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Government Affairs
On Jan. 1, 2015, the IRS transferred responsibility for certain technical work from its Employee Plans Division to the IRS Chief Counsel’s office. This transfer was known to be coming based on previous statements made by various IRS officials. Two recent IRS issuances, IRS Announcement 2014-34 and...
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It’s no longer just states that are looking at the notion of expanding private sector retirement plan coverage.New York City Public Advocate Letitia James on Feb. 26 introduced legislation creating a commission of experts to study the establishment of a pension fund for private sector workers in...
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The Department of Labor’s much-anticipated fiduciary reproposal drew intense criticism Feb. 20 from SEC Commissioner Daniel M. Gallagher.Gallagher’s comments, made at the “SEC Speaks in 2015” event, were particularly harsh — not only regarding the potential impact of the DOL’s proposed extension of...
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Proposals in New England neighbors Connecticut and Rhode Island would give their respective residents breaks from state taxes imposed on their pensions. Bills have been introduced in the legislatures of both states that would provide different degrees of relief: some would phase in a tax break;...
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Legislation just introduced in the Oregon State Senate brings the Beaver State a step closer to establishing a state-run retirement savings program.The legislation, backed by the Oregon Senate Majority Leader Diane Rosenbaum (D-Portland), would create an Oregon Retirement Savings Board tasked with...
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Floridians who take loans against their retirement plans have to pay a state tax on those distributions. But the Florida House of Representatives is considering a bill that would change that.State Rep. W. Gregory Steube (R-73) in January introduced HB 101, a measure that would exempt plan loans...
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If the Senate Committee on Homeland Security and Government Affairs has its way, the Department of Labor has some ’splaining to do on its fiduciary regulation reproposal.In a Feb. 5 letter from Committee Chairman Ron Johnson (R-Wisc.) to Secretary of Labor Thomas Perez, the committee requests that...
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In addition to proposals for a retirement savings cap, double-taxing contributions of those above the 28% tax bracket, and encouraging automatic enrollment, President Obama’s budget blueprint for fiscal year 2016 contains proposals that would change the tax treatment of IRAs and qualified...
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President Obama’s 2016 budget has been issued, and while parts could expand retirement plan coverage, others are likely to undermine those good intentions. No surprise, but the $3 million cap on the value of retirement benefits and the double tax on contributions for those above the 28% tax bracket...
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One of my favorite movies — and perhaps my favorite “holiday” movie — is Groundhog Day, the 1993 film starring Bill Murray as an arrogant weatherman who finds himself stuck in Punxsutawney, Penn. by a blizzard, who then discovers that he is also “stuck” reliving Feb. 2 — over and over and over. A...
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The White House memo on the DOL’s proposal to redefine what constitutes a fiduciary continues to engender negative reaction. Tim Pawlenty, CEO of the Financial Services Roundtable, weighed in on Jan. 28, according to ThinkAdvisor, calling the memo “overly broad” in its condemnation of the financial...
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The 114th Congress has gotten off to a quick start with retirement legislation.During the week of Jan. 25, Collins-Nelson Retirement Security Act of 2015 (S. 266) was introduced in the Senate, while a companion bill, the Retirement Security Act of 2015 (H.R. 557) was introduced in the House. The...
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The U.S. Senate Health, Education, Labor and Pensions Committee on Jan. 28 announced its assignments for the committee’s three subcommittees for the 114th Congress.The committee’s Primary Health and Retirement Security subcommittee consists of 10 Republicans, seven Democrats and Vermont’s...
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New Chairman of the Senate Finance Committee Orrin Hatch (R-Utah) has staked out his plans, and the committee’s agenda, for dealing with pension reform.In his speech at the U.S. Chamber of Commerce last week, Hatch specifically highlighted key portions of that bill in his speech, pitching a new “...
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The 114th Congress has officially kicked off, and federal tax reform remains high on the agenda for this year. On Jan. 15 the Senate Finance Committee, the committee with jurisdiction over tax policy, released a statement announcing that Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D...
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A year ago, President Obama touted the voluntary MyRA in his State of the Union Address — but the White House has a lot more to say about retirement this year — and it’s a lot less voluntary.According to a White House fact sheet, the administration is touting a series of retirement tax reform...
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With President Obama poised to deliver his State of the Union address on Jan. 20, a powerful coalition of retirement, union and so-called consumer protection groups have again interjected themselves into the debate over retirement plans.The coalition’s website, Saveourretirement.com, intends to...
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Illinois Attorney General Lisa Madigan (D) is arguing that the Land of Lincoln has “police powers” that allow it to change a contract in extraordinary circumstances, including changes to the state’s public pensions contained in a 2013 pension overhaul.Madigan is appealing a lower court ruling that...
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House Budget Committee ranking member Rep. Chris Van Hollen (D-Md) unveiled a set of tax proposals Jan. 12 that are said to be designed, at least in part, to redistribute current tax breaks for the wealthy to middle-class workers.While the “action plan” includes proposals that could draw bipartisan...
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The Pension Benefit Guaranty Corporation (PBGC) on Jan. 12 issued a draft of the 2015 premium filing form and instructions. It provides information for plans paying premiums for plan years beginning in 2015, including instructions for all the particular forms of data that must be reported.The...
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