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Government Affairs
The Pension Benefit Guaranty Corporation (PBGC) has made some changes to the instructions for plans paying premiums for plan years beginning in 2023, including instructions for each data element that must be reported.
The filing requirements for 2023 are almost identical to those for 2022....
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The Congressional Research Service (CRS) has released a report concerning the proposals for a new proportional formula for use with the windfall elimination provision (WEP).
Specifically, in “The Windfall Elimination Provision (WEP) in Social Security: Proposals for a New Proportional Formula”...
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If you made an error with IRA contributions or discover one, there still is time to correct it. But not much time—the deadline for fixing those mistakes is Oct. 16, 2023.
Among the errors that could cause someone to seek to make an adjustment, observes Sarah Brenner, Director of Retirement...
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Democrats have reintroduced a bill during President Biden’s ongoing battle over student debt forgiveness to restore federal protections for Social Security benefits to prevent them from garnishment by the federal government for the repayment of all non-tax federal debt.
Sen. Ron Wyden (D-Ore.)...
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The Department of Labor’s Employee Benefits Security Administration is seeking nominations to fill five vacancies to serve three-year terms on the ERISA Advisory Council, known officially as the Advisory Council on Employee Welfare and Pension Benefit Plans.
Nominations are being accepted for one...
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The IRS on Sept. 13 issued guidance on exceptions from the electronic filing requirements for certain filers of Forms 8955-SSA and 5500-EZ. The guidance comes in Revenue Procedure (Rev. Proc.) 2023-31.
Rev. Proc. 2023-31 supersedes Rev. Proc. 2015-47, 2015-39 IRB 419 regarding the following forms...
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The Pension Benefit Guaranty Corporation (PBGC) on Sept. 12 issued the interest assumptions under the asset allocation regulation for plans with valuation dates in the fourth quarter of 2023.
The assumptions are contained in a final rule that amends the PBGC’s regulation on Allocation of Assets in...
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Any retirement fund invests its funds in some way to help them grow, and that includes those run by states. A look at how CalSavers handles the investment of its funds sheds some light on how one of the largest state-run retirement plans fosters growth of their funds.
Assets
CalSavers had assets...
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The Department of Labor (DOL) sent a new version of a proposed fiduciary rule to the Office of Management and Budget (OMB) late Sept. 8 for review.
Known officially as “Conflict of Interest in Investment Advice,” it would redefine fiduciary investment advice under ERISA.
According to a post on...
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CalSavers has expanded the range of services for which it is seeking professional assistance.
On Sept. 5, CalSavers issued an RFP (request for proposals) announcing that it is seeking a contractor to provide investment consulting services. CalSavers, the state-run program that provides retirement...
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The two top Republican lawmakers serving on the House and Senate committees with jurisdiction over ERISA have called on the Department of Labor (DOL) to halt any further changes to the definition of fiduciary.
The Aug. 31 letter from Rep. Virginia Foxx (R-NC), who is chair of the House Education...
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Starting a state-run program could result in private-sector employers dropping their existing retirement benefit plans, warned some soothsayers. Not so, says an industry expert.
Kim Olson, Senior Officer of the Pew Charitable Trusts’ Retirement Savings Project took issue with such doom and gloom...
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The Maine Retirement Savings Program is getting closer to implementation. The Maine Retirement Savings Board has proposed a rule that would set the nuts and bolts of program operation.
Gov. Janet Mills (D) signed the Act To Promote Individual Retirement Savings through a Public-Private...
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The Pension Benefit Guaranty Corporation (PBGC) has updated certain information and rates relevant to premiums.
Premium Funding Targets
The PBGC has updated the information it makes available concerning the interest rates used to determine the "premium funding target" (that is, the present value...
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An important part of SECURE 2.0 that should garner more attention is The Savings Access for Escaping and Rebuilding (SAFER) Act.
It allows for an Internal Revenue Code Section 72(t) withdrawal, without the 10% additional tax on early distributions, from qualified retirement plans for survivors of...
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The Department of Labor (DOL) on Aug. 28 announced that its Employee Benefits Security Administration (EBSA) will extend the grace period to obtain new Login.gov credentials for the EFAST2 filing system until Dec. 31, 2023.
The ERISA Filing Acceptance System (EFAST2) is the system by which the...
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UPDATED: Find the IRS Announcement HERE
On Aug. 25, the IRS contacted the American Retirement Association (ARA) to clarify issues regarding erroneous notices sent regarding supposed late filing of 2022 Form 8955-SSA.
The IRS confirmed that the issue was a programming glitch, which it fixed on...
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The IRS released guidance on Aug. 25 that addressed Section 603 of the SECURE 2.0 Act with respect to Roth catch-up contributions.
The guidance grants a two-year delay in the provision's effective date that mandates that catch-up contributions must be Roth for those earning more than $145,000....
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Retirement plans and benefits still are among the matters the IRS plans to address in upcoming guidance. They still are included in the IRS 2022-2023 priority guidance plan; the IRS issued a fourth quarter update to the plan on Aug. 21.
The IRS had released the initial plan on Nov. 4, 2022,...
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The typically hot inland areas of the Golden State may have been torrid this summer, but one thing at least has been cooling: CalSavers employer registrations and contribution levels.
Registrations had been steadily growing since 2019. But employer registrations dropped from May 31, 2023 to June...
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