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Technical Resources

It’s not exactly news that staying on the job past one's normal retirement age is a growing phenomenon. Of course, that has a direct effect on the employees who decide to prolong their tenure, but it has implications for employers and plans as well. Among them is how to handle pension payments in... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has announced that its mediation program is now permanent. In addition, it reports, it has expanded the program. The PBGC launched a pilot mediation program in October 2017.  The program originally offered mediation with certain termination liability... READ MORE
The American Retirement Association has formally requested relief for taxpayers and service providers adversely affected by Hurricane Florence.    Specifically, the letter requests: Relief for taxpayers who would like to use their retirement assets in qualified retirement plans to alleviate... READ MORE
A program letter from the heads of the IRS Tax Exempt & Government Entities (TE/GE) division provides an update on the compliance, data, process and casework strategies the division plans to focus on in the coming year. Not surprisingly, implementing the Tax Cuts and Jobs Act (TCJA) will remain... READ MORE
Defined contribution plans are the most common among private sector workers, reports the U.S. Bureau of Labor Statistics (BLS). It found in a study it conducted in March that DC plans were the kind of retirement plans in which a majority of workers in all sectors but one that it measured... READ MORE
Legislation has been introduced in the U. S. House of Representatives that would create a parallel government-run retirement savings program – and one that could undermine the 401(k), particularly for small business owners.The Portable Retirement and Investment Act of 2018 (H.R. 6990), just... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule amending its regulations on guaranteed benefits and asset allocation. The amendments incorporate changes the Pension Protection Act of 2006 (PPA) made to the rules for participants with certain ownership interests.   Before... READ MORE
The Oregon Retirement Savings Board (ORSB) on Oct. 9 will consider proposed changes to the rules for OregonSaves, the state-run retirement savings program for private-sector workers in the Beaver State.The proposed rule changes were drafted with the assistance of a rulemaking advisory committee... READ MORE
The Internal Revenue Service has released a new revenue procedure updating the Employee Plans Compliance Resolution System (EPCRS) – and an announcement that beginning next year, all Voluntary Correction Program filings will have to be done online. This revenue procedure updates the system of... READ MORE
Just when you thought retirement plan projections couldn’t get any worse… Last week the National Institute on Retirement Security released a report – “Retirement in America | Out of Reach for Most Americans?” that claimed that the median retirement account balance among all working individuals is... READ MORE
Informing plan participants is not a suggestion. And much has been said of the need to make information provided to plan participants more readily understandable. But a specialist in retirement education and employee benefits communication has suggested that something else is in play in... READ MORE
The IRS announced on Sept. 28 that it has issued new procedures for using the www.pay.gov website to file Voluntary Correction Program (VCP) submissions and pay user fees. The IRS made the announcement in Revenue Procedure (Rev. Proc.) 2018-52. Under Rev. Proc. 2018-52, beginning on April 1, 2019,... READ MORE
Gordon Hartogensis, President Trump’s nominee to serve as Director of the Pension Benefit Guaranty Corporation (PBGC), testified and answered questions at a confirmation hearing the Senate Finance Committee held on Sept. 27. Senators questioned Hartogensis regarding his views on the health of the... READ MORE
The House of Representatives approved legislation Sept. 27 that seeks to make it easier for businesses to offer retirement plans and for individuals to save for retirement. The Family Savings Act (H.R. 6757) now moves to the Senate, which may take up similar legislation in a lame duck session... READ MORE
Principal Life Insurance Co. has won summary judgment in a case that had alleged the firm took excessive profits from the guaranteed investment products it sells to 401(k)s.The decision (Rozo v. Principal Life Ins. Co.), S.D. Iowa, No. 4:14-cv-00463-JAJ, order granting defendant’s motion for... READ MORE
With the House of Representatives poised to take up the second round of tax reform, a couple of changes have been made to the retirement section of the legislation.On Sept. 25, House Ways and Means Committee Chairman Kevin Brady (R-TX) offered a “manager’s amendment” to the Family Savings Act (H.R... READ MORE
Although recently overshadowed by the buzz around multiple employer plans, the American Retirement Association recently met with the Department of Labor (DOL) about another aspect of President Trump’s Aug. 31 Executive Order.In April, the ARA and the Investment Company Institute released an updated... READ MORE
A recent white paper discusses a strategy for reducing PBGC premiums and why it may have a cost of its own. In “PBGC Staff Express Concern Over Premium Reduction Strategy,” Daniel Lennington, Director of Defined Benefit Advisory for Lockton Insurance Services, notes that some plans have adopted a... READ MORE
The IRS has issued an early draft version of the Form 5500-EZ to be used when filing data from 2018. It is solely a draft the IRS says it has provided as a courtesy, and is not to be used for filing. The draft of the 2018 Form 5500-EZ does not show any changes from the 2017 Form 5500-EZ, with the... READ MORE
Wasting no time, the Labor Department has delivered its proposed rule to expand access to multiple employer retirement plans to the Office of Management and Budget for review.It was less than a month ago that President Trump signed an executive order directing the Departments of Labor and Treasury... READ MORE

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