appears to be the message of Illinois Gov. Bruce Rauner (R), whose office suggested as much as soon as the Illinois Supreme Court upended the state pension reform law....
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The Form 5500 is part of the bread and butter of the federal government’s information gathering concerning employers and employee benefit plans. But authority to use it is not eternal. The Department of Labor’s Employee Benefit Security Administration (EBSA) has asked the Office of Management and...
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In a bid to expand availability of employee stock ownership plans (ESOPs) in S corporations and enhance retirement savings, Sen. Ben Cardin (D-MD) on May 6 introduced legislation that he hopes will accomplish both.The Promotion and Expansion of Private Employee Ownership Act of 2015, S. 1212, would...
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“The current retirement system in the private sector works well for those to have access to it. The challenge is to expand the availability of retirement savings in the private workforce.” That was the core message of American Retirement Association Congressional Affairs Manager Andrew Remo in his...
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Cyber attacks, and the threat they pose to firms that provide finance-related services and their clients, prompted the recent release by the SEC’s Division of Investment Management of some steps that can protect against them. The SEC intended the tips for financial services firms and advisors, but...
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ASPPA took the IRS up on its invitation to comment on the 2015-2016 Priority Guidance Plan and in a comment letter filed on April 30 has made suggestions to the IRS regarding projects and guidance it should pursue during the period covered by the plan.ASPPA said that it believes that every item on...
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A new legislative proposal wouldn’t just require employers to offer a retirement plan — it would mandate employer contributions too.The proposal, unveiled by Rep. Joe Crowley (D-N.Y.), Vice Chair of the House Democratic Caucus, would direct employers with 10 or more employees to open individualized...
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The Pension Benefit Guaranty Corporation (PBGC) has proposed a new requirement that multiemployer plans file certain forms electronically. If the PBGC issues the proposed requirement in final form, it would be applicable to filings made on or after Jan. 1, 2016.The PBGC proposes that the following...
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On April 15, the American Retirement Association joined with other industry stakeholders in releasing a statement to the Senate Finance Committee working group on Savings and Investment. The statement highlights the significance of the employer-sponsored retirement plans and individual savings...
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Industry insider and fiduciary geek Pete Swisher has penned a timely and insightful piece on the history and potential future impact of the Department of Labor’s (DOL) new “conflict of interest” proposal.Swisher, who has spent years studying and preparing for the issues surrounding the “definition...
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The Investment Company Institute says the Obama administration relied on "fatally flawed" research in supporting its push for an expansion of the “conflicted advice” rule released April 14, and that the claim that retirement savers pay “billions of dollars a year” in excess costs “does not stand up...
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Small defined benefit plans that have received audit waivers need more frequent review, says the Department of Labor’s (DOL) Inspector General. The DOL’s IG sent Report 05-15-002-12-121, which concerns EBSA’s oversight of small plans claiming the audit waiver, to DOL Assistant Secretary for...
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For several weeks, there have been rumors floating throughout the employee benefits community that the IRS will be curtailing the determination letter program for individually designed plans (IDPs). It now appears there is substance to these reports.ASPPA Connect has learned that Sunita Lough, IRS...
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The Internal Revenue Service is moving to make it easier — and in some cases cheaper — to remedy plan problems with participant loans. In Revenue Procedure 2015-27, the IRS said it is reducing voluntary correction program (VCP) compliance fees relating to failures to meet requirements with respect...
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On March 24, the Pension Benefit Guaranty Corporation (PBGC) announced that it seeks to revise forms that allow it to collect information it needs to implement Section 303(k) of ERISA and Internal Revenue Code Section 430(k). It also seeks that the Office of Management and Budget (OMB) extend its...
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