Advertisement
Defined Contribution Plans
While it came down to the wire, both the House and Senate have now approved the much-anticipated SECURE 2.0 Act of 2022 as part of the mammoth $1.7 trillion omnibus spending bill.
For months, it was anticipated that Congress would attach a final SECURE 2.0 package to a year-end spending bill, but...
READ MORE
There’s a lot still to unpack in the new SECURE 2.0 Act of 2022, but 24 hours after its publication, here are some additional highlights.
First off, it’s worth reiterating that the legislation still needs to be approved by both the House and Senate, and signed by President Biden. At this point,...
READ MORE
After months of speculation on whether the House and Senate would attach a final retirement security legislative package with a must-do, year-end spending bill, we now have an answer.
While most were nestled all snug in their beds in the waning hours of Dec. 19, House and Senate leaders released...
READ MORE
A new study finds that engaged 401(k) plan participants are saving at significantly higher rates than that of unengaged participants, demonstrating that getting people involved in their retirement planning is a key component of driving better outcomes.
According to Empower’s second annual...
READ MORE
As the economic climate becomes more complex, plan design has emerged as a differentiator to help drive employee enrollment and support the company’s talent strategy, according to new research.
Because 401(k) plans continue to be an essential workplace benefit, plan sponsors are emphasizing the...
READ MORE
“You better watch out, you better not cry, you better not pout…”
Those are, of course, the opening lyrics to that holiday classic, “Santa Claus is Coming to Town.” And while the tune is jaunty enough, the message — that there’s some kind of elfin “eye in the sky” keeping tabs on us has always...
READ MORE
The newest digital edition of ASPPA’s members-only magazine has been posted online!
Several long-term trends are making the need for retirement planning more acute and the involvement of retirement professionals much more important. In this issue’s cover story, John Iekel takes a closer look. In...
READ MORE
The average account balance for retirement plan participants who invest through self-directed brokerage accounts (SDBAs) suffered further losses through the third quarter.
According to Charles Schwab’s SDBA Indicators Report, the average account balance across all plan participant investment...
READ MORE
Market volatility and pandemic fears apparently were not enough to scare away younger 401(k) plan participants from investing in equities.
According to a new joint study from the Employee Benefit Research Institute (EBRI) and Investment Company Institute (ICI), younger participants—as a group —...
READ MORE
The IRS on Nov. 21 announced that there will be no changes to the required amendments (RA) for individually designed plans qualified under Code Sections 401(a) and 403(b) for 2022. The IRS made the announcement in Notice 2022-62.
Under Section 5 of Revenue Procedure (Rev. Proc.) 2022-40, in the...
READ MORE
It sometimes helps to go back to the basics when assessing the impact of changes to the law, including some of the most seemingly obscure of them. One of the most obscure of 403(b) rules lies in the structural difference between 403(b) and 401(a) plans. This has really only arisen in the past in...
READ MORE
While it’s the celebration following a successful harvest held by the Pilgrims and members of the Wampanoag tribe in 1621 that provides most of the imagery around the holiday, Thanksgiving didn’t become a national observance until much later.
Incredibly, it wasn’t marked as a national observance...
READ MORE
Additional guidance on the SECURE Act, missing participants and student loan payments are among the items listed on the updated 2022-2023 Priority Guidance Plan of the Treasury Department and IRS.
The updated Treasury/IRS plan released Nov. 4 sets forth guidance priorities for the 12-month period...
READ MORE
Despite market gains for most of the major indexes, October was another light trading month for 401(k) plan investors, according to the Alight 401(k) Index.
There were just two above-normal trading days during the month of October. Overall, there have been 40 above-normal trading days for 2022...
READ MORE
The newest digital edition of ASPPA’s members-only magazine has been posted online!
How do you communicate with clients about complex administrative topics? In our Fall cover story, Shannon Edwards and Justin Bonestroo offer some valuable tips in four key areas. In this issue’s feature articles,...
READ MORE
Legislation that seeks to stem retirement plan leakage by providing incentives for the use of automatic portability arrangements in defined contribution plans picked up support in the U.S. House of Representatives.
The Advancing Auto-Portability Act of 2022 (H.R. 9252) was introduced Oct. 28 by...
READ MORE
“…after meaningful motion practice, discovery, and arm's-length negotiations by experienced counsel, including a private mediation with an experienced neutral mediator,” the parties in an excessive fee suit have come to terms — in less than a year.
The parties here — plaintiffs Trudy Clark, Donna...
READ MORE
Feeling SECURE? We’re still fairly new at implementing the first one, and here comes the second. In an Oct. 24 session of the 2022 ASPPA Annual conference, two industry experts offered a deep dive into what part two may portend.
“The legislative process is a mystery,” said American Retirement...
READ MORE
In working on behalf of retirement plans, retirement plan participants, and those who support them, one of the constants is the importance of a bipartisan approach, American Retirement Association CEO and ASPPA Executive Director Brian Graff stressed in his opening remarks at the 2022 ASPPA Annual...
READ MORE
The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023. The 2023 limits are contained in Notice 2022-55, released Oct. 21.
The limits for 2023 are as follows.
The limitation under Code Section 402(g)(1...
READ MORE