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COVID-19
The Treasury Department in a fourth quarter update to its 2019–2020 Priority Guidance Plan reports on the progress it and the IRS have made in meeting the plans they set regarding projects during the period July 1, 2019-June 30, 2020.
The 2019-2020 Priority Guidance Plan contained 203 guidance...
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Communication with employees about benefits is always critical. And now there’s an added wrinkle—the pandemic. It’s changed the rulebook, at least in some ways, and a recent blog entry offers suggestions on communicating in this upended environment.
In “How to Communicate Employee Benefits in...
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Among those most attuned to retirement plans in challenging times like these are those approaching retirement. For them, the term “retirement plan” has a very double meaning—and employers and plan sponsors can play a role in addressing their concerns.
In “Retirement Plans and Coronavirus: Take...
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The circumstances in which retirement plan professionals—like everyone—have found themselves spell opportunity to develop new ways of working with and serving clients. An Aug. 6 webcast offered practical ideas on how to capitalize on that opportunity and serve clients virtually—and in the process,...
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Late on the afternoon of Aug. 21, the Employee Benefits Security Administration (EBSA) announced that it will hold a public hearing on its new fiduciary rule proposal.
Specifically, the notice, which is expected to be published in the Aug. 25 Federal Register, is being held “to consider issues...
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The deadline to take advantage of certain relief provided by the IRS to plan participants and plan sponsors in the wake of the COVID-19 pandemic is approaching quickly.
The deadline for workplace retirement plan participants, IRA owners or their beneficiaries who received a required minimum...
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It looks like we’ll have to wait a little longer to find out whether Congress and the Trump administration include retirement plan relief in the next round of economic relief to address the ongoing COVID-19 pandemic.
The Democrat-controlled House has been deadlocked with the Republican-...
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Considering that many firms have modified their normal operating procedures and moved to a company-wide telework environment, the Securities and Exchange Commission (SEC) is urging firms to take extra steps to ensure the safety of its investors’ assets.
Among other things, the eight-page Risk...
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A strong majority of plan sponsors are familiar with the CARES Act and its provisions that concern retirement plans, but many fewer have a clear view of the impact of the Act on their plans and on participants’ savings, says a new study.
The Secure Retirement Institute (SRI) in a recent survey...
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Concerns about saving enough for retirement and Social Security running out of money were present even before the pandemic, but new survey results show that those fears are becoming even more amplified among consumers.
The Nationwide Retirement Institute conducted two surveys (a COVID-19 flash...
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The Joint Board for the Enrollment of Actuaries on Aug. 10 issued a notice to all qualifying sponsors of continuing professional education (CPE) programs for enrolled actuaries of a temporary waiver of the “physical presence” requirement.
Concern for Health
The Joint Board “recognizes the...
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In a July 30 webcast, ARA Director of Legislative Affairs Andrew Remo provided an overview of the rules affecting retirement plans that have been put in place as a result of the pandemic and the effects it has had on the economy and plan participants.
In “Pandemic Pandemonium: Navigating the...
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The IRS on Aug. 6 in Notice 2020-61 issued guidance on special funding and benefit limitation rules for single-employer pension plans under the Coronavirus, Aid, Relief and Economic Security (CARES) Act.
Specifically, Notice 2020-61 provides guidance regarding the special rules relating to single-...
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The cost of investing in equity and hybrid mutual funds through 401(k) plans fell again in 2019, continuing a downward trend that has persisted for nearly 20 years.
The Investment Company Institute reports in “The Economics of Providing 401(k) Plans: Services, Fees, and Expenses, 2019” that 401...
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The IRS has issued a reminder concerning relief related to retirement plans provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It provides the information in a question-and-answer format.
More specifically, the IRS points out that the CARES Act, which President Trump...
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After a period of starts and stops over the past week, the Senate Republican leadership unveiled a $1 trillion Coronavirus relief package July 27.
As an opening counter to the House of Representatives’ HEROES Act, the GOP’s Health, Economic Assistance, Liability and Schools (HEALS) Act sets the...
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A quartet of GOP senators have introduced new legislation that would allow individuals facing financial challenges who are unable to make contributions to their tax-advantaged retirement accounts in 2020 to make catch-up contributions to these accounts in the coming years.
The Addressing Missed...
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Recent survey results found that the economic fallout from COVID-19 has altered the perception of when many workers plan to retire, but retirement confidence levels appear to be rebounding somewhat.
The Wells Fargo/Gallup Investor and Retirement Optimism Index, based on interviews of more than...
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The stock market has been a veritable rollercoaster in the last year. Three recent studies outline some of the effects of that volatility on retirement plans.
The ride predates 2020, T. Rowe Price observes in its Reference Point Annual Benchmarking Report. It notes that in 2019, stocks...
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The Pension Benefit Guaranty Corporation (PBGC) has posted Q&A concerning how the Coronavirus Aid, Relief, and Economic Security (CARES) Act affects missed contribution reporting requirements and premium filings for single-employer plans.
Regarding missed contributions, the Q&A address...
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