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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,...
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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...
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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...
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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...
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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...
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Retirement Income! There is a lot of activity, and it’s starting to take into account the needs of clients who are about to retire and who have retired for several decades of a new life chapter — finally! Not just a product and profitability focus — a focus on the diverse reality of real lives of...
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Legislation that could affect retirement plans is pending on Capitol Hill — the midterm elections loom and its remaining weeks after that will be a “lame-duck” session. But that may not spell doom for those bills, suggested American Retirement Association CEO Brian Graff at the Oct. 3 opening...
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The IRS on Sept. 26 in Notice 2022-45 announced that it is extending the deadline by which certain plans must be amended under the CARES Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020.
CARES Act and Relief Act
Specifically, the deadline is extended under Section 2202 of the...
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As planned, another state-run IRA program for private sector workers has launched—with some good news for early employer adopters.
The announcement notes that while the services are free for businesses, employers that enroll with MarylandSaves by December 1st of this year won’t have to pay the...
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Legislation that would create Massachusetts Secure Choice, a state-run retirement program that would provide coverage for private-sector employees whose employers do not offer a retirement plan, is now before the Rules Committees of both chambers of the Bay State’s legislature.
The legislation was...
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Summer heat held in August — not only for California, but also for its state-run retirement plan. The CalSavers Retirement Savings Board, which administers CalSavers, reports that by many measures strong growth remains consistent.
Some of the growth reflects the June 30, 2022 deadline for...
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CalSavers, the state-run program that provides retirement plan coverage to private-sector employees whose employers do not, will cover nearly all such employees in the Golden State. Gov. Gavin Newsom (D) on Aug. 26 signed legislation further expanding the program.
S. 1126 expands the definition...
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CalSavers was formally launched three years ago. But that doesn’t take place in a vacuum — it necessarily entails interactions with employers as well as individual participants. So how is that going?
Registrations were phased in based on employer size. Employers with more than 100 employees were...
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Expanding the scope of CalSavers is one step closer to happening. The state Assembly has passed a measure that would do so.
S. 1126, a measure that would expand the definition of “eligible employer” for purposes of the CalSavers Retirement Savings Trust Act—the measure that establishes the...
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The IRS on Aug. 3 announced in Notice 2022-33 that it is extending the deadline for amending a retirement plan to reflect the provisions of Section 2203 of theCoronavirus Aid, Relief, and Economic Security (CARES) Act. Section 2203 concerns a waiver of required minimum distributions (RMDs).
CARES...
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Employers in California, Illinois and Oregon, three of the first states to launch programs to help private sector workers save for retirement, were still creating new plans in 2020 and were shedding existing plans at rates slower than or largely comparable to the national average, according to a...
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The Department of Labor’s (DOL) Employee Benefits Security Administration on July 26 announced a proposed amendment to the Class Prohibited Transaction Exemption 84-14, also known as the Qualified Professional Asset Manager Exemption (QPAM).
The DOL developed and granted the QPAM exemption based...
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Hawaii has joined the states that provide retirement plan coverage for private-sector employees whose employers do not offer one—and with a twist. Gov. David Ige (D) signed legislation creating the program into law on July 12. It went into effect immediately.
The program has two unique features....
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We’ll pass on that, the U.S. Supreme Court said when asked to review a ruling on a challenge to the legality of CalSavers, California’s state-run retirement plan for private-sector employees whose employers do not offer one. Congress should take the hint, suggests a recent analysis, and let the...
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All it will take for Delaware to become the next state to offer a retirement plan that would provide coverage for employees whose employers do not offer one is the stroke of one pen. The bill, approved by both chambers of the state legislature, now awaits the assent of Gov. John Carney (D).
The...
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