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Government Affairs
New regulatory guidance that would permit bankruptcy trustees to use the Department of Labor’s (DOL) Abandoned Plan Program has been submitted to the White House’s Office of Management and Budget (OMB) for review.
The new guidance, which was submitted to the agency on July 19, apparently will be...
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Washington is discussing a bill that would provide retirement plan coverage for private-sector employees whose employers do not. No, not Washington state. And not Washington, as in the federal government. This measure is before the City Council of Washington, DC—the District of Columbia.
At-Large...
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Hawaii is seeking an executive director for the Hawaii Retirement Savings Program. Executive Assistant to the Deputy Director Nancy Bernal, who also serves as interim secretary to the Hawaii Retirement Savings Board (HRSB), made the announcement July 21.
The executive director will provide...
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By now, almost every state has at least considered legislation that would establish a state-run retirement plan, and this year alone almost half the state legislatures have considered legislation about one. A panel of key players in the plans established in some states offer an insider’s look. ...
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Fifty retirement-related organizations sent a letter to the Treasury Department and specifically the IRS on July 19 requesting “transition relief” for Section 603 under the SECURE 2.0 Act.
The signers—representing advocacy organizations (including the American Retirement Association), large...
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The IRS has updated content it provides concerning the deductibility of employer contributions to a 401(k) plan made after the end of the tax year. The material now reflects the application of the SECURE Act as well as discussion of the use of up-to-date forms.
The content is contained in the IRS...
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New requirements included in SECURE 2.0 legislation to simplify and consolidate reporting and disclosure forms have been submitted to the Office of Management and Budget (OMB).
The items identified as RIN: 1210-AC23 appear on the regulatory dashboard at Reginfo.gov; however, they have not been...
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The Department of Labor’s Employee Benefits Security Administration (EBSA) has issued a consultation paper on its review of Interpretive Bulletin (IB) 95-1, which concerns fiduciary standards applicable when selecting an annuity provider for a pension plan.
SECURE 2.0 requires the DOL to review IB...
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Pressure from the states for action on the federal Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) is increasing.
The WEP and the GPO are benefit formulas that reduce Social Security benefits for workers and their eligible family members if the worker receives (or is...
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It’s hurricane season. So far, it’s been mild, but that may not last. The current lull offers an opportunity to take preparations that will protect your plan and participants if you have not already.
The IRS offers the following tips to help be ready in case a disaster happens.
Take Advantage...
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Delaware is pursuing an interstate collaboration for the Delaware Expanding Access for Retirement and Necessary Savings (EARNS) Program. It launched the program in 2022.
According to the office of State Treasurer Colleen Davis, the EARNS Program board on July 13 voted unanimously to authorize her...
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RetirePath Virginia, the state-run program that will provide retirement plan coverage to Virginians whose private-sector employers do not, is now in operation. Phased enrollment began on July 1, 2023.
RetirePath Virginia is a payroll deduction IRA program. Employees are automatically enrolled,...
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VT Saves, the state-run program that provides retirement plan coverage for private-sector employees whose employers do not, is seeking an executive director to launch the program.
The executive director will implement a new statewide program and will work directly with the Treasurer, Deputy...
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The Pension Benefit Guaranty Corporation (PBGC) on July 11, 2023 issued a final rule amending its regulations on benefit payments, allocation of assets, and termination liability. On Sept. 30, 2019, the PBGC had published a proposed rule to amend these regulations.
The PBGC did so to increase...
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Until recently, the federal law governing most private retirement was seldom a subject of national headlines—let alone the subject of an Instagram reel by the Speaker of the House.
But Speaker Kevin McCarthy and others have proclaimed that it now allows investment managers for many workplace...
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The Pension Benefit Guaranty Corporation (PBGC) has work to do in its review of applications for aid under the Special Financial Assistance (SFA) program, says the Office of the Inspector General (OIG).
The OIG released “Audit of PBGC’s Review of Initial Special Financial Assistance Applications...
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The lack of guidance to help implement a major new retirement plan design requirement contained in the new SECURE 2.0 Act is causing increased heartburn in the retirement plan stakeholder community.
Over 200 organizations recently wrote a letter to the four leaders of the tax law writing...
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On June 28, Sen. Bill Cassidy (R-LA), ranking member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, and Rep. Virginia Foxx (R-NC), chairwoman of the House Education and the Workforce Committee, criticized the Biden administration’s hard close proposed rule that they said “...
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The American Retirement Association joined over 100 organizations—including major corporations, law firms, and advocacy organizations—in sending a letter June 29 to the House Ways & Means Committee seeking a two-year delay of the Roth catch-up requirement in SECURE 2.0 that requires anyone who...
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Cybersecurity—and its importance to retirement plans and savings—being top of mind, Assistant Secretary of Labor Lisa M. Gomez has some suggestions on reducing the risk of fraud or loss to your retirement account.
Register, set up, and regularly monitor an online account.
Regularly checking a...
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